Larry Connor: four foundations before financial resources
Richard asked Larry Connor for advice to someone starting out. Connor named four foundations for a business. Connor called them the four Ps: people, plan, processes and perseverance. He explicitly separated them from having money available.
The order of the answer
Connor began with people who share the same beliefs and approach. He then described a plan, repeatable processes and perseverance. The plan did not need to be a long document, but it needed to exist.
Richard brings the parts back together
Later, Richard returned to the four Ps while asking about an enduring business. The four Ps also appeared in his explanation of how the business could operate while he was away. Money was not one of Connor's four foundations, although the exchange does not claim a business can operate without resources.
In Richard's words
"if somebody is getting started today looking to have massive momentum in the real estate space what would be your advice" (Richard C. Wilson, recorded library conversation)
How to use this
- Put the plan into a form the operating team can explain.
- Identify which recurring activities have a process and which depend on improvisation.
Questions and answers
What are Connor's four Ps?
The sequence starts with people and a plan, then adds processes and perseverance.
Did he require a lengthy plan?
No. He said a plan was necessary but did not need to be 30 pages long.