You must have heard that passion is the fuel that keeps you moving, but is passion enough to give you success? The answer is NO.
Is it wise to advise someone to follow their passion?
Passion may inspire you to start your business, but good planning will save it. Remember, passion can’t compensate for inadequate expertise and skills.
You need a set of skills to ensure that you set your business up for success and a profit center.
Can your passion survive business tsunamis such as:
Competition with established brands?
A sudden drop in sales?
Family challenges such as a health crisis?
These are some of the challenges that most businesses face. To overcome them and thrive, you need to arm yourself with the following to complement your passion.
Many SMEs do not give much attention to a well-thought-out business plan. Do not let your passion and urge to start a business deceive you into starting immediately without a well-written down business plan.
Set Realistic Business Plan and Goals
Make sure that your business plan is achievable and realistic based on your resources.
It’s great to involve a professional to guide you on how to make a workable business plan.
If you must do it yourself, consider reading deeper from resources such as the SBA and SCORE.
It is vital to know your target market because not everyone will find your product appealing.
As for goals, set realistic ones. Do not inflate your revenue expectation. You must be prepared to dig deeper in your pocket in the first year before your business breaks even.
Just as Pablo Picasso said, “Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.”
Put in Time
For your business to thrive, you must be willing to put in the time;
To learn what to do and how to satisfy your customer’s needs.
To research the market trends.
Remember to work smart but more importantly, study smarter.
“Only one who devotes himself to a cause with his whole strength and soul can be a true master. For this reason, mastery demands all of a person.”- Albert Einstein.
If you are too rigid, and doing things the traditional way will not take you too far. Just because so and so succeeded by doing ABC doesn’t guarantee success if you follow the same route.
We are in a world that is vigorously evolving in terms of technology. We are in a virtual world. Some forms of advertisement that businesses used some five years ago may not yield positive results now as new ones are innovated every other day.
Be open-minded and keep researching for more appealing ways to make customers want your product despite competing with giant and established brands.
Remember, at the end of the day, all you want is to make a profit while satisfying your customers’ needs.
Knowing When to Stop
Most business owners close up their businesses when they are immensely drained because they didn’t know when to stop or change the cause.
When you have put all you can in your business for a certain period, say two years, and you still get unsatisfactory performance, maybe it is time for a change. Some say that it gets darker before dawn, but it isn’t always the case for a business unless you change it.
As I said earlier, be open-minded and allow yourself to try out new things.
Passion is crucial for the success of a startup business as it drives and inspires you as a business owner to accomplish your goals, but it isn’t enough.
You need to stop dreaming and face reality and factor in studying smart, working smart, a realistic business plan, technology, competition, and many other aspects of running a thriving business.
Remember, you don’t always get what you wished for, but what you worked hard for.
I wish you success in your business as you complement your passion with other factors of success.
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