The Five P’s of Entrepreneurial Behavior

The Five p’s of entrepreneurial behavior are passion, perseverance, promotion/ prevention focus, planning style, and professionalization. Passion is a feeling someone has towards something, for instance and individuals who has a lot of passion for what they do will succeed in the tasks. If an entrepreneur has passion for what they are creating than it is expected to do well. Perseverance is when an individual stay dedicated to a task, whatever the amount of time a project may take. For instance, an entrepreneur may start a company with the intentions of profiting or being to make the company profitable within five years, however, in some cases there are obstacles and the amount of time a company may take to become profitable might take longer than five years. The promotion and prevention behavior are actions that an entrepreneur can take to maximize gain of the company while minimizing the loss of the company at the same time. AN entrepreneur within the company with a plan for possible situations while solutions to the possible situations in order to maximize gains and minimize losses. A planning style deals with not only setÝng plans in order to improve the business, but also setÝng goals to help the company stick to the plans that corporation has set for the company. Am entrepreneur of a company may not have set plans for the company but may have a set of goals that are intended to help the company achieve the plans. Lastly professionalization is ensuring the company is conducting the set standards that the business has set forth. An entrepreneur normally has set company standards in order to ensure that the company is performing at the standards that corporation has set for the company to follow. An individual who plans to have different plans and goals those that plan to open a restaurant. A critical planning approach is someone who creates plans for the most important aspects of the business. The reactive planners approach is when an individual looks at past experiences and learns from them to make the company or project work better. Stating this, an entrepreneur who is critically planning will create new plans or ideas when problems arise an entrepreneur who uses reactive planning will use past experiences and solutions to fix and help the company succeed when previous issues arise. When stating a business an entrepreneur needs to organize many things, such as organizing finances, employees, and products to be sold. When starting a business an entrepreneur needs to organize their employees to determine who needs to work while the company is running or opened. An entrepreneur also needs to determine what products they plan to sell and how to display them in the store and on the website or menus. Lastly, an entrepreneur also needs to organize their finances in order for the company to succeed. A business tends to deal with succession when transferring a business after the owner is to retire or leave the company. Within a family business a family member tends to pass the business down to another family member and this may rise some issues. For instance, within a family owned company, you may have employees who are not family members working at the company who should have the same chances of moving up in the company as anyone else. Along with this issue the company may also have unexperienced family members who do not know and understand how the business is to run which sets issues because if the company was to once succeed under one management technique and now someone who does not know or understand the company changes the technique there may be issues with the products or services that the customer is to receive. Lastly, within a family company the business is normally passed down to family members, well when a family member does not want to work in the family business issues are to arise.