Seven (7) Ps of Business and Entrepreneurship

 

The entrepreneurship journey is one of wonders. It is like going on a tourist trip; where one experiences both good and bad but nonetheless they are interesting. A lot of us have heard of the seven (7) wonders of the world in the same way there are seven (7) Ps of business and Entrepreneurship. These include: Purpose, People, Products (or services), Profits, Plan, Process and Productivity. 

Let us break them down.

Purpose: This handles the reason for venturing into the current endeavor. There has to be a strong reason why entering the business world called. A lot of people entered business because their friends or relatives are in business or they noticed a trend in the market. Question is what happens when that venture goes out of season? The purpose of the business is what would help in challenging times.

People:  This deals with several areas; your customers, stakeholders, team members, employees and others. Kindly remember business is people; how people are treated in the business and around the business determines to a length how successful the business would be.

Products: This deals with what would be sold. This could be goods or services or both. It is part of a business value proposition and it is a means the business gets rewarded with value. These could vary from necessities to luxuries.

Profits: This deals with one of the rates the business would get customers & publicity (profit margin; this is based on necessity or luxury) and also deals with what the business will enjoy after expenses are done.

Plan: This deals with how one goes about executing the business including and especially funding. Ideas are good vehicles but they need empowering.

Process: This deals with management. The management of the business determines a lot on how the business will thrive. Alongside, we need to understand that people in the business needs to manage their personal affairs so that it balances with business.

Productivity: This deals with how the business is measuring their progress or throughput. Questions such as are our customers satisfied? are we minimizing cost? Are we maximizing profits? then others come to play. The business could have projects and goals that needs to be tracked.

 

Fig. 1 Business Management Lifecycle.

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• Also gentle reminder, we have our 100 trades challenge for forex trading coming soon, November 2022 and all you need is an internet enabled phone, with data or internet connection and also demo trading account. 
  
  
  
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