But there is another factor that has a powerful impact on the success or failure of every new business—that is the overpowering effect of passion. That's because even if you have the knowledge and required funding, your business is likely to fail if you have no passion for what you are doing.
What is your answer to a question often asked at networking events that goes something like this, “What do you do?” Well, what DO you do? The question often evokes much stammering and beating around the bush before a hesitating answer is given. This is usually an apologetic sounding answer something like, “Well, I use the Internet to do a lot of things.” You have not answered the question at all. You just said enough to get you off the hook so you don’t have to answer any more questions. When you give a non-answer like that, you have not only confused those around you, you have, more importantly, lost an opportunity to promote your business to potential prospects who are willing to listen to whatever you are selling. This is because they are also promoters of something and are, therefore, more willing to listen to what you have to say. A non-answer turns people off and loses you the opportunity to influence a potential buyer.
A much better way to answer “What do you do?” is to say, “I have a home based business using the Internet as a way of communicating with clients, customers, and prospects everywhere in the world. The Internet empowers me to operate as a much larger business, and, because I am small, my business is not subject to very much government control as a larger business might be. This makes it possible for me to give more personal service to my customers than a larger business. I believe in what I do, and I look forward to everyday running my little business because my business helps people solve their problems. What do you do?”
Well known business consultant, Dr. Ralph Wilson, refers to this as passion in an article here http://www.enetsc.com/doctorebiz.htm. He says the most important difference between small business and big business is the little guys can pay attention to the really important task of looking after customers, rather than wasting a lot of effort with public relations and office politics. Dr. Wilson says being big is not a worthy goal, where a passion for excellence, which includes dreaming and creating, are all grounds for applause for small entrepreneurs. Never apologize for your tiny business; rather, shout about your passion for what you do.
You may be thinking passion among entrepreneurs is just something business writers choose to talk about. How can passion be on a level with available financing, management skills, or knowledge of products and services? Well, there are many who believe passion is an absolute requirement to enable small business owners to survive the difficulties constantly confronting them. One writer http://www.gaebler.com/Passionate-Business-Owners-Succeed-Others-Fail.htm believes passion makes successful business owners, while lack of passion causes business failure. Determining where your passions are should be the deciding factor for what kind of business you start.
CLUES TO PASSION
Determine what you really love doing. Probably, it’s not related to your job. Is it gardening, writing, water skiing, or anything else you can’t wait to do every day? Look at every part of your life, not just your job skills. If you are like most people, you use almost nothing you studied in school, and you are doing something unrelated to what your original job was. Many of you who are working at the same time you are starting your own business are doing your regular job just because you fear unemployment. That’s a very good reason; but don’t make the same mistake with the sideline business you are starting. If you don’t love your new business passionately, there is an excellent chance it will fail, no matter what you do.
Many of you have one or more hobbies you love. These might provide a platform for your new business. Everyone will say you can’t succeed with a hobby business, but there are many success stories built around someone’s passionate love of a hobby. Do your market research and go for it if it looks good. If you listen to what others say, you’ll never do anything. If it doesn’t work, quit and start over again with another idea.
You aren’t the only one who may have a good idea about what your passions are. Members of your family, close friends, and neighbors have all seen how you react to situations, so they all sit in a very good position to tell you some things that really turn you on�some of these passions you may have overlooked by being too close to them. Seek the advice of those around you, especially if you aren’t really sure what makes you tick. Write every idea they mention; later review what you have written. Some of these ideas may reveal things you don’t realize about yourself. You simply must discover your passion before starting your new business.
Business owners in your neighborhood could have valuable information to share with you about the passion of running a business. You may think the owner of the local bar, or the pool room, is just doing what they do because they were lucky and their businesses are successful. Question them and you will likely find a driving passion to do what they are doing. Business is not a matter of luck; it depends upon the driving passion of the owner to make it succeed in spite of all obstacles.
Finally, you must realize your passion has to be focused on running your business, rather than doing what your business is about. If your passion is gardening, your focus has to be directed toward making customers want to go to your business to buy garden-related products. This is quite different from doing the gardening you love for yourself. You must run your business in a way to attract buyers so you can make some money and cause your business to succeed. This is what passion is all about.
A successful small business entrepreneur possesses one asset others don’t have. What is it? They have overwhelming passion for their business. Cash Miller wrote a great article about this, “Why Is Passion In Small Business A Necessity?” The article is no longer available on the Internet, but here is a discussion including a few of his ideas.
PASSION, THE GREATEST ENTREPRENEUR ASSET
If you have ever started a new business, or if you have read about what is needed to do this, you are well aware of the many obstacles that arise on your way to a startup. What kind of business do you really want, where will you obtain required financing, where will you locate your business, what kinds of permits do you need, and how will you accomplish all the other details, large and small, that are needed to begin a business? There will be many times when you are simply overwhelmed by what you need to do. This is one time when your extreme passion will come to your aid and help you through any crisis. Your irresistible passion can fire up your bankers and suppliers to help you. It also makes people believe in what you are doing, including prospective customers. You must have a consuming passion for your business.
Consider the fact that you probably are not the only one promoting a business like yours. If you sell insurance, own a gift shop, or have any kind of Internet business, you are in a sea of competitors. Some do better than you, some worse. How can you differentiate your business from all your competitors? Use your extreme passion for what you do. Chances are, most of the other similar business owners are simply doing what they have always done, with little passion; most can hardly wait for five o’clock so they can close their doors and go home for a much needed drink. Your passion will make you go the extra mile and do all the little things that will make your customers believe in you. Belief brings trust in your business, which ultimately means more customers.
Passion for the business you are in is really the only thing that sustains a home based entrepreneur when things go wrong. If you work for someone else, or a large company as an employee, and you don’t like the way things are going, what do you do? You quit! A home based entrepreneur can’t quit because to quit your own business would mean you shut it down. You may eventually come to this, but if you have passion for what you are doing, you will probably be able to work through most difficulties.
For some, running a business becomes a chore, something you must do. To continue running your business because you have to will become very stressful, possibly eventually causing you to quit. When you have genuine passion for what you do, running your business will be enjoyable and not just a chore. Passion is the greatest personal asset you have�it increases your willpower to accomplish necessary tasks.
PASSIONATE QUOTATIONS BY WELL-KNOWN ENTREPRENEURS
“One of the things that may get in the way of people being lifelong learners is that they’re not in touch with their passion. If you’re passionate about what it is you do, then you’re going to be looking for everything you can to get better at it.”
—Jack Canfield, co-author of Chicken Soup For The Soul
“I have no special talents. I am only passionately curious.”
—Albert Einstein
“I didn't want to repeat my parents' life. I saw in their lives a routine and a lack of dreaming, a lack of the possibilities, a lack of passion. And I didn't want to live without passion.”
—Hugh Hefner
“What is it that you like doing? If you don’t like it, get out of it, because you’ll be lousy at it. You don’t have to stay with a job for the rest of your life, because if you don’t like it you’ll never be successful in it.”
—Lee Iacocca
“I’m pretty passionate about things I do, and particularly at this age, because I don’t have to do the things I don’t want to, and I’ve got more things that I do want to do than I can do.”
—Dr. Phil
“I was just pursuing what I enjoyed doing. I mean, I was pursuing my passion.”
—Pierre Omidyar, founder of eBay
There are many more passionate quotations here.
PASSION DEFINED
So far, we have talked a lot about passion in business, but what, exactly, is passion? Several dictionaries list these definitions:
- Boundless enthusiasm.
- Powerful, intense emotion.
- Great warmth and intensity of feeling.
- Strong affection or enthusiasm for an object or concept.
- Any strongly felt emotion.
- The object of an intense desire, ardent affection, or enthusiasm.
- An irrational but irresistible motive for a belief or action.
Though difficult to define, passion is easily recognized. Examples of recognizable passion occurred with the 1980 U.S. Men’s Olympic Hockey Team and the 1999 U.S. Women’s Soccer Team. There are many other examples in sports and international politics and events. In all these situations we are moved by the drive that causes ordinary people to prevail against impossible forces. Passion is an often out-of-control force that consistently makes us take some positive action, perhaps even of a radical nature. It’s the drive that causes people to do what others believe is impossible. 21st Century business requires that we bring every ability we have to bear on making our businesses succeed. Passion is, perhaps, our most important asset.
SO, HOW DO WE DETERMINE OUR PASSION?
We must define what we mean by success. What are your special abilities?
Make projects out of the ordinary into really exceptional works. This gives an idea of what you are passionate about.
Make your work a heroic project. This gives meaning to what you are doing.
The last requirement to make what you do a heroic work makes what you are doing worth fighting for. When you fight for a cause, there is no limit to the heights you may reach.
EXAMPLES OF WHAT PASSION CAN DO
Being passionate about your business greatly increases its chance of success, so says this Bloomberg article. The article lists a few examples of passion that are worth looking at.
David Kinch owns the Los Gatos, CA, restaurant Manresa, one of the top 50 restaurants in the world, according to Restaurant Magazine. He started working in a New Orleans restaurant at the age of 15. He said he knew from the very first day he never wanted to leave the restaurant business. His great passion has brought him to the elevated position he now holds among all restaurants.
One of David’s best high school friends was Winton Marsalis. All Winton talked about was becoming a trumpet player. Guess what? He is now a worldwide acclaimed trumpet player with many albums produced. Another example of what overwhelming passion can do.
If you open a business because a friend was successful in that kind of business, you are likely to fail unless you are passionately attracted to the business. An example of passionate determination is that of an entrepreneur who finally had is idea picked up by Wal-Mart. This entrepreneur just would not let failure sidetrack his passion. He stayed in Wal-Mart’s home town of Bentonville, AR, 2,000 miles from his home, for 60 straight days before finally getting a meeting with the person who eventually accepted his proposal. His passion would not allow him to go home.
James Dyson is another passionate entrepreneur who hung on in spite of all obstacles. His idea for a bagless vacuum cleaner started when he became frustrated with the machine he was using beginning to lose suction. He was convinced there was a better way. After 5,126 failures he finally produced a successful prototype. Then he ran into the obstacle of major manufacturers who made their money from selling bags, a profit center not available with a bagless vacuum. Dyson’s passion caused him to persist, and today he is worth about $2 billion. "Enjoy failure and learn from it," Dyson once said. "You can never learn from success."
By now, you should be realizing you must have a passion for your business to make it a success. You can’t just copy what others are doing. You will probably start something where there are similar competitors. Remember your greatest asset, your passion. Use it to make your company different in some way. Passion inspires belief in your products. Develop it and use it to your advantage.
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