Whenever the discussion focuses on entrepreneurship, most people would talk about turning whatever it is that you’re passionate about into a business. If you’ve been collecting baseball cards your whole life, for example, you might get the idea to turn that into a business. All because you love trading cards and you know everything there is to know about baseball cards.
But before you apply for small business loans in Utah, take a moment to think if you’re starting your business the right way. You may be passionate about your hobby, but if you’re the only one who loves it, who would want to buy into your business?
Passion isn’t enough
It’s hard to dissuade people from focusing too much on their passion. After all, there’s Bill Gates, who became a billionaire because of his passion for creating software programs.
There’s also Amazon founder Jeff Bezos, who quit his job in Wall Street to build the now-biggest online retail store worldwide, also due to his passion for selling books online. He’s now the richest man in the world with a net worth of $113.7 billion.
But just because these entrepreneurs had these successes, it doesn’t necessarily mean that following your own passion will also lead you to a billionaire status What made them successful in their business ventures wasn’t passion alone. What made Bill Gates and Jeff Bezos become the captains of their industries was that a lot of people needed what they were selling.
Passion vs. profit
Gates’ Microsoft became a huge success because people found it more inexpensive and efficient to install a software program into their computers than buying a new computer every time a new program comes out. Bezos became a huge success because people realized that it’s easier and more convenient to buy and sell through his online store than through brick-and-mortar shops.
So, if you want to become a successful entrepreneur, don’t just give in to your passion and start a store that would sell items related to it. Plan it out and see if other people share the same passion, and then, market it to them.
That’s not enough, though. You should also see if there are more than at least 100 people who share your passion because if you’re only selling to that number, then you won’t be able to expand your business.
Passion will kill your business if it makes you forget the necessities in running a business. If you love your passion so much, you’ll be blinded by the fact that not too many people share your passion. If you focus too much on your passion, you won’t see that there are many other business opportunities out there that are much more profitable.
So, if you really want your business to become successful, don’t rely too much on your passion to a point that it will cloud your judgment. Check first if a lot of other people like what you want to sell. Come up with a sound business plan. Finally, be level-headed enough that if what you’re passionate about isn’t a lucrative business, admit your mistake and move onto other business opportunities.