Does Passion equal Profitablity?
Okay…I got a bone to pick here…so, hear me out & let me know what you think below!?
1. Entrepreneurs talk about Passion is necessary for all entrepreneurs.
Frankly, I believe an entrepreneur can (in all the categories described in the article)
- Believe in Your Mission,
- Talk to Peers, *and*
- Make a Difference…even if Passion is not your #1 “thing” driving you to be successful day in and day out.
Think for a moment: If you believe in your mission (because you believe in the cause), talk to your peers (because you believe in the products/services you provide) and strive to make a difference (by simply offering a solution or answer to your clients’ needs and desires)…won’t you be a profitable entrepreneur? Yes!
What I want to express is that it doesn’t have to be “Passion” preceeding or causing you to form your business structure or organization. Yet, Passion can and could should be apart of the reason why your business exists.
2. Entrepreneurial passion must be realistic.
“Passion is not the only thing. What is necessary for an entrepreneur’s passion to be well channelised is a strong belief, based on rationality and realism, that the war being fought can be won.
Realistic Entrepreneurs? A euphemism? No. Entrepreneurs are not trying to do impossibilities. They have a dream of tomorrow, but one that is within the realms of possibility. Entrepreneurs see the same things that every one else sees, but based on their unique experiences and thinking, are able to put these together differently. Entrepreneurship is not about taking the greatest risk known to humanity, but about reducing risk in the endeavour to create what is within the bounds of mankind.
Unfortunately, no all–many, or dare I say the majority (95% who actually don’t exist after Year 1) do *not* understand their limits, realistic goals or blindly believe the countless advice that “Passion is the end-all-be-all to a successful business”! It is not!
3. Passion shouldn’t be the 1st question…it should be among a number of idealist & realistic questions.
“What do you care passionately about? Which people? Problems? Industries? Are you going to be as passionate about this for the next decade? Longer?”
Then - with that passion - what needs to be there that you can address? Both in the fantasy future (”search the world’s information” - Google’s mission) and in the immediate term (i.e. real users, preferably real income generated, in the next 3 months or sooner)
I believe some of the critical questions in your entrepreneurial journey should be:
- What are your skills? Talents? Abilities? Experiences?
- Which areas of the above question are you passionate about?
- Which of the above activities do you spend the most time reading, researching, sharing with your family, friends, co-workers, and colleagues?
- Ask others where they see you most helpful? resourceful? knowledgable in? [This is critical, because they (others) will have a view already of why they have a relationship with you–and why the relationship is so strong…meaning: what have they “taken” from your relationship? tips? advice? consule?
- Then, start to take critical note of your past work and life experiences. Look at what aspects you enjoyed most in your work and life experiences, and find the areas you were most “passionate” about then…for example, you may be surprised that you were SO annoyed at not knowing “how-to” fix A, B & C…that you took things in your own hands, taught yourself, consider to teach yourself–and hence, your work-in-progress life-experiences (whatever it may be) is what you are presently (or in the past) passionate about! Would others find your experiences doing & learning how-to fix A, B & C a “hot topic”?
- Have you learned something, and found a better, faster way to do it? Can you help people do this too?
- What things work for you?
- What works against you?–This one answer may very well be “Your Passion”…and this is *not* good!
- [Feel free to suggest & recommend questions of your own below!]
4. I believe you should be SO realistic about your “Passion” for business, that you review what makes entrepreneurs most successful–I’m talking about million-dollar businesses, or simply obtaining a comfortable lifestyle at $5000/month.
“Many “high-profile” entrepreneurial ventures seek venture capital or angel funding in order to raise capital to build the business.”
It ALL comes down to money baby!
After all, profitability allows you to sustain the trials & tribulations.
Forging forward simply by Passion (blindly) is having a hobby. If that’s the case: Leave it at that. You’re Passionate about your Hobby! [This is fine, mind you.]
Anyways, money begets money. Investment allows for bigger investments; that allow, an entpreneur, gain more assests; thereby causing you to succeed to the 43rd month of existence and obtain the coveted title of “Small Business Owner”.
Want to be an entrepreneur forever? Struggling to make the bills? Managing your work load as a very low-wage manager of the job you created for yourself? Hey, be my guest!
This is not, and has never been my goal!
I’m creating a business model, struture & system designed for profitablity, that takes my most valuable assest (my time) into the 80/20 things so I can assure a positive Return on Investment (ROI). [80/20 = delegate 80% of my biz duties & responsibilities that can be done by others, so I can focus only on the 20% of duties & responsibilities that I find the most profitable…my writing: column, books, information products, services, and joint venture partners/sponsors.]
AND, my dear–ROI *is* dependent on the number of hours you work!
ROI is dependent on the dollars you re-invest (or should be “investing” each & every month) into your business.
ROI is *not* about making a $1.00 in the red!
5. As women, we already have life working against us in business. And, the *only* way to turn it around is to have systems in place, mentors to follow, coaches to keep you accountable, tools to help, and a sound Internet Brand (all your maketering efforts) to catapult your Passion into Profitability!
6. When you *are* already successful running your profitable business and need to re-gain your Passion, Brad offers us the “A.O.K.” to day dream…and “remember when”…
Only Than Can We Move Mountains!
Agree? Disagree? Indifferent? Please share your kind-thoughts below.
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Posted on September 12th, 2007 by Ponn Sabra
Filed under: Entrepreneurialism
Wow. Sometimes I am awestruck by the way that things happen in life. It was as if you were in sync with the things that I have been thinking the past couple of days and tailored this post for me. I am a passionate person and there are many things that I am passionate about that I want to pursue. The problem is, I do not realistically have the resources (time, money, knowledge) to pursue everything that I am passionate about. That is, not if I want to make money at doing it (smile). So I say all of that to say, I appreciate your list of questions presented here and think that they will really assist me in the decisions that I need to make in the upcoming days.
Wow, Ponn! This one is deep! You say you don’t need passion but what you’re describing is, in itself, passion. The passion may not be for the business idea, per se, but it could be about the freedom your business provides you to do other things.
I always chastise (mostly women) who take a lot of time out of their business to volunteer but then wonder why they’re struggling. Like making money is a bad thing. What they don’t realize is that if they focus on building their business to MAKE MONEY, they will have all kinds of freedom (and hopefully extra cash!) to do so much more for their philanthropic targets than before.
Building a business is HARD WORK. If you’re not driven by some level of passion, either within your business itself or by what your business can DO FOR YOU, then it is darn near impossible.
[…] Does Passion Equal Profitability? - Empower Women Now […]
Okay, I have something to add to this — I’m a business coach, after all — so no way I can keep quiet about this topic! This whole passion thing — Ponn is right on, it’s ridiculous to say that the only thing you need is passion. (To be honest, I’ve never heard anyone actually say that it’s the only thing, but if anyone has, silly them!)
Having agreed that it’s not the only thing, I still say passion is extremely important, but you have to ask yourself, passion for what? I think the mistake most entrepreneurs and business owners make is that their passion is for their business itself, or their product or service. They ‘”fall in love” with this thing they’ve created, their baby. (Haven’t you ever talked with someone about their product and it was obvious they were more interested — more passionate about — how fabulous and unique their product was than in figuring out if it was actually the right product for you, their customer?)
I think it’s awesome to be passionate about your actual product or service. (I am, that’s for sure!) But I say that what you really HAVE TO be passionate about if you are going to succeed long term is your customers. You have to love your customers, you have to be really excited about the difference you can make for them, the ways you can make their lives better, the relationships you are forming with them. If that is your biggest passion, then it gets fed and bolstered and energized every single day you do business.
Let’s face it, you can love your business, but it can’t love you back. Your customers can. When you’re really passionate about them and always focused on what you can do for them, my experience is that they do!
So I’m going to add a few new questions to Ponn’s list — I think about these all the time, as I work, as I add to my website, as I’m marketing. (It makes work, even the little stuff, way more fun! )
“How can I make a bigger difference in my clients’s lives?”
“What can I offer that will ‘make their day?’ ”
“How do I let them know how important they are to me?”
“How can I make them laugh or smile, right now?”
“What else can I give them — for free — that will have a positive impact on their lives?”
Whew — sorry for the looong reply, but what can I say, I’m passionate about this stuff!
Great Topic. My husband and I are quite into being passionate at the things that we do. He works in the music business and has for 14ish years. He loves it, he is passionate about it. But like a good relationship, there are ups and downs and if a person expects the “feelings of passion” to sustain them through the bumps, bruises, and sucker punches, they are kidding themselves. Those are the times you focus on your goals and how to get there.
Same way for marriage! AND raising children.
Passion, while important, can’t be our only basis for success.
[…] I’m SOOooooo glad I sparked some interests with last week’s post “Does Profit Equal Profitability?”! […]
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