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Passion is not a business – go for market needs!

…don’t let your passion trap you, writes TONY AJAH

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market needs

Passion is not a business; yes, it’s not. Why? Passion is only a single ingredient; it’s not the recipe, and it doesn’t always translate into business most of the time.

Mind you, passions can shift over time, and building a company around something so fleeting can be unwise.

Passion can be overrated, if it’s not. While Passion can give you direction and clarity of vision, it can also blind you if care is not taken.  Like someone said, ‘Passion. The P-word is a must for any motivator or entrepreneur, but the reality is far more tangible.

Passion is like a double-edged sword. In some cases, it’s a crucial eureka moments and in some other moments, it’s dangerous indeed.

’There’s a huge difference between being passionate about your business and starting a business based on a passion. The real question to ask is not whether your business is based on passion but whether there is a real need for your solution, and enough people willing to pay for it. And if it’s been done a million times before, you also have to ask whether you really have a point of difference that makes it so much better.

Trends and business opportunities exist outside the realm of our passions. The question is this, ‘Is it really worth it following your passion when you could be creating a far more successful business where there are market needs?’

The sad reality is that most entrepreneurs spend far too much time protecting their idea and not enough time perfecting it. You should never be afraid to fully examine your current business, even if it means you might have to give it up.

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A good number of business men and women (and entrepreneurs) are still blinded by their passion. Passion alone can’t change the world. Men and women who have changed the world intentionally aligned their passion with the market needs.

Yes, you must have passion for a product or service that you want to sell; it has to be something you can offer, and something that you would want yourself. However, it’s more important that it’s something the market desperately needs or wants.

When your actions move past the stage of seeing how your passion lines up with the market needs, you become obsessive and driven by impulsive decisions that could ultimately harm your business.

It is disturbing to watch people lose money because they can’t lose their egos and let go of their passion project once they’ve discovered there is no market for it. You can’t sell to people what they don’t want or need, passion or no passion. That could be why Benjamin Franklin admonished, ‘If passion drives you, let reason hold the reins.’ Don’t just have driven by passion, rather align your passion with the market’s pain points.

If you ask me, you should channel our passion on acquiring the right skills to run a thriving business that address the pressing market needs. Never start a business based on a passion alone.

Kevin O’Leary an American entrepreneur and investors said, ‘Some entrepreneurs use “passion” as an excuse to avoid focusing on performance metrics. I expect people to be passionate about their work, but I don’t care about it. What I care about is if it helps them drive metrics of performance. Businesses that succeed and make money for shareholders are built around execution,’

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In conclusion, don’t let your passion trap you. While going into any business, always remember that the world rewards substance and not just your passion.

They reward a solution to their pressing problems. If that business isn’t working or doesn’t address a market need, you got to move on.

At the end of the day your success in business boils down to how your product or service is profitably meeting the market needs.

About the author:

business war with Tony Ajah

Tony Ajah

Tony Ajah is a Business Growth Strategist, and the author of BUSINESS SENSE, and ON BECOMING AN ENTREPRENEUR. He maintains a personal blog, www.tonyajah.com where he shares proven business ideas and principles for SMEs.

@TechEconomyNG connects past-present-emerging technological impacts on Businesses, People and Cities. All Correspondence to: [email protected]

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