“All great businesses start with a great idea.” “Just follow your passion and success will come.” These two sentiments sound like good advice on the surface. What if I told you that neither one will lead to entrepreneurship success? What if I said, listening to this advice is one of the biggest mistakes you can make?
In entrepreneurship, there’s no strict formula. Some entrepreneurs start with passion. They have this uncontrollable urge to create, and they love the whole business aspect of the field.
While others start with just an idea, there are other entrepreneurs who are observant, constantly trying to take note of problems and listing down ideas to solve it.
There are times when the entrepreneur’s idea is what ignites their passion. But there are also times where their passion is what drives them to form ideas and bring them to life.
The truth is, it is neither the passion not truor the idea that will lead to a successful business. Neither your passion for a work nor a million-dollar idea is sufficient for a successful entrepreneurship.
If you love to bake, you should open a bakery! If you love kids, you should open a nursery school! Everyone thinks that if you love to do something, by opening a business, you’ll get to do more of it.
The reality is that when you open a business, you must run the business. In doing so, you must do and oversee many functions from marketing to accounting to handling employees to dealing with customer service and many more.
So, the hard truth is, at the end of the day you spend less time doing whatever it is you enjoy doing, whether it’s baking, spending time with children or any other thing.
When you get an idea for a startup, understand how much practically you can implement it.
Be passionate about the idea!
Your responsibility as an entrepreneur is not to do one task; it’s to run a business.
What should come first is not the passion or the idea–it’s the Problem for which you are providing solutions.
Ideas are cheap, and founders are by nature passionate. But most startups still fail. The reason: Not making something that people want.
You can succeed against the competition by understanding consumer needs deeply and uncovering insights about their problems that the others have not bothered to dig up. Be passionate about problems, and novel solutions will result.
There are far too many people working on ideas that sound good in theory but fail to address a significant consumer problem. And it’s not just other startups, take a look at the colossal failure-in-progress of Google+.
With any successful business, it starts with an idea that is a solution for some kind of problem. The idea that will offer solutions to problems, or meet an unserved or unfulfilled need will make for a successful entrepreneur.
Passion is fine, and might be needed in the process of bringing a product to investors and market, but, some “idea people” aren’t that passionate in terms required by finance. They don’t ever quit, but, their talents don’t include the sparkle necessary to get the room into a tizzy.
As an entrepreneur, which came first for you? Comment below.