Episode 31: The 5 P's of Entrepreneurship
Does your entrepreneurship journey feel like a roller coaster rather than a magical ride into the sunset? If it does, you’re not alone. Most of the entrepreneurs I know and coach feel this way! Because of this, I want to tell you my 5 P’s of Entrepreneurship. These are the things I truly believe it takes to have lasting success as an entrepreneur.
You can listen to the episode this blog is based on here:
I thought of this concept through the popular “5 P’s of Marketing” taught at most business schools. But rather than helping you identify a few foundational pieces in your business, my goal for you is to evaluate where you are in your business and in your life. Then, ask yourself, “What are the next steps that I need to take in order to really start enjoying this process?”
My First P of Entrepreneurship: Puberty
When you grow in entrepreneurship, you're going to experience grief. Think about going through puberty as a teen. It was a wild ride of emotions! But you also had to say goodbye to some parts of childhood that didn’t fit anymore. Just like your teenage puberty, in business, every growth comes with the grief of letting go.
Why do I say this? Because every time we experience a new level in our life, we have to let go of our previous version in order to step into the new identity. I’m learning this through a season in my own business. I’m learning that I have to prune out and let go of things that didn't serve me years ago. These are strategies that didn't serve me, or products, services, and programs that haven't served me. This includes identities and limiting beliefs that haven't served me.
It leads to grieving what we perceive as time lost, but it isn’t lost time at all! The things you’re letting go of served you at one point in time, and now you’re learning from your growth. Everything in the entrepreneurship is a lesson. Whether it works or it doesn’t, you’ll learn something. This leads to my second P...
My Second P of Entrepreneurship: Pruning
This week I was reading John 15 in my current devotional, “100 Days of Believing Bigger.” It says, “I am the true vine and my Father is the gardener. He cuts off every branch of mine that doesn't produce fruit, and He prunes the branches that do bear fruit, so they will produce even more. You have already been pruned and purified by the message I have given you. Remain in me and I will remain in you…”
This is a great reminder that, just like in life, God cuts off every branch that doesn't produce a fruit and in your business. You need to sit in and listen to what God is directing you towards. For example, you may be in a season of cutting down on marketing strategies. If that's what you're being called to you need to prune that “branch” out of your business.
This is one thing that my amazing mentor, Chris Kenny, taught me: You have to let go of things of a lower nature to accept things of a higher nature. For example, do you have too many products that you're not able to sell? Do you have a sales system that's broken? Do you feel like your operational system is broken?
Really look into the areas where you're being called to prune. Then, lean into the biggest part of pruning: Niching down. Focus on speaking to that one person, rather than everyone. You may feel like you don’t want to lose the sale, but what if you're in a season of going deep? You may be called to really build your brand and business around that one person and that one message. You’ll miss out on that season of pruning if you can’t let go of trying to be everything to everyone.
My Third P of Entrepreneurship: Profit
Profit is sanity, and revenue is vanity. Many of us see some of these big big numbers online. People will post, “I just did a million dollars in one month,” or “I just had my first $100K cash month.” And then we're not able to process whether that's revenue and or that's profit. But if you're not making those significant numbers in your business, I really want you to start evaluating yourself based on profits.
If you're having $5000 in your business as profits, my friend, you're actually winning. Think about what you can do with $5,000 as profit! If you're having $10,000 as profit, you're winning. After all, profit is pretty much the lifeblood of your business. So those people who are posting about doing $100k may not have that in profits, but they want to share the impressive numbers. On the other hand, you’re doing great with your profits and continuing to grow your business.
Don’t focus on the vanity metrics. Focus on your profits!
My Fourth P of Entrepreneurship: Patience
Business takes time. Many people don't achieve an ROI following timeline that they imposed on themselves. When they do, they give up. I've had people say, “I've been in business for one year, and I'm not getting anything.”
What does that mean? There are people who've been in business for five years and haven't seen anything. In fact, there are people who've been in business for 10 years, and it's in the 10th year that they actually see profits.
I really want you to understand this: Your business is like a baby. It's a dream you're putting out into the world. Nobody understands your dream fully. Not your family member, not your spouse, not your friends, not your mom…nobody understands the dream that you have.
So, regardless of your timelines or the way people perceive your progress, you have to take care of your baby. You have to let this baby mature, grow, crawl, and walk. You even have to see this baby go to college! Your business is a dynamic entity. In business, nothing ever operates on our own timeline. Nothing. I can tell you that, but you have to be okay with getting an ROI six months, eight months, or even later down the line.
My Fifth P of Entrepreneurship: Perseverance (and Persistence)
This thing is a marathon, not a sprint. I want you to let go of self-imposed timelines. As women, we make a lot of money when we are in feminine energy. By that I mean being “in flow.” You will never gain anything by following the hustle and grind mentality. You need to follow your energy. I've always told my clients is we have to learn to attract anything we want.
This is counter-intuitive to what most of us have learned. So, I want you to evaluate some of the limiting beliefs or some conditionings you've grown up with. I was raised knowing there was money the house, but at the same time, there was no money. I never I never got any new clothes or new gifts. They would be thrift store items and hand-me-downs.
I was conditioned to expect life to be hard, and to expect nothing but a grind. Because of this, I got promoted every year in corporate America. I was constantly trying to prove to other people and myself that I was enough. I want you to know that you don't need to prove yourself to anybody.
Instead, you need to love yourself. As entrepreneurs, we have to understand that we’re going to make so much money and experience the fullness of life when you're constantly in flow. And it's okay if it’s easy. That's how it should be! Of course, you’ll have to work hard sometimes, but it shouldn’t be a 24/7 grind your whole life. Instead, be patient and stay in flow. The profits and success will come.
Being Committed To Your Entrepreneurship Dream
While it's one thing to have a dream, it's another thing to build this dream. Building your dream just requires one decision. Are you going to ride this wave? Are you going to persevere through puberty, pruning, and growing profits with patience?
I will tell you one thing for sure: You need the right people to ride this wave with. I have surrounded myself with amazing mentors, my amazing husband, and incredible clients. Who do you need around you to ride the wave? I hope you do.
If you’re ready to invest in the growth and scaling of your business, you need the right mentor! I help product entrepreneurs, especially in the beauty space, do this every single day. I might be one of the people you need to ride this wave. You can join the waitlist for my business mentorship program here.
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