Creating a successful business is something like cooking a delicious meal. Start with fresh ideas (ingredients), create a solid business plan (prep you workspace and ingredients), and then most importantly, make sure you choose the right recipe!
In the past, businessman and investor Marcus Lemonis (from CNBC’s The Profit) has shared his personal recipe for business success with the world. He calls it the 3 Ps:
- People: To grow your business, you need the right people behind you, but it’s also important that you consider fit and place people in the right roles that match their skills and talents. Once you’ve assembled your team, make sure to create an enabling environment where they are supported and set up for success.
- Product: A close examination of your product is the next element of business success. Consider pricing, sizing, packaging, whom you will target, and how you will get your message out there. Remember to view your product as customers will view it and make modifications as needed.
- Process: To grow your business, you must also have solid processes in place. This will make the business more efficient, guard against financial problems, and allow you to replicate the model when it’s time to scale.
A 4th P?
These three elements definitely capture the essence of a great business recipe…but is there anything missing? At the June Profit Premiere Party, I posed the following question to Marcus:
— Ramon Ray (@ramonray) June 7, 2017
His answer is something you should definitely add to the recipe above if you want to create a successful small business. The 4th P is PASSION, and you can hear Marcus explain it in the short video below:
— T-Mobile @Work (@TMobileAtWork) June 7, 2017
Is there anything else you would add to your personal recipe for business success? Head over to our Facebook Group to share your opinions and chat with other small business owners.