The 3P's is a popular concept used in entrepreneurship and business, the 3P's concept is a tried and true procedure which many successful entrepreneurs have confirmed though there many resources on the internet to learn about the 3P's this article focuses on Strive Masiyiwa's explanation and experience. Just in case you don’t know him, Strive Masiyiwa is a London based Zimbabwean businessman, entrepreneur, and philanthropist, founder and executive chairman of diversified international telecommunications group Econet Wireless worth over $1.4 Billion as of now.
Strive Masiyiwa talks about a character Marcus in a series "the profit" which he follows. In the series Marcus is a successful entrepreneur who goes around helping entrepreneurs fix their businesses by making them bigger and more profitable. Marcus emphasizes that for a business to make profit, three things must be meticulously considered:
When a business fails, it’s usually because one or more of the above have failed. When a business is a success, it is because all three ingredients are working well. It really is that simple, he explained.
If you have skilled people who know what they’re doing and are well motivated to deliver for the business with passion, that’s central. In the most successful companies in the world, they don’t talk of people, they talk of talent. A successful organization must have “talent” in its ranks. The more “talent” the better it is. Talent doesn’t come from having a position, it comes from having skills. It’s what you are trained to do.
Having a title of “General Manager,” “Chairman,” “CEO” or even “Minister” means nothing if you don’t have any skills. You cannot operate above your skills simply because you have a title! It’s remarkable how many people believe that a promotion to a top position somehow imbues them with skills they did not previously have.
You may have a great team of talented people but that’s meaningless unless you have (or your talented team develops) a product or service that customers want and are willing to pay for. It’s not as straightforward as it might seem. What makes a good product? Packaging, pricing… (Your turn: what else?)
Last but definitely not least, having the best Talent and Product will not be enough unless you have Process (operational procedures) that enable you to (efficiently and effectively) raise money, build a business, manage cash flow, go to market, sell your product, listen to your customers, etc.
Process is what enables you to make profits! (And not just today, but going forward.)
On “The Profit” you’ll find that most entrepreneurs are highly talented and have a great product but they’re clueless about putting in place proper processes. Sometimes you will feel like crying when you see the anguish of some of these entrepreneurs as they fail to grasp the challenge of process. It’s an amazing show and I urge you to see it even if you don’t own a business.
Now if you study everything I’ve ever said on entrepreneurship, it really revolves around:
To be honest, this applies to any organization, even if it’s “not for profit” I could say it even applies to government administration, he concluded.