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8 P’s of Entrepreneurship

4 Types of Entrepreneurship Everybody Should Know

Being in a business does not necessarily mean that you are in entrepreneurship. If both things were the same, we would not have to coin a new word – entrepreneurship. Many authority websites on the internet define an entrepreneur as someone who takes financial risks in his business with the objective of generating profits.

However, this is not entirely correct. It is not only the profits that an entrepreneur looks for. Profits are just a standard measure of success or achievements of entrepreneurship.

Some leading economists in the world define an entrepreneur as someone who is constantly looking for a change, responds to it when finds it and exploits it as an opportunity.

However, there is still much more to an entrepreneur which sets him apart from regular businessmen or businesswomen.

We have compiled a list of 8 P’s which are the basic characteristics of a successful entrepreneur.

  1. Proactive: Entrepreneurs do not play defensive. They are always in the offense mode. The very basic character of an entrepreneur is that he is proactive. He does not need to be managed or delegated a task. Entrepreneurs take initiatives from themselves. Unlike most people or employees who do only what they are told or sometimes even less than that, an entrepreneur will always work for the bigger picture and better results.
  2. Passion: Passion is what drives the force and energy inside a successful entrepreneur. The belief and attitude of an entrepreneur ultimately leads to success in the business venture. An entrepreneur is so much passionate about his idea or work that he never stops doing it until he is better than others in that field.  This tremendously increases their chance of succeeding.
  3. Perception: Analysing and perception of a business opportunity matters a lot in the success of a startup. Highly successful entrepreneurs are there since they could exploit a situation or a problem which others couldn’t. This gave them an edge over their competition and some even succeeded in gaining a monopoly in their markets. If you are in an entrepreneurship, it is extremely important to grab the opportunity when it presents itself and to do that an entrepreneur needs to be perceptive.
  4. Potential: An entrepreneur makes use of his complete potential when trying to build his business. Sometimes they work at more than their 100% capacity. They utilize the time and resources at their disposal wisely and efficiently. That’s what makes them stand out from the rest of the crowd. They also fill their mind with positive ideas and knowledge instead of wasting time and energy on social media and other non-productive tasks.
  5. People: It is not the entrepreneur who builds the business. It is the people who build a business. People who take part in decision making and other activities which decide the future of the company at the end. For an entrepreneur, it is important to have a team of right people who can guide him in the right direction and prevent him from making bad choices.
  6. Persistent Learning: Entrepreneurs acquire knowledge from anyone, anywhere and anytime like sponges. Knowledge is the only thing which can help you develop new ideas regularly which are vital to the growth of any startup.
  7. Perseverance: Nothing about entrepreneurship is easy. The road to success in any business startup is filled with rocks and is unusually bumpy filled with problems and difficulties. In such situations, an entrepreneur needs to remain determined and persistent towards his goal. Only then the success is possible.
  8. Perceiving Change: Adapting and adjusting to change is a trait of successful entrepreneurs. The world we live does not remain constant forever. Everything inside it changes on intervals unknown to mankind and due to reasons also unknown to us. A good entrepreneur perceives change with positive attitude and changes himself accordingly.
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