Dun & Bradstreet reports that "businesses with fewer than 20 employees have only a 37% chance of surviving four years (of business) and only a 9% chance of surviving 10 years." The Six P's of Success (established by ABEL Business Institute), are dedicated to helping you thrive, not just survive in your business.
By enhancing and leveraging your abilities related to passion, patience, persistence, positive attitude, planning, and practice, you establish a strong foundation upon which your business can rest. In fact, the Six P's are like the pillars that support you and your business. Engage yourself fully in the Lessons of this module and strengthen the pillars that will keep you in business for a long time.
If you will think of success as a journey, rather than a specific outcome, you will enjoy the process of building a successful business.
Here are the P's:
Passion: When you follow your passion, you are so much more motivated to do things well and to spend the time required to execute your plan. Passion makes you spring out of the bed each morning, happy to start your new day doing what you love.
Patience: When it comes to business, patience is an important attribute for achieving goals, acquiring clients, developing a business strategy, working through challenges, accruing capital, and other long-term tasks. These things take time.
Persistence : There are very few ventures that succeed on the first try. A famous actor once said, "it only took me 10 years to become an overnight success." Without persistence, no one would ever succeed.
Positive Attitude: Thomas Edision once said while trying to invent the electric light bulb, "I have gotten a lot of results. I know several thousand things that won't work." His positive attitude clearly contributed to his success. How does your attitude contribute to your success?
Planning: Many business owners tend to prefer doing over planning. Yet, planning is a necessity. Imagine running a business with no forethought given to strategy, budgeting, marketing, product development, or service requirements. Such lack of planning will likely lead to chaos.
Practice: It's part of most professionals' responsibility. Athletes do it. Singers do it. Actors do it. Even children do it. It's the hallmarks of optimizing performance. Practice is an indispensable factor for success.
Learn more about The Six P’s of Business Success by listening to this week’s episode of the SkillPreneur Radio Show:
Episode 67: Your "Keys" to Business Success
Ed has invested more than three decades into learning how to build successful, thriving businesses. Starting his first business with a $5,000 loan, he created a $36 million organization, within seven years. From there, he went on to create 12 other businesses.
Through this life experience, Ed developed the desire (and passion) to share his extensive business knowledge. In 2004, he founded ABEL Business Institute, an education center for business owners seeking expertise on how to create a sustainable and profitable business.
Additionally, Ed is an adjunct professor of entrepreneurial studies at New York University (NYU), business adviser and instructor for NY Designs, part of City University of New York (CUNY) as well as the Director of the business division at the world class Institute for Professional Excellence in Coaching (iPEC).