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The 3 vital Ps of starting a business

The 3 vital Ps of starting a business

Before you start a business, ask yourself if you have these things

Starting a business isn’t something to sneeze at. You’ll need patience, dedication, motivation, self-confidence and a lot of hard work and hustle in order to keep your business afloat and eventually become successful. I know this because I’ve created four businesses in the past three years and they are still alive and kicking to this day.

So, what did I learn from creating a number of businesses from scratch? Three P’s!

1. Passion

You hear about this a lot. But if you will think deeply about it, when was the last time you did something you don’t love and you lasted a decade doing it? The best way to enjoy life and work is to do what you love to do, make a living out of it, and help a lot of people because of it.

So, never ever start a business because that’s what the rich guys do. Start a business because you love it, you can’t live without doing it, and because you believe you can affect a lot of people positively by doing it.

2. Practicality

Let’s face it. Starting a business requires capital, time, and effort. Those three things need to be managed with practicality. Let me give you an example. Just recently, one of the top universities in the Philippines invited me to become the final speaker for their entrepreneurship event. I said yes immediately because why not, right? It’s a good way for me to promote my businesses and myself as an entrepreneur.

Then, my wife (who is the best business partner that I could ever ask for) asked me if it was truly practical. I’ll have to drive for more than three hours to get to the event, I’ll have to consume liters of gasoline, not to mention that it’s not a paid speaking gig. I can spend the 6 hours of commute (back and forth) and the 1 hour of my actual speaking time in business development.

The lesson here is to always be practical when you are just starting a business. The bells and whistles will come after you prove to the world that you have something of value for the people around you. Until you have responsibilities in growing your business, you can’t afford to be out of focus.

Also read: The slow but sure approach to starting your business

3. Productivity

This word is sometimes mistaken as being busy. Productivity simply means being productive, producing results after exerting time and effort. Now, if you are just busy (or pretending to be busy) and you are not producing even the smallest results, then you are not being productive.

Productivity is crucial in the early stages of your business because if you won’t be able to produce results as a business owner, then you will have no business sooner than later. Make sure that you only do things that will bring you the maximum results you need in the shortest time possible while you are still in the early stages of your business.

Putting them all together

Before you start a business, ask yourself if you are truly passionate about what you are about to do, if you can be practical in doing it, and if you can truly be productive so you can produce results early in the game. If your answer is no in any of these questions, then you have to get back to the drawing board and rethink your plan to start a business.

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