The PRICE of Entrepreneurship

female entrepreneur
female entrepreneur

Many people dream of starting their own business. Do you have the traits of an entrepreneur? Do you display the tenacity to overcome challenges and problems?
Do you have the passion and hunger that drives an entrepreneur to push for success in business into zone of profitability?

There are many definitions of Entrepreneurship, I coin the acronym PRICE to remind myself and anyone who is becoming an entrepreneur in any business that we all need to pay a price.

In PRICE, the values encapsulated are:
Perseverance, Risks, Interpersonal Skills, Courage and Energy.

Of the PRICE values, having lots of energy, to stay passionate and positive is regarded as the most critical. An entrepreneur needs energy to portray confidence, tackle hurdles and achieve breakthroughs. My secret? Mingle with positive people and keep a distance from negative vibes where possible

As for the other values, they fit together nicely as a package, something any entrepreneur, whether start-up or seasoned, would benefit from inculcating the values.
Anyone who has a hand in business knows that it can take great perseverance to see an idea transform into a profitable business. All kinds of risks are ever present in any business terrain. Is one courageous enough to make bold and tough decisions when needed?
Above all, to forge long-term business prospects is to build relationships with people. Thus, having sound interpersonal skills is a valuable asset, and entrepreneurs should continually seek to sharpen those skills. It is important that one can connect effectively with a variety of audience.

Here is effective PRICE of entrepreneurship
Perseverance Whatever business you might be setting up, there are times where you will face problems. It is moment like this that you will need to hold on and persevere. You need believe in yourself to overcome hardships. It will keep you hanging on your vision even though you will not see the results you had earlier expected.

Risks Take calculated risks if you want to succeed. Sometimes in business you will need to trust your gut feelings and walk on water. However you will need to distinguish between foolishness and calculated risks. Make sure that you do your homework and ensure that your business plan is feasible before getting started. This may prevent you from having some unpleasant surprise in the future.

Interpersonal Skills Business is all about dealing with people and you need to be good at communicating if you want to succeed. The ability to communicate clearly, correctly and confidently is critical and crucial in today’s business landscape. It is important to polish your communication skills to enhance your working relationships with business associates and colleagues.
Get tips from the Google, read books on the subject or invest in courses and workshops to help you communicate better.

Courage Do you have courage to step out from your comfort zone to achieve your dream? This is indeed more important when you are pioneering a business or activity as you will have no one else with you. You should not let yourself down and make sure that you keep going forward.

Energy Your energy level will determine to boost your confidence. It allows you to organize yourself and make sure that you get all your work done effectively. It is very easy to give in to procrastination when working alone and you will have to find ways to deal with this. Putting your ideas on paper enables you to solidity those ideas into action (575)

Tags from the story
Written By
More from Paul Lim

Using PASSION to Stay Ahead in Business

In today’s volatile market environment, some companies have reported a loss in...
Read More

Leave a Reply