Many people think that in order to start a business, you have to be passionate about your idea. The assumption is if you’re passionate about your product or service, your odds of success in business are greater.
Is that true though?
WHAT DOES RESEARCH SAY?
Quantifying the impact of passion on business has been a challenge in itself; however, some good studies do exist:
According to a study published in the Journal of Marketing, passionate entrepreneurs are more effective in communicating their vision and connecting with their customers, which can lead to higher customer satisfaction rates.
Other studies found that entrepreneurial passion is associated with:
Greater persistence and dedication
Better business performance
Greater innovation
14% greater chance to attract investors
Lower failure rate in the first 5 years compared to other businesses
WHAT DO I KNOW FROM EXPERIENCE?
For me, it took three "career" jobs, two other businesses, and one PhD program to discover not just my passion, but my calling.
Does this mean those other things were failures?
I certainly don’t believe so!
Does it mean that those other paths were mistakes?
Here’s the thing…
I needed those experiences in order to have a good ~level~ of understanding and wisdom for starting Business Buildery.
Could I have taken a shorter route and jumped right in? Perhaps if I was a different person! This was the right way for me.
What we know for sure is that passion is personal.
If you aren’t feeling it, no one is going to feel it for you.
While those other careers weren’t my passion, they did lead me to discovering my call - helping people start businesses.
So how do you find your passion/ purpose / calling? Many people never discover their calling. And many simply need a shift in perspective - perhaps what you are doing now is just a step or two removed from something that will ignite your passion within?
So let’s get back to my original question…
IS PASSION REALLY NECESSARY FOR SUCCESS IN BUSINESS?
What do research + experience say?
Definitely not necessary.
But can passion help in business? Without a doubt.
Can you become passionate about an idea even if you aren’t passionate about it yet?
A huge big Yes!!
Passion can be strengthened with time and the right mindset. (I’ll cite some research in another article on this topic.) Check back here soon for more!
Lastly, I’d love to hear what YOU think. Do you think you need to be passionate about your business idea in order for it to be successful? Send me a quick message and let me know!
DAY 2 HOMEWORK IF YOU'RE TAKING PART IN THE BUSINESS PLAN CHALLENGE:
Today, your “tiny step” towards having a business plan is to write down a few ideas for a business that you see yourself being passionate about in the future.
And if you already have such an idea, describe WHY you are passionate about it. We will call this part of the business plan: Reason for Business. It’s an important component of your business plan that we will refer back to on multiple occasions.
SUPPORT FROM ME:
If you like structure, then you might want to use the ~free~ resources we created specifically for this challenge. Just head over to the Challenge Page to get access.
See you tomorrow on social media for Day 3 of 100 Days to Business Challenge!!!