Years of observation and some business involvement in the past have made me conclude that there are 4 P’s one needs to be constantly aware of and focused on when one is engaged in business.
Passion. The most successful businesses I have known of not only in terms of profit but also in terms of the quality of their products and services, are those born out of passion. Their business owners simply love what they do or make. It is something they can do or be focused on regardless of time. They are willing to do everything to produce their product or provide their service. And from an outsider’s perspective, these people are identified with it. It’s almost like they are synonymous with it even. Think Steve Jobs. Think Bill Gates.
Profit. Simply put, a business may be born out of passion but for it to flourish and bring in returns, one needs to think about profit. I think the challenge here is how do you maximize your resources to bring in maximum profit. This means one must always be aware of the latest trends as well as needs of one’s market or target customers/clients. One must also know about the tools and technology that can be used to understand the market better as well as how to improve profit. For instance, one may not know or understand embedded analytics but as it can be a tool to further improve one’s knowledge about one’s clients or customers then a business owner must learn about it.
People. A business owner may be the most passionate about his/her product or service and may have the best strategy and tools to gain profit for it but if he/she does not have the right people to work with, create with, I think the business will not succeed or last. The business owner needs THE best people for his/her business. As people or personnel are key in furthering and making a business last, it only makes sense that the business owner knows how to take care of them. A successful businessman once told me that happy and satisfied personnel is equal to good profit. If one does not take care of one’s personnel, it would lead to bad business and less profit (or even none!) eventually.
Perseverance. Not all days mean good business. There will be challenges at times, but success means staying on — choosing to stay on. The person behind the business always understands that not all days will be sunny in one’s business corner, but that the sunny days will eventually be around.