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The 5 ‘P’s Of Growth Businesses

It’s important for business leaders to continuously learn and enhance their skill sets, as they will change as the business climate changes

The path to entrepreneurship can be heavily laden with many difficult challenges that require business leaders to possess a diverse set of skills.

I believe that it’s important for business leaders to continuously learn and enhance their skill sets, as they will change as the business climate changes. This will help guide their company not only through the difficult early years but also to maturity and possibly dispersal.

To get you started, here are five concepts, or the five ‘P’s of growth companies:

Problem:  Identity issues and solve them

Business owners must first work out what problems in the real world their products or services can address before they can move forward. Successful businesses solve problems as their highest priority; they don’t try to push the latest technology.

It is crucial to keep your clients’ needs in mind; it is not about selling features of a solution or a service; the client has a problem that needs to be addressed. The client could care less about specific product or service features unless they effectively resolve their pain points.

Examine the market in which you are operating to see if there are any competitors addressing the same issues. That’s not necessarily a bad sign; it shows that there is demand. If there is, find ways that you can make your offering better and more attractive to clients.

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Passion: Love what you do

One of the most important qualities that any business leader must possess in order to succeed is passion. It is a person’s drive, ambition, and passion for what they do, and it provides them with a unique perspective on the world that others do not often see.

To be successful, leaders must have a driving passion or a strong belief that drives them forward, even when others do not share the same vision yet. Think about your true passion and what makes you happy at work. Those who do so have a better chance of success in business than those who do not.

People: The key driving force for success

Working alone may seem enticing when you first begin. However, at some point, whether because of expansion or a desire to operate more strategically, you will almost certainly need to build a team—people who share the same purpose—to solve a problem with great passion.

Finding the ideal candidate for the position is crucial for every business. Great candidates may more than pay for themselves by helping your business achieve its goals by enhancing team dynamics, raising productivity, and reducing costs.

As such, it’s critical to surround yourself with individuals that concur with your company’s objectives and ambitions. Anything may be accomplished by exceptional people. A strong set of unifying fundamental principles also makes it easier to draw in like-minded individuals with compatible business goals who will contribute to and flourish in your organisation.

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Perseverance: Never give up

This is non-negotiable and distinguishes successful business leaders from unsuccessful ones. It is critical to have grit and to be truly relentless in the pursuit of your goal, no matter how difficult this becomes during the inevitable difficult times that you will face. Successful leaders recognise that they will never be in their comfort zone because standing still means not progressing. As a result, resilience and perseverance are essential for success.

Remember that failure is only defined as giving up. Never, ever give up, even when the going gets tough.

Pivot: Knowing when to switch game plans

As the saying goes, the only thing constant in life is change. In this journey, it’s crucial that leaders pivot when they come to the realisation that their current goods or services do not meet the demands of today’s consumers. This has been exacerbated by the pandemic, and businesses that refused to adapt were forced to close.

Pivots, also known as course corrections, are common in business, and one should always be prepared for them by being open to new ideas and taking risks. To be clear, pivoting is not a magic wand that will solve all business problems. Knowing when to pivot is important and should only be explored when all other options have been exhausted.

Source: e27

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