15 Jun Will Passion Give You a Business?
How many times have we heard this: “We can do anything as long as we have the passion”? Sure, passion can take you a long way—but it will not start the business for you. However, it is a great foundation for a business. When you are passionate, you have the inspiration and the motivation to gather everything else needed to start a business.
Here are the most important things that, when complemented with passion, could lead to a most satisfying start of a business:
Capital / Money
Starting a business with just passion is not possible. The biggest ingredient in a startup is the capital. There are so many ways to get a capital—save for it or take out a loan. And if you are passionate about the business that you want to start and grow, then you will also be passionate about looking for the money to be used as capital to birth a company.
Passion is definitely not enough to start a business because passion doesn’t have a process; it doesn’t have a sense of legality or illegality. Businesses have to follow a process. You need to register the company, get some permits and file some paperwork.
Now, this can be pure passion. If you are passionate about the business you are starting, then you will give it all the time that you can. You might as well eat and breathe business. The company is the first thing you think of when you wake up in the morning, and the last thing you think about when you sleep at night. And the great thing about being passionate about the task at hand is that you will not feel tired with what you are doing.
Here is another thing that passion will not be able to give in order to start a business: manpower. The hiring process is tedious and stressful. Since you are just starting, you will need a bunch of employees that you can trust. Passion will not lead you to these people. However, once you have your team, your passion may be contagious. When you pass on that trait to your employees, you may have a more inspiring environment to better the business.
It is not enough that you have the capital, the people and the time to operate the company. Starting the business is just one-half of the process. Getting clients to buy your product or use your service is another aspect of the business. You need to have a marketing skill for this. Granting you can just hire a marketing team, but as the owner of the company, you need to know how to sell your product and service yourself. Passion is a great marketing component—but it is not all that.
Know what sells, what’s in, and what the market is like. Know your target, which entails research. You also have to find the right venue for your business, which also means research. The research will help you prepare for the nitty-gritty of the business.
To sum it up: Passion is good, but business needs cash. Don’t rely too much on passion when starting a business. Creating a company is a tangled web of skills, finances, passion, patience and a whole lot more.