Many people who want to start a business are determined to do something that they’re passionate about. There’s an old saying “Do what you love, and the money will follow” – but is this really true? How do you know when your passion-fueled business idea is really likely to succeed, and not just turn out to be another unprofitable labor of love?
This blog article does a good job of explaining the ideal success formula to make sure that following your passion will really be a good financial move. It starts with Passion, Market and Skills.
Passion: First, you need to know what you’re passionate about. What professional skills can you offer as a consultant or craftsperson? What type of service or product are you most passionate about selling to customers?
Market: Is there a market demand for what you’re passionate about? Are there lots of people out there who are willing to pay money for what you sell?
Skills: Do you have the right skills to succeed by being a smart businessperson, selling your product or service to customers, managing your business finances, getting access to working capital and adapting your passion to the needs of the market?
It’s not enough to be passionate – you also need a savvy understanding of how your target market works, and possess strong skills to adapt and channel your passion in the most productive direction. But fortunately, many of these skills can be learned by investing some time and putting in the hard work of making your business idea become a reality!
Learn more about the intersection of Passion, Market and Skills by reading this blog post.