I always get emails from entrepreneurs who want to "make millions," without doing what the are passionate about. They seem like they are willing to attempt to get into any industry that will give them a big paycheck, instead of getting into an industry they know and truly want to succeed in, even if they don't make as much money. Earlier today, I had a meeting, and I was listening to a few people discuss their thoughts on business growth, but the situation was- they kept debating what route they should take to increase sales, based on numbers and projections, without having any opinion of their own, since they weren't really passionate about the business itself. In my personal opinion, any entrepreneur who is passionate about their business, should be able to avoid costly mistakes than an entrepreneur who is just in it for the money.
A few other perks of being passionate, not just desirable:
More likely to stick around- We all know it happens, businesses are either forced to sell out or close down. There are many circumstances that cause this, but sometimes it is because the owner is just looking for a way out, since they don't have a real passion for the business. When an owner walks this route, they usually end up selling the business for lower than market value or just get so detached from the business that they end up closing the operations and losing their investment.
Avoid Mishaps- A lot of business owners make bad decisions which ends up costing the business, sometimes not in terms of dollars, but time. An entrepreneur who sets out to do a business for their passion, will have their own voice when it comes to making decisions and more often than not, will probably make the right decisions. An entrepreneur who sets out to do business for the money involved, won't have such strong decisions and could possibly make a lot of bad decisions, which end up costing time and money.
More likely to be on top- Everyone is able to tell the difference between fake and real, usually. So any entrepreneur who is faking their knowledge and passion for their business, will usually be left at the bottom of the barrel. Customers will be able to tell if a business is really the "king" of the industry and that will determine profitability among other things. For example, if an entrepreneur sets out to open a bakery because they love baking, they will probably be producing the best baked goods in town, leading to a premium customer experience. Chances are, when people are more willing to buy a product because of its premium quality, they won't mind paying more- which is where the money comes in.
Stay on top of the game- We all have hobbies and interests. And the things we are interested in the most, we are eager to learn about and keep up with the latest knowledge and trends in the field. For example, if a person is into technology, they will stay on top of the industry and know the ins and outs of each technology or product launched to the public. Now if that same person were to be doing business related to technology, their interest becomes their career, and having that career, they won't be trailing behind the leaders because they will share equal knowledge and commitment to their business.
Passion is the buyer- If you are passionate about an industry, you will probably be a consumer of the products available in the industry. Therefore, you know what you want to buy. For instance, If I am into TVs, I know what I want to see offered in the future. If I owned a company that manufactured and sold televisions, I would know what technology to research and implement in the products because that is what I would want to buy. Operations of a business and product or service offerings can only be premium if the consumers want the products.
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