5 P's of Entrepreneurship

The 5 P's of Entrepreneurship

By Robin Low

Passion. Purpose. Plan. Partner. Profit.

Entrepreneurship

• Harvard professor Allen Grossman defines entrepreneurship as "an activity or behavior" that involves "the pursuit of opportunity regardless of the resources you currently control."

Social Differentiation

• Why focus on just making profits?• When you can make a living and make a

difference?• Dual goals may sound more challenging,

however, who said that starting a business would be easy?

Passion

Do what you enjoy

• "Don't think : I'm going to be rich. You put your heart in it and just keep going!"

• Know that little by little, no matter what you are doing, there is progress and it will propel you towards your goal.

• When you love what you do, you are not working, you are having fun.

Purpose

Find your place in the world

• Entrepreneurs look at a problem and find a solution. Knowing that is your purpose pushes you along.

• "Business doesn't have to be harmful to the community or the environment to succeed. The new model for this century is to profit with a clear social purpose that benefits all stakeholders."

• Doing good while doing well

Plan

Test, evaluate, implement

• Well-articulated vision is more valuable to an entrepreneur than a great business plan.

• Best content for a business plan is real-world data based on testing aspects of the concept.

• Adapt and learn• "Lean StartUp" – Steve Blank & Eric Ries

Partner

Why start from Zero?

• Strategic partnerships between like-minded companies can help early stage businesses grow.

• "One of the biggest mistakes business owners make is trying to do everything alone."

• One of the most innovative and productive examples of sharing resources are co-working spaces.

Profit

Sustainability required funding

• If you don't produce revenues, you're not in business.

• Echoing Green, Acumen Fund, Ashoka, Skoll, BALLE, and Gates Foundations are just a few of the organizations offering fellowship grants to mission-based entrepreneurs.

• Crowdfunding platforms like IndieGoGo, Kickstarter, and RocketHub offer modified solutions for raising capital.

The 5 P's of Entrepreneurship

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