5/27/2020

Cutting Through the Passion Hype: Is Passion Needed to Start a Business?


The idea of pursuing your passion over a dull corporate job has pervaded career conversations for many years now. You read or hear about successful stories online about people who transformed their interests or hobbies into a profitable venture and you can’t help but think: what if that could be you one day?

Having no boss to tell you what to do and charting your own path to success – it all seems ideal.


First of all, in starting any serious business endeavor, passion is indispensable. It’s the main fuel that will drive you toward your goal, whether it’s founding a tech start-up or an online market.


Without passion, there’s no interest or joy in doing the necessary tasks that need to be done. And if you can’t even get started on putting in the work, day in and day out, then your business idea is out the window.


Passion is key but it’s not a silver bullet

That being said, you can’t rely on passion alone. Yes, it’s important to keep you committed to your mission and objectives, but there are other important things to consider.


For instance, you need a solid plan to turn a passion or hobby into a business. Clearly identify what product or service you plan on selling customers. Then identify if there is a big unmet need in that area. Is there a particular segment of the population that is not being served properly? If so, what is the plan to penetrate this market?


Another factor to consider is team composition. How will you find the right people with the proper expertise to help make your business idea a reality? It’s rare for anyone to do it alone successfully and if you do plan on going solo, you need to be realistic about your skills and experience in managing everything.


Ask yourself: will it be profitable?

It’s perfectly fine to let your passion guide you, but at the same time, you have to look in the mirror and be honest with yourself. Is this idea going to generate revenue? Will I be creating something truly useful for customers?


If you’re not sure what the answers to those questions are then you need to do a bit more research on the potential market and industry – that’s the best-case scenario.


However, not all interests or passions will lead to profit and if you realize, it’s important to acknowledge that outright and move on to the next idea, and to do it quickly. Don’t feel too bad though. It’s normal to have bad ideas that won’t necessarily work. The best thing to do is move forward and take the good aspects and apply it to a new idea.


Rethink your concept of work-life balance

Eventually, you will see the business start taking most of your personal time. It will feel exhausting at times and that’s where passion steps in to keep you motivated, but sometimes it may feel like it’s not enough.


You need to understand that once you turn your passion or hobby into something that will make a profit, you will need to do tasks that might not necessarily be appealing. You won’t be able to disconnect from work easily or you might need to go the extra mile to support employees or team members.


When you find yourself in these situations it’s important to keep things in perspective and look at your big picture goals. You might see that you’re learning new things and connecting with new people.


If you’re comfortable with all of that, then it may be time to find a viable idea where your passion can be applied.

1 comment:

  1. My husband have interest in business because he wants to earn lot of money, I'll show your post to him and i am sure he likes to read your post.

    ReplyDelete

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