Try not to be a man of success, but rather try to become a man of value. – Albert Einstein
I found this 2008 Success.com article on my hard drive, “The Four Principles of Entrepreneurial success,” written by Ken Blanchard, coauthor of “The One Minute Entrepreneur.” In this article Ken credits the success of his now 34 year old company, The Ken Blanchard Enterprises, to these four principles:
These four principles, or Ps as Ken calls them, will help aspiring entrepreneurs to become successful.
Even if you’re a seasoned entrepreneur, adding these principles to you entrepreneurial success toolkit will increase your profits.
The four principles in action
Principle #1 – Passion
You’ve probably heard this before – without passion your business will fail. Why? Your lack of passion makes it easier for you to become frustrated and lose focus when dealing with the inevitable challenges of being an entrepreneur. Without passion each hurdle becomes an excuse to give up and sooner rather than later, you do.
Important – from my experience with some of my clients – not every passion makes a good business model. Sometimes, people are not willing to pay money for what YOU are most passionate about.
Jennifer White, author of “Work Less Make More”, believes you should build a business based on your brilliance – what you’re good at – instead of your passion. She gave an example of one of her clients who opened a store specializing in golf equipment because he loved the game of golf. He made a profit in his first year. Five years later he became frustrated because he hated retail. Her client discovered his love for the game of golf did not translate into love of owning a business related to golf.
If your passion is not a good business model, build a business around your brilliance. I share a few tips on finding your brilliance in my post “Make Money On Line With Your Brilliance.”
Principle #2 – Profits
For some entrepreneurs this is a dirty word because profits have to do with making money. Limiting beliefs about money keep many entrepreneurs from making a profit. Ken said that “profit is the applause you get for taking care of your customers and creating a motivating environment for your people. Profit is a byproduct of doing a good job with the third P, People.”
I love the analogy between profits and applause. People who are uncomfortable with money are more likely to be accepting of applause.
If you have limiting beliefs about money – Ken’s statement opens the door for you to give yourself permission to let them go and allow yourself to build and grow a profitable business. My post limiting beliefs and money may give you some added incentive.
Principle #3 – People
Without people you wouldn’t have a business. They’re truly the life line of your business.
Ken Blanchard shared this insight “How well you deal with people—your customers and your associates—depends on whether you pass Sheldon Bowles’ “Test of Perpetual Prosperity.” That means you will never be successful in business if you don’t serve and help other people.
Show your customers you care and you’ll have repeat business. Show your customers you care and, more often than not, the cost of your product/service will be a non issue.
Important – as you grow your business keep these in mind:
Leverage your time.
Be creative; think of the many ways you can create passive income.
Don’t do it all – delegate.
Don’t be the smartest person on your team.
Have systems in place for your clients/customers to pay you.
Monitor your receivables.
Study, learn and implement strategies for your financial health.
Principle #4 – Priority
Too many successful entrepreneurs lose their perspective. Success defines their self-worth. Profits become more important than people and their core values. When you take on this persona your success will wreak havoc on your personal and professional life.
Ken believes, and I ditto this, that successful entrepreneurs can have it all, if they keep their priorities in order. It certainly helped me, a single divorced mom and sole provider of 4 children.
To keep your priorities in order Ken believes that you should:
Foster loving relationships
Appreciate the important people in your life. Make it a priority to nurture your relationships by spending quality time with your family and friends. Suze Orman said it best , “
Share your time and your brilliance with others.
You should never take your customers/clients for granted. A happy customer is a loyal customer. SBA.gov shared 7 ways to keep your customers loyal:
Keep it simple
It’s a wrap
The benefits for being an entrepreneur far outweigh the challenges. Unfortunately, too many entrepreneurs have a business that is a job in disguise.
Success is not an accident … have a business plan. Make it a priority to learn and implement what it takes to have a successful business. It’s not the most brilliant or knowledgeable that are successful – it’s the entrepreneur who keeps moving forward, in spite of challenges.
What blueprint do you follow for your entrepreneurial success? Please share your thoughts on the 4 Ps of success?
If you’re ready to be unstoppable with confidence for your success – you’ll benefit from my FREE strategy session. Contact me today. You’ll be glad you did.
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