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March 14, 2009

The Role of Passion for an Entrepreneur

Have a passion for what you are doing: How do you know if  starting or owning a business is right for you? Determining the answer to this question is the very first step to increasing your chances of building a successful business. The first question you must ask yourself is “What are my passions in life?” Are you following your passions in life or are you looking for a job? Being an Entrepreneur is a mindset, it is not a job or part-time activity. It is hard work and requires you to believe in yourself and have a passion for what you are doing. Ask us how to determine what business is right for you.

5 Comments on “The Role of Passion for an Entrepreneur

Matthew Proman
April 13, 2010 at 8:15 am

I couldn’t agree more with what you are saying. Putting up a business may seem very easy to some people. Well, it is especially if you do it online. However, you do need to exert enough effort to make it a success.

S
March 21, 2009 at 7:51 am

Hello Vishal

The initial step of beginning a venture is sometimes the most difficult. The opportunity cost is the value of the alternatives from which you will base your decision, in other words, loss of income from your current job versus how long it will take you to achieve a positive return.

The financial answer is dependent upon your own available time, your time management capabilities, initial available capital and the type of opportunity you are seeking. Without knowing this information, it is difficult to guide you. Many people start a business in their spare time and will leave current employment as income develops. Although this is a less risky path, it is also slower than giving your new business your full attention. One significant factor to consider is what is the length of the window of opportunity for product or service? Is there a need to get to market quickly?

However, quitting your job to start a business is high risk (emotionally and financially) and not for everyone. If you decide to quit your job, how long are you willing to survive on a limited financial lifestyle? Keep in mind that the length of time until a positive return is almost always longer than you expect (see Forecasting Tips).

My advice is to think through your alternatives carefully. Weigh the risks from each alternative and draw up a plan accordingly.

vishal
March 21, 2009 at 1:05 am

How does one get over the thought of the opportunity cost, when he is thinking of moving out of a job to start his own business? Does it make good sense if one starts his own business while on job and then leaves the job when the business starts to give returns? Or to ask is it possible to do both at the sametime atleaset for the initial period?

S
March 17, 2009 at 10:05 pm

Hi Renata,
You raise a valid question. Reality and feasibility play a major role in the “potential” of a business you seek to start up. However, in my experience, I believe that the full “potential” of a business Endeavour is better realized if your passion includes what you are doing. You ask of reality and feasibility. I would think that when an individual is following their passions in life, they are more inclined to find a way to make the business a reality and subsequently their idea becomes more feasible and ultimately more profitable. In a nutshell, seek an opportunity in which you have a strong interest in. The success rate of people who “live and breathe” their business is far higher than those who only seek a way to have an income.

Not all passions are marketable, and every entrepreneur should analyze the feasibility of a new venture. There are many factors to be included in this analysis. It is always a good idea to make a basic business plan to determine the feasibility of an idea. The most basic components of any analysis should be able to answer “Why, What, Who, When, Where, and How” your business will start and develop. You do not need a professional business plan at this stage, you only need to make sure you have thought through your idea. Experience has shown us many times what begins as a good idea loses it luster and feasibility once it has been examined closely.

Renata
March 16, 2009 at 2:10 pm

I want my business to be successful, so I am looking for opportunities that I like and that also can be profitable. Do you think reality and feasability comes before passion?

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