Question

Write a summary about your Five Ps of Entrepreneurial Behavior. Be sure to include the following:
Describe what each of the Five Ps of Entrepreneurial Behavior means.
Describe identified strengths and weaknesses
Describe how you plan to improve upon the weaknesses.

THE FIVE P'S:

**Passion **Perseverance **Promotion/ Prevention Focus **Planning Style **Professionalization

Answer 1

The five Ps of entrepreneurship is: Passion, perseverance, Promotion, Planning style, professionalization.

Passion: The first and foremost thing required for entrepreneurship is passion. It is required for a person to move forward as a successful entrepreneur. Whatever a person does requires passion but in this case, passion is a mandatory element as the hangover of doing business with success is very important to proceed in this field. This enthusiasm also helps others to pursue their dreams. This acts as a motivational fuel and is responsible for determining work.

But if the passion is directionless it can lead to blunders. The passion must be derived or backed by all the facts and realities related to the project one going to start. Doing what you love not always leads to success and if you want to succeed you need to channelize this passion in the right direction and with all research so to become successful.

Perseverance:

To do things without thinking about the end result is perseverance. An entrepreneur is a persistence in following his dream despite difficulty or delay in achieving success. This is a non-negotiable factor and separates a successful businessman with an unsuccessful one. One must be really dedicated to achieving his or her goals, no matter how tough the situation comes. Perseverance is vital for success because the entrepreneur understands that he or she cant remain in the comfort zone, in order to succeed they have to move forward.

Lack of perseverance can lead to failure. Always think about your dream and never give up even if the paths are difficult because at the end when you will reach the milestone you will forget everything. Just focus on the end result and move ahead.

Planning Style:

If you want to achieve you objectives moving along with the planned path is very crucial. As when you move as per plan controlling deviations become easy. The plan is the blueprint of what you want to do and how you want to do it. Plans are made only after gathering market knowledge, studying the trends, the risk that might arise, or we can say they are being prepared only after gathering as much knowledge is required.

Moving without planning is like just diving into the river without knowing the depth. This can lead to failure also hence just do as much research as possible. Planning without research also will lead to some other path. Hence listen to market experts, listen to the advice, study and find out everything and then make a plan.

Promotion/ Prevention Focus:

The main aim of the entrepreneur is always to give his customer the best quality of the product and it should meet the changing demand of the customer. The entrepreneur should be prevention focus means he must know if he doesn't work hard he may fail as an entrepreneur.hence he must always be moving towards his goal.

If he loses out his focus it is possible his dream may not come true, hence working hard , coming out of his comfort zone will help him to do his best and achieve a better result.

Professionalization: Entrepreneurship is a passion one must be very professional towards it. It is just like any other profession hence one approach must be very practical towards it. The problems should be dealt with maturity and focus should always be maintained to reach the optimum.

This professionalism can be easily inculcated as entrepreneurs and entrepreneurship are two different things.the owner must never take his startup as his own but must consider it a separate person for whom he or she is working. This will not only make him professional but also more responsible for what he does. He will take the activities held more seriously and work upon it to achieve the set objectives.