Business Success: Passion vs. Profit

When you target business success, is it better for you – professionally and personally – to focus on your passion than your bottom line?

Does putting profitability first put you under undue stress, meaning that even if you enjoy business success, you may not experience personal reward?

Is it possible to secure your financial goals by focussing on passion? The answer is yes, but the real question is, how long will it take before you can create a steady income from your passion and achieve business success?

Business Success

There are?many motivational quotes and articles?about taking charge of your life by making what you love your source income.

It is a good way of thinking, but it comes with caveats.

Passion alone does not guarantee success; there are other factors to consider.

You may have a passion for something, but is it something for which there is a demand? Are you an expert or the best at what you love? Do you have the capital to support you during the time it takes to make your passion profitable?

Are you absolutely committed to making your passion into a business success? A hobby you love is not the same as a business idea you have complete dedication to delivering.

It’s Not Always Easy

It used to be my belief that as long as I loved what I did, I would succeed in it. I’m sure many people have this same belief.

Unfortunately, that isn’t always the case. Many successful entrepreneurs may not tell you this, but I learned this truth the hard way.

There is a lot to starting a new business, however passionate you are about what you want to do. It takes time, patience, commitment, dedication, perseverance, and, usually, cash.

You must be prepared to fail and ready to pick yourself up each time and keep going. You need to see failure as a learning opportunity and not let it diminish your drive.

The excitement about turning your passion into a business can quickly evaporate as your energy is drained by the work you have to put in and the setbacks you will endure.

I’m not trying to put you off, just ensuring you fully understand what is involved in the process.

Are You Prepared?

Before embarking on turning your passion into business success, there are four core questions you need to ask yourself.

Do I have enough funds to follow up on my passion?: Money is a crucial factor to consider when you begin your entrepreneurship journey. Without funds, your dream of being your own boss will prove difficult to achieve. Whatever your current source of income is, stick with it until you have saved enough to be able to follow your dreams.

Will my passion be profitable?: Not all passions are profitable. Often, doing what you love is not enough; you need financial stability.

How long before I start earning a steady income from my passion?: A new business doesn’t just start making a profit immediately. Research similar businesses to discover what they did, how long they took to become established, where they are now, and what they got right and wrong.

Will the profits be enough?: Take a long-term view and be honest with yourself. After conducting market research and establishing how successful your business can be, ask whether it will be enough to give you the income and lifestyle you want or need. There is little point in working as hard as you will have to for business success that doesn’t match your ambitions.

Business Success – Final Note

Wanting to take charge of your professional life and destiny is to be applauded. If you have a passion that you know can be turned into a profitable business, then I would say follow your dream.

Make sure you have the funds to do it properly and understand the work, time, and commitment it will take.

However, before taking the leap, have an honest conversation with yourself. Can you afford to give up your current income? Is your passion something that people really want? Do you have the determination to work all the hours it will take? Can you wait for the new business to turn a profit? Will it ever be profitable enough to give you the lifestyle you already have, or better?

If your reason for wanting to be your own boss is so that you can have more of your own time, think again. You will, initially at least, be working longer hours and for less money.

If your reason is that you have a passion you know can make money, and you have the drive to make it a success, then what’s stopping you?

Read more business leadership insight.

Brendan Beeken is an Entrepreneur, Commercial Strategist, Investor, Philanthropist and the Founder and Chairman of cryptocurrency exchange?Moni Talks. By sharing his business journey, both the successes and failures, and his personal values and vision, he hopes to inspire and assist fellow businesspeople and budding entrepreneurs.?Find out more at?brendanbeeken.com