The 4 P’s of Entrepreneurship: Utah Women & Leadership Project
As the founder and executive director of Wasatch Family Therapy for over sixteen years now, I’ve learned a lot about what it takes to be successful in business. If you have an idea in your head for a business or are thinking about starting your own, here are 4 P’s of Entrepreneurship:
Pursue Your Passion
If you do not have passion for what you do, you won’t be successful, and all the hard work won’t be worth it. As an entrepreneur, of course there are hard days when you don’t exactly love everything you do, but overall, you must feel strongly about the work so you’ll continue to be inspired. What problems do you want to solve? What gets you excited? What are your natural talents? I come from a large family, and a great deal of my sisters had a talent and interest that they turned into a successful business! They are great examples to me of the power that comes from pursuing your passion.
Plan & Prepare
A passion is crucial, but on its own is not enough. You need to plan and prepare to turn your vision into reality. This might mean continuing your education, receiving certain degrees or training, or otherwise planning out your steps. I attended school for over ten years before I was able to open my own therapy private practice. The passion is what kept me going, but following actionable steps is what led to my business opening.
Successful people don’t give up when they experience failure or rejection. They may rethink their strategy, make some changes, then keep going. In business, the learning curve can be steep, and there will be ups and downs. So many of the great entrepreneurs throughout history were turned down time and time again. JK Rowling, Walt Disney, and Colonel Sanders all experienced massive rejection, but they were resilient and eventually reached unprecedented success. Don’t let failure stop you; just keep swimming.
The truth is that to be successful (and happy!) in your business, you can’t do it alone. You need a support team, a pit crew, of people who care about you and help you. It can be your children, your spouse, your friends, and even other colleagues. I encourage you to stop seeing other professionals in your same field as competition and think instead of them as allies and people you can learn from. Relationships (both in business and in your personal life) will sustain you and give you the support you need.