Question

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Write a summary about your Five Ps of Entrepreneurial Behavior. Be sure to include the following:
Describe what each of the Five Ps of Entrepreneurial Behavior means.
Describe identified strengths and weaknesses
Describe how you plan to improve upon the weaknesses.

THE FIVE P'S:

❖Passion ❖Perseverance ❖Promotion/ Prevention Focus ❖Planning Style ❖Professionalization

Answer 1

The Five Ps of Entrepreneurial Behavior can be described as follows:

- Passion- It is the first and most important element required in a person heading towards successful entrepreneurship. Though everything a person does requires passion as businesses take more time and hard work of a person, he should be patient and motivated towards his work and may have to toil a lot and wait for the results. This is possible only if he is passionate about the business he is getting in. Also, he can think about its growth and development only with the presence of passion in him.

- Perseverance- it is the will and determination to keep doing something until the goal is achieved even when the outcome and path towards it is uncertain. This is a very important trait for an entrepreneur for the same reasons as mentioned above. With the hard work and time he will have to put into the venture and the ups and downs he will face in the journey, he can only stay focused with perseverance in him.

- Promotion/ Prevention Focus- The entrepreneur should be promotion focus which means he should always look for opportunities to increase profits and grow his business, no matter what position he reaches to. And prevention focus is being careful and taking all measures to minimise or avoid losses in the business. Having these two traits will give him a profitable and growing business for the long term.

- Planning Style- Planning is an important element of success in any business. To take any decision or action in the business practices it is important that there. Planning style differs from one person to other and also depends on the different factors involved like business type and external environmental factors. The different styles involved in business planning can be a comprehensive, opportunistic, critical point, habit driven and reactive.

- Professionalization- The person should have professional competence and ability to take the business towards success in the most organized and formal way. He cannot be casual and easy about things. He has to know the steps to take beforehand, their impact and outcomes. He will have to develop a team which will work under him with the same traits as mentioned above. Hence having professionalization in his own actions and practices will create a professional atmosphere where the resources and goals are aligned and achievable.