3Ps and 3Qs of Business Strategy

· Planning
Always a key factor in starting and analyzing the business opportunities for oneself. It is always good to plan in quarters, half annually, or annually. Besides this long term planning is also an important factor to keep in mind while aiming at enduring business aims.

· Persistence
When decided for one field for the business, being persistent is second most important thing to act. For this one must bear in mind the story of hare and tortoise for the business, it is the mostly the continuance in the business that can yield higher results than just plan and resources.

· Patience
Business, particularly the outcome of the business is the second name of being patience. Often the results don’t come as one expected at the start of the business, but being relentless and waiting for outcome after putting 100% efforts give results. So, to be patience for an entrepreneur is also a key factor in determining the success for the business.

· Quotas
This is just to set as a target, that a company aim for this much of sales and services for one particular fiscal year ahead or in two or three quarters. It is sort of a part of planning for the entrepreneur.

· Quality
No one can question about the quality of the product or service in the business. It is the key for customer satisfaction and as almost every business person belief that customer is the king in the business. So, customer satisfaction and the customer retaining can be only done by maintaining the quality.

· Quiet time

Every business has a pitfall at one stage and that is the period of examination for the entrepreneur. Being patience in this time and then reassessing and reexamining all the business tactics and looking the business critically can help in avoiding the quiet time in future, or can help in shortening the quiet time in future.

In real if an entrepreneur know how to deal with these three Ps and Qs during the business making stratgies he/she can have better results than competitors.

References:

• Accidental Entrepreneur (2008)Susan – Brown

Why to be an emerging Entrepreneur?

There are atleast three reasons to be an 'Emerging Entrepreneur'

First,
objective of creating something novel and useful. “To be on the cutting edge” is a necessary mantra. A technology entrepreneur generally seeks to solve a problem that exists in the market.

Second,
objective of an entrepreneur is to build long-term value.

Third,
objective of the entrepreneur is to have freedom. Being your own boss has definite appeal. Glass ceilings cease to exist and achievement is limited only by imagination. Entrepreneurs are motivated by having control over their work and the flexibility to pursue their dreams. But freedom always has a price. With greater personal freedom, comes greater uncertainty about the future, particularly in relation to finances.

Reference
ENTREPRENEUSHIP by Reggie Aggarwal and Mark Esposito MIT (Massachusetts institute of technology, Harvard USA) center for entrepreneurial skills

Role Model & Support System

One of the most important factors influencing entrepreneurs in their career choice is role models. Role models can be parents, relatives, or successful entrepreneurs in the community. Role models can also serve in a supportive capacity as mentors during and after the new venture is launched. This support system is most crucial during the start-up phase.
It is important that an entrepreneur establish connections to support resources early in the venture formation process. As contacts expand they form a network with density (extensiveness of ties between two individuals) and centrality (the total distance of the entrepreneur to all other individuals.)

Moral-Support Network
It is important for the entrepreneur to establish a moral support network of family and friends. Most entrepreneurs indicate that their spouses are their biggest supporters. Friends can provide advice that is more honest than that received from others, plus encouragement, understanding, and assistance. Relatives can also be sources of moral support, particularly if they are also entrepreneurs.

Professional-Support Network
The entrepreneur also needs advice and counsel, which can be obtained from members of a professional support network.

It is good for every entrepreneur that he/she establish both a moral- and a professional-support network to share problems with and gain overall support.