The Three P’s of Business
Business is broken up into three parts: People, product and process. Otherwise known as the three P’s of business. Yet most millennial entrepreneurs only focus on the product and process. There is heavy focus on making the best product — well designed, technically sound and highly innovative — with process-driven tasks including marketing, publicity and advertising not far behind on the priority list.
But through the research we’ve done at Cognizance Capital, we’ve recognized that millennial entrepreneurs (and even most business leaders to be completely honest) lack focus on the most important component of the three P’s of business — people.
Since team leaders, project managers, support staff and other internal stakeholders within your organization are what ensure the long-term success of the business, it’s hard to understand how those in the entrepreneurial space would fail to put heavy emphasis on its people first and foremost.
What is it to focus on people? It’s an emphasis on the needs, desires and competencies of your internal team. It’s also a focus on how you can be a better leader to them or provide them with a better work environment and experience.
You need to have a team that understands human behaviour, understands how to have empathy and understands how to develop different processes in order to apply those competencies back into the business.
If you wish to dominate in business, it’s important to develop the competencies of those within your business. They must have inspiration. They must be happy. They must be able to use their creativity and innovation in order to benefit the company and its customers.
As an entrepreneur, when you focus on people first, you give yourself the best opportunity to succeed. From a business standpoint — that’s the bottom line.
If you want your product to be beneficial, if you want your processes to be beneficial, your team must not only have baseline competencies, but they should also feel trusted, recognized and be rewarded — attributes that we generally all strive for in life.
People, then product, then process.