When I first started my business many years ago, I struggled with patience. I wanted the money to come rolling in with every deal I sealed, but that was not realistic at all. I learned many lessons about timing and patience. Nineteen years in, well, let’s just say I have the patience for my job! I’ve figured out the formula for consistent success. One thing we must stop doing is measuring our success to the success of others. Your journey is your journey, so don’t get frustrated if you’re not an overnight success! In order to start a business destined for success, there are 5 P’s you need to instill in your mindset.
It’s important to follow the 5 P’s, especially when starting a business from home. But first, let’s get into these numbers.
- The average millionaire in the U.S. is 62-years-old. Just 1 percent of millionaires are under the age of 35, and 38 percent of millionaires are 65 and older.
- According to the U.S. Bureau of Labor Statistics, about 20 percent of U.S. small businesses fail within the first year.
- Business failure statistics show that about 96 percent of small businesses (1–99 employees) that enter the marketplace survive for one full year, 85 percent survive for three years.
With these types of statistics, it’s important to enter entrepreneurship with the right mindset. Here are the 5 P’s of Success:
- Patience: Fostering the virtue of patience shows you have what it takes to build a brand and you’re in it for the long haul. You have to have patience as an entrepreneur.
- Passion: Passion is what drives you to succeed because you are completely dedicated to the idea, the brand, and the business.
- Perception: Perception is reality. Make sure your perception matches your reality. What are your brand, customer, and market? Are you being realistic about those things?
- Priorities: Set priorities so you keep the main things the main things, and focus on what matters most. Create priorities instead of promises.
- Purpose: Purpose helps you set a long-term business strategy, creates a bigger picture. It’s your WHY.
Remember, there is no success without sacrifice. To learn more about getting started with entrepreneurship go to www.SBA.gov for government resources or you can check out www.MonetizeYourBrands.com for help pursuing your purpose.
Until next time,
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