The 5 Ps Of Priority
Many business owners initially ask how they can make money. While this is a logical question, it strays from the entrepreneurial perspective. Entrepreneurs understand why they want to build a business; a business that has a clear purpose and encompasses passion. What others fail to understand is that once you have a purpose, finding the passion in that purpose comes naturally.
This understanding led Leon Jay to come up with the framework known as the 5 Ps Of Priority. He has had many discussions about what it takes to be an entrepreneur and how important it is to prioritise the purpose before making profit. The framework teaches you to ask the right questions in the right order, in order to get answers that are much more valuable.
The 5 Ps Of Priority must be addressed in the correct sequence in order to be affective. They are as follows: Purpose, Passion, People, Place and Profit.
Having a purpose is by far the most important aspect to building a business. There are some questions you can ask yourself to help find your purpose, such as – why does my business exist? Why do I want to create something? What do I want to create? What is the problem that I’m prepared to solve? How do I want to help people?
After you’ve determined your purpose, you can then find your passion within that purpose. Start by asking questions like – where do I fit into the business model? How can I become motivated by that purpose? Where can I see myself when it comes to delivering and achieving the realisation of that purpose? What skills do I have that I can be passionate about to contribute?
After some consideration, you’ll realise that you can’t handle everything on your own. You won’t be passionate and skilled about every single aspect of your business so you’re going to need help, which brings us to the next P.
Once you have a good purpose, you’ll need to find high quality people that are skilled and passionate about what they do. They can be aligned with the purpose of the business and help you achieve things that you wouldn’t be able to do on your own. Build a team of people around you, who are passionate and motivated about different aspects, such as programmers, videographers, graphic artists, marketers, support and so on.
There are several questions that you can ask regarding the optimal place for your business, like – where am I going to do this? Where are the people I need located? Do I have to base my business in a specific location to reach my customers? Where should my business be based to be able to survive and get off the ground financially?
Asking these questions can help you decide where to locate your business, if that is an option for you.
After you’ve determined your purpose, passion (where you fit in), your team (people) and location (place), you are then able figure out how you’re going to monetise your business. How are you going to actually create revenue to fund the development and growth of the business? What is the profit model going to be?
There are so many ways to create profit, which is why asking ‘how do I make money’ is the wrong approach. The best thing you can do for your business is go through 5 Ps Of Priority. It is also advisable to look at other businesses and see how they’ve adapted the framework to become successful. Then look at how you are using the 5 Ps, or how you could be using it better, to build your business and increase your own success.
This article touches on one of the many topics that are discussed in Leon Jay’s latest book: Create, Automate Accelerate. For more information, visit CreateAutomateAccelerate.com