Updated: Aug 31
Passion is the first force that drives entrepreneurs to either turn an idea into actions, or create or innovate new ways to deliver existing products or services. The word passion is defined as: (1) intense, driving or overmastering feeling or conviction; (2) a strong liking or desire for or devotion to some activity or concept; (3) an object of desire or deep interest.
Notice the words intense, deep, and strong that are associated with the with the word passion. These words radiate a marked force flowing with extreme energy-- and this is exhibited by successful entrepreneurs who never gave up during the trying moments of their business life.
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Passion among entrepreneurs is usually backed up by their belief that the pursuit will significantly change other people's lives. Successful entrepreneurs look beyond how much profit or wealth they could accumulate. Rather they envision success as leaving significant and valuable marks to the lives of those who patronage their products or services. They want to improve people's quality of living by offering ingenious solutions to their problems.
How does passion exactly influence business success? Below are the top reasons why passion is an important element of entrepreneurship.
1. Passion facilitates learning. Whether you are in the start-up phase of establishing your business or in the process of expanding it, you are ALWAYS required to LEARN. Why? First, we may not always have the exact and right answers to our questions such as:
What do my customers like or dislike about my products or services?
How can I provide better products or services than my competitors?
How can I efficiently market my business to potential customers?
How can I apply creativity and innovation to my products or services?
What are the strengths, weaknesses, opportunities, and threats (SWOT) to my business? How can I manage it?
Finding answers to such questions may require diligent research effort on your part as a manager or owner. Furthermore, this task must be repeated regularly to ensure that you stay on top of your competitors by satisfying your customers. Passion makes continuous learning fun and stimulating. It makes you strive harder to acquire expert knowledge in your field of business.
2. Passion stimulates your stamina to work harder and even for longer hours. Some people want to quit their 9-5 job and run their own business thinking it would give them much time freedom. Well, if you're one of them it would be best to go and ask businessmen if that is completely true.
The truth is, most business owners work harder and for longer hours compared to employed individuals. This is specially true if one is in the early phase of his business which requires a lot of effort to keep the young enterprise running amidst fear of losing, uncertainties, doubts, trials and errors, painstaking marketing efforts, and others.
Even you surpass those initial stages of running your business, your hard work and undying dedication will still be required as you expand your business horizon. That may mean more employees to handle, more customers to satisfy (including the difficult ones), more products and/or services to create and innovate, more financial aspects to manage, etc.
Your passionate desire to reach your goals and objectives shall keep you moving forward.
3. Passion will be your best friend when everyone else turns their back away from you. Not everyone will stand with you as you decide to put brilliant ideas into actions. For an instance, just imagine letting go of your regular job which brings forth stable monthly income to venture into something new--a business. If you're the family's breadwinner or if your parents aren't the business-minded type of folks, you may end up really disappointing them.
However, with adequate planning and preparations, you could overcome all of these. You passion shall keep you determined to pursue your dream business while keeping you rational how to do it without sacrificing or risking too much.
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4. Passion will help you accept and manage both destructive and constructive criticisms or feedback from those around you. No matter how much assessment, planning, managing, controlling, directing, and evaluating efforts you give to grow your business, there will always be people who'd not be pleased with what you do.
As an entrepreneur, you must be open to feedback or criticisms whether they are constructive (valid and well-reasoned opinion or comments of others) or destructive (opinions or comments aimed to hurt or harm your self-esteem or reputation) in nature.
5. Passion keeps you get going when the future is bleak. Economic recession, new competitors, law suits, high employee turnover, and others could suddenly turn your business upside down. Your profits could turn into losses and this could really be depressing. However, passion with what you do will keep you resilient when the going gets tough. It will help you bounce back and start anew.
Your thinking should not be clouded with negative emotions as you look for resources, find coping methods, and correct any mistake. You must remain rational and objective even if your business days seem fraught with lots of hardships. Your passion will simply be like an angel who will lead your way to recovery.
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