If you’re planning to start a new business, or currently manage an existing business, then it is clear you need ideas to help your business succeed.
If you’re already managing a business and you’re still knee-deep in water, then it’s clear something is not right, and you need to change the way you do things. If you’ve been stuck in the same routine year after year, expecting different results, then there has to be something wrong with your business strategy.
Many start-up entrepreneurs start with the assumption. They ask themselves: “What’s the best way to make money?” “Which business is more profitable?” They focus on money first, then fulfillment second. And this is where they go wrong.
The right question to ask is: “What is my passion? And how can I build a business around my passion?”. This is so crucial because the modern entrepreneur considers passion a vital ingredient to a successful business. If you’re going to spend your entire day between 8 to 12 hours engaged in something, then it better be something you like, and that is profitable. So you better do something you genuinely like doing.
Rate of failure
Multiple studies show that out of 10 start-ups annually, only two succeed. This is because entrepreneurs are exclusively focused on their bottom line – how much money they made last year and how much more they expect to make this year. These businesses fail to take a look at this year’s marketing strategies.
They fail to track their progress by putting things in place to see how well or how poorly they’re performing. This, in turn, breeds a lethal attitude when it comes to business success: lack of passion.
In this article, we examine why passion forms the key ingredient to a successful business.
1. Ability to deliver quality
Every entrepreneur feels good when he or she ropes in a repeat customer. This is because he offered a product or service that pleased the customer and made them want to come back. Do you have that expertise that delivers value that makes customers want to go back and buy more from you?
You can be passionate are your marketing strategies, but you need to craft an area of expertise that delivers quality and competency that will enable you to stand out from your competitors and allow your reputation to permeate the market. To do this, sharpen your knowledge and skills to deliver products and services that only add value to your customers or help them solve problems.
2. Keep your passion burning
Passion is like a flame. It can go off unless you keep adding fuel. When things get rough in your business like they most certainly will, are you going to throw in the towel, or surrender to the circumstances and claim defeat? Or simply roll up your sleeves and passionately take it on?
While your skill is the flame that keeps your business going, passion is what will keep the flame burning.
All businesses encounter challenges at one time or another. Without passion, it’s tough to survive the uncertainty and the downturn of a rough business environment brought about by factors such as inflation, natural disasters, and plain bad luck.
When you recognize that change must happen and that passion is critical to navigating through hardship successfully, you can rise from the ashes stronger and with more enthusiasm.
3. Passion conquers fear
Fear, self-doubt, and uncertainty are all raw feelings most entrepreneurs experience when they’re already running their business. It is scary. You don’t want to bet on that.
Entrepreneurs of all ages face internal conflicts when it comes to making important decisions like opening a new branch or taking a bank loan. But passion can make you set aside fear, self-doubt, and uncertainty.
If you’re planning to achieve certain milestones, without passion most would be unattainable. When confronted by fear, your purpose can get muddled. But passion helps you to embrace your passion even more.
4. Going the extra mile
In a competitive environment, you need passion to get results even without having enough resources at your disposal. This is called going the extra mile, and it is where being resourceful is critical. If you lack an internal passion for inspiring you to take the next step, your business could languish in mediocrity. Having a passion makes you take the necessary action to advance your goals.
5. Network with other passionate entrepreneurs
Let’s face it, passion can only take you so far in becoming successful in business, and without networking with other successful entrepreneurs, and exchanging ideas with them, your business might stall. A key element here is identifying and building linkages with your fellow entrepreneurs. By linking with people who are excited about your success, your support system will become stable.
Turning your passion into a profitable business not only allows you to become successful while doing something you love, but it also creates a strong base for lasting success. What’s more, passion is central to making decisions that are of long-term interest to your customers and your company, which will establish the sustainability of your brand.