In my 5 years of business as a COACH and a business owner, I have worked with a number of very good, average and some very poor business owners. Despite having a vague idea about why they are in business and not doing a job, there seems to be a multitude of reasons ranging from it was a family business to the fact that they hated working for others!
But amongst the most common reason given was the individual business owner’s passion for their skill or business itself. However, passion alone doesn’t make these individuals good business people despite being very good at the product or service they provide.
Over the years I have coached my clients on the 3 P’s of business, that are qualities and mindset required for anyone to be successful in business. Not just that, I even help business owners understand that they even need to employ individuals with these 3 P’s as qualities at the least.
These 3 P’s are
3. Profit making mindset
Passion is the core ingredient that most business owners have plenty of. This fuel drives them to achieve things that others deem impossible. But when passion is mixed with Perseverance there is no stopping you! Business owners with these two qualities alone are driven and focused. They have the emotional grit to face up to the continuous challenges thrown at them by the ever-changing business landscape. Whether it’s dealing with competition or dealing with rejection, nothing holds them back.
However, even if they get success from the first 2 qualities, unless they understand what is profit and how to sustain that profit per client, they are not business people.
So primarily your business is all about profit. If you are reading this, thinking ‘hmmmmm, I’m not sure about this’, then let me kill the argument in one sentence: ‘No profit = no business”. If you are not making the surpluses of income over expenses you will not be around for long….as they say….
Turnover is vanity!
Profit is sanity!!
Cash is reality!!!
So mastering and coaching yourself to develop the 3 P’s of business could give you the competitive edge that separates average vs extraordinary businesses!