Passion is an often misunderstood word. Due to its loose, somewhat vague labels, passion has been viewed to be the reason for much downfall and disappointment. This can only be overcome by understanding what passion actually is.
By definition, passion can be described as ‘a strong liking, desire or devotion towards an activity, object or concept’. Hence, it does not necessarily involve another individual. So, that takes care of ideas related to passionate relationships!
In Business, Passion can Drive you Like No Other.
Currently, we are witnessing a large section of working professionals, ditching their 9 to 5 jobs to pursue their passion projects. How can we be assured that these passion-led entrepreneurs are destined to succeed? Because their business ideas are their own, fueled by their talents and possibly life purpose. There is nothing more motivating than waking up in the morning, feeling good about what you are about to undertake during the day.
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Now let’s analyze the role that passion can play in driving your startup success:
Every business needs a USP to make it shine. Companies pay a lot of money to marketing agencies to identify their competitive edge. With a passion-led startup, the business idea itself holds potential to achieve a differentiating factor. Entrepreneurs who come up with original business concepts that originate from a deep understanding and interest, understand the consumer thoroughly. They are in tune with customer pain points and are therefore, able to offer them a solutions like no other.
The passion, in such cases, is based on a consumer’s true interest or situational point of view. Eg: entrepreneurs passionate about the environment will find sustainable business ideas, businessmen or businesswomen with an ardent for refined culinary will create the best restaurants.
Franchisees tend to not work as good as the original outlet, unless the franchisee owners feel equal passion as the head branch.
Business is a risky game. Even the best laid out plans can backfire due to many internal and external factors. The current pandemic is a fitting example of such a situation.
Passion-fueled businesses are able to adapt and overcome more easily. Since the intention is to deliver or offer a particular product or service, motivated startups will find a way. If the focus is only on making money, low phases can destroy startups and SMEs.
When there is passion, business goals are long term. Immediate goals are intangible such as the excitement of introducing a new technology or the satisfaction of delivering medical items to consumers. Profit is a by product that occurs naturally. This point of view can help startups to sail through difficult times, with minimal stress. Passion also fuels creativity and innovation to come up with constructive solutions for the most difficult problems.
Passion led startups rarely experience employee motivation or engagement issues. The problems related with employee attrition usually occur in companies that lack motivation and management skills at the top.
A highly driven team of entrepreneurs heading a startup create an infectious level of passion that trickles down the hierarchy. This happens especially if you employ professionals who share a similar passion. As a startup, you will save money on extra employee morale boosting activities and naturally create a positive and conducive environment in your work place.
Employees will support you with their loyalty and dedicate their time and talent towards achieving a joint mission.
Passion is not the only factor that can lead to startup success. But it’s a vital one that many companies neglect. During harsh times, passion will play a leading role that paves the way to success.