The 3P's of starting a Business.

Posted on June 20, 2022 by Reggie Ramlochan, One of Thousands of Executive Coaches on Noomii.

“There’s no shortage of remarkable ideas, what’s missing is the will to execute them.” – Seth Godin

You may have hear0d about the 5 P’s of #marketing, whilst this is very solid work, I would like to rewind the clock so to speak, and introduce you to the foundational principles of starting a business.

I would like to introduce you to my 3 P’s for Entrepreneurs. #Passion, #Purpose and #Practicality. At face value these seem like 3 very simple words, but when applied properly can harness significant benefits to your #startup journey.

As simple as this sounds we often forget the basics and head into complexity. The thing about the human mind is that we shun simple solutions as we deem them somewhat inferior, searching for a more complexed alternative that we accept as intellectually sufficient.

My inspiration for this Blog comes from a recent event, where I presented and gave a #keynote speech on #motivation, to teenagers (12 to 17 years) about the beauty and benefits of #entrepreneurship.

The sole purpose was to let the next generation know that owning and operating a business is a viable path and should not be looked at only as a default to losing your job. I wanted them to know that being an #entrepreneur is just as rewarding as the traditional academic route.

Owning a business does not mean that you are unemployable, it simply means that you prefer to build something of your own liking, that’s all.

Nothing is wrong with that choice.

In fact I believe that every person should make an attempt to at least learn about entrepreneurship and even start one business in their life.

Why?

The role of a #business owner can create massive #opportunity for earning and also as a bonus, living your #dreams.

A business regardless of size can help reduce unemployment and give careers and livelihood to others who are in need of it.

But what do you have to consider when starting a business?

What are the most important aspects one must know at the starting point?

This was a question posted to us by one of the attendees, such a brilliant question from such a young mind.
A typical response to this question would be:
-Start right when building a business, the foundation must be solid, use proven principles and strategies when building your base.

Makes sense right?

But we must go deeper, we must get to the loci of one’s existence.

So what makes this foundation solid?

How do I start my business and get the “right” principles and strategies?

All those questions are plausible and justified, before I give you the 3 P’s I want you to understand this about “getting it right.”

I want to firstly tell you the key is to want to start right, but, be willing to accept failure as a consequence.

Why is that important?

Because following your passion and building a business is never a straight, easy, road ➿ ♾.
There are a lot of proven methods that bring success for others but may bring failure for you and vice versa!

In that regard you have to love what you do, be teachable, and be relentless in achieving #growth.

So let’s get down to the meat of the matter here, this is where the rubber hits the road!

What are the 3 P’s I was talking about?

What are the 3 areas that remain paramount to your entrepreneurship journey as a starting point.

The first Pillar of the 3 P’s is Passion!

✅ Passion – What is it that you love doing, that gives you a deep sense of fulfillment.

Passion is a word that gets thrown around a lot, and for good measure, have you ever tried doing something you absolutely despise for a prolonged period of time?

I’m sure you would notice it doesn’t take long for you to go from feeling #good to feeling #stressed.
I bet you would say the time it takes to go from good to stressed is not very long!

Why?
Because it takes #energy to do something you hate, you are fighting against everything, you are trying to create love where there is nothing to love.

There is a reason why people suffer physically, mentally and spiritually in jobs they absolutely hate.

Passion is the one thing that you can rely on when the going gets tough and it will, trust me.
When nothing goes right or things seem dark, the only motivation that will get you out of bed in the morning is the love of what you do.

When you are passionate about something, you naturally do what is needed to build a business.
When building your business you find it easy to:
-Put in the late hours
-Be creative
-To be resilient
-To work Hard
-To help others
-To learn more about your craft and better yourself
-So seek passion first, find out what you love doing and build on it, your future self with thank you.
-Passion is the first pillar you construct the second is listed below.

The second Pillar of the 3 P’s is Purpose!
✅ Purpose – Who am I going to serve with this gift and passion of mine.

When you have found that activity that gives you a deep sense of joy and you have gotten good at it, the next question to answer is, who would benefit the most from my gift?

Having a #purpose gives your life a sense of #meaning.

How wonderful it is to find something that you love doing and have others who value you benefit from it as well.

Purpose helps answer the questions of when, where, who and how, will others need my services, my product or in general me!

In other words, you answer the question: What is your why?

According to Nietzsche;
“He who has a why to live for can bear almost any how.”― Friedrich Nietzsche

This means if you find yourself in a place where life is hard and suffering is present, if you find a way to make your life meaningful you can bear the time and anguish.

In other words if you find something worth doing that gives you a reason to live, you can make it through the hard times because your motivation comes from an unlimited source.

So finding your purpose is the second step in this 3 part framework, though simple it is invaluable.
It answers questions that may seem hard if you have no knowledge.

Imagine wanting to start a business but you have no idea of what kind of business, how difficult would it be for you to proceed forward and answer these questions?

Therefore finding your purpose builds the second pillar of your support system.

The third Pillar of the 3 P’s is Practicality!
✅ Practicality – Is this practical or feasible to start a business.

As I said before finding your passion (what I love doing) and finding your purpose (who do I serve) are 2 of the 3 pillars in this framework.

Why is practicality important, because feasibility is important.

You may be passionate and have the best work ethic but if the current market for your product or service is not ready to receive or does not exist then you are out of luck.

For example: let’s say you are passionate about making paper windmills, you perfected the art and you have a wide variety you can create. However, no one wants to purchase a windmill, because it does not have any value to them, what happens there if you continue to make windmills?

The result:
You are basically making a product for a market that has no customers or not enough customers to make your business viable.

This is why practicality is important, it is fine to love what you are doing but at some point we have to logically assess what we are about to put out or create.

Now don’t get me wrong there are many ways to take your passion forward such as creating a market or finding new markets in other countries etc.

The basis of these 3 Pillars is to help you with a starting point that you can build on that will only create more success for you as you pile on the other critical aspects of your business.

When you merge all 3 pillars together and get it right, when you understand these 3 P’s in detail a lot of your decisions become easier.

In summary the start to creating your business comes down to the following:
Passion – What do I love doing that gives me the most joy and fulfillment?
Purpose – Who am I going to serve with my passion?
Practicality – How feasible is this business?
Do you have a business idea that you would like to get off the ground?
Have you considered these 3 P’s when starting your business?

If this Blogpost was helpful to you and you want to dive into your own business, then feel free to book a FREE consultation with me.

Whether it is finding your passion, starting a business or treating with other areas of your life, I am here and offering you a FREE consultation.

You are enough and you are more powerful and creative than you give yourself credit for!

Take the leap and reach out to me I will change your life for the better!