People often ask, “Is there a formula an entrepreneur follows that helps assure success?” An established company may focus on the 4Ps of product, place, price, and promotion; however, in my experience the 4Ps that a self-made person drives on are purpose, passion, pursuit, and persistence.
Becoming an entrepreneur who plans on making a living as a self-employed entity truly needs a business plan. This plan goes far beyond the requirements that might be asked by a venture capitalist investor. Speaking as an entrepreneur, starting a business is rough and not for the faint of heart. As the old saying goes, “When the going gets tough, the tough get going.” That’s the mantra of the successful entrepreneur.
What does that really mean in today’s business terms? Although I haven’t studied the statistics in the coaching profession, I imagine they would be similar to real estate. My realtor friends say that 90% of licensed agents quit, because the walk is too long before seeing any sustainable income. That’s why it’s important to build a foundation on the 4Ps.
Purpose: I was called into this profession while still working in Corporate America in the chemical industry. I had a deep desire to apply my skills, knowledge, and competencies to help other people be successful in their lives. This was truly a calling. I had a deep sense of purpose.
Passion: This purpose was fueled by my passion. What’s my fuel? Feedback from my clients describing how I had a hand in changing their lives for the better. Their words are the premium unleaded that fills my tank after driving on fumes. After nearly 40 decades of work, there’s nothing more rewarding than knowing you changed a life.
Pursuit: People may not know what I do, the value I bring, or that they even need my services. Days of frustration naturally come with the territory. Clients don’t line up at the front door after hanging up the “open for business” shingle. An entrepreneur must be a go-getter and connector. The law of pursuit is critical to success, just like it’s critical in all relationships.
Persistence: I know some entrepreneurs who have purpose, passion, and pursuit, and yet, don’t have the staying power for the long-haul. Although there’s always exceptions to the rule, many entrepreneurs underestimate the time and effort it takes to achieve critical business thresholds. Studies show that people don’t accurately estimate schedule or fully absorbed cost. I believe people don’t identify all risk factors, calculate and apply probabilities, and/or know how best to mitigate risk. Hence, one of the best tools of the entrepreneur is persistence and resilience.
The 4Ps are fundamental not just in business but in life as well. These 4Ps apply to my life coaching clients who are identifying purpose with passion and receiving coaching accountability for pursuit and persistence. Of the four 4Ps, which ones are missing or shining dimly in your life? Which ones need more attention to propel you forward? If you’d like some help mapping out your 4Ps in life, reach out for a conversation.
About the Author: Sandra Dillon is a professional life coach with an extensive background in leadership and business consulting. She has a passion to help people be the hero of their own life stories. She administers assessments, designs, and facilitates workshops, and coaches individuals, teams, and businesses. You can learn more about Sandra or engage her as your coach by reaching out to her at firstname.lastname@example.org or by visiting her website at www.shinecrossings.com