How One Simple Ten Letter Word Derailed Far Too Many Otherwise Extremely Savvy Entrepreneurs!
So “how” many really successful entrepreneurs do you currently know?
(Excluding yourself of course.)
And without a doubt, if you had to use one really descriptive word to describe them, you could probably easily use this one particular ten letter word that would all but sum it up.
You could simply say that they are extremely passionate about what they do and or their entrepreneurial mission, right? Absolutely.
And that’s great! But entrepreneur (be yee) fore warned, that simple ten letter word has (and sadly) will continue to be the eventual downfall of countless otherwise extremely savvy wannabe entrepreneurs! Huh?
Seems a bit ironic and perhaps it is! But you see, while it’s great and necessary to be extremely enthusiastic and passionate about your particular endeavor.
It’s also a potential double edged sword! Because make no mistake about it, blind unbridled passion simply leads to unreasonable expectations and therefore eventual disappointing outcomes! Here’s why!
So How Does This One Simple Ten Letter Word Far Too Often Cause The Eventual Downfall Of countless Otherwise Extremely Savvy Entrepreneurs!
You see, in a nutshell here’s the deal. Initially when you first take stock of all your strengths and weaknesses, as it relates to being an entrepreneur.
Lots of eventually successful entrepreneurs may not have had all the formal educational (and or) on the job training (OJT) that they needed in order to be successful.
But over time, both their knowledge and skill levels grew in lots of areas. Also, initially they may have lacked all the necessary business IQ that they needed. Or may have lacked all the necessary money and people management skills they needed.
Successful Entrepreneurs Move Ahead In Spite Of Not Initially Having Every Single Skill And Or Financial Asset In Place!
But again, over time and perhaps through one on one coaching and or mentoring, they minimized the potential negative impact this particular lack of skill(s) could have caused them.
But because they were and are providing real value to the market place, they managed to hang in there long enough to grow extremely competent in this and other extremely vital areas.
On the other hand, they came into their chosen venture being extremely passionate, right out of the gate, did they not? And there in lies the potential problem! Huh?
Five Critical Things Being Passionate Is Not A Substitute For!
Here’s the all too familiar classic scenario, with regards to being extremely passionate about something, and how it (in far too many cases), invariably leads to colossal failure in business!
Take that (extremely nice) man or woman that simply loves to cook! Oh you know “who” I’m referring to!
They love putting together three or four course meals that are nothing short of spectacular!Right?
They routinely stay up (practically) all night before a major holiday preparing the most awesome full course meals, do they not!
That being the case, and since everyone (including you), always raves about their culinary skills, they are encouraged to go into business for themselves, by opening a family style restaurant.
Wrong! For one thing, they more than likely have no clue whatsoever, what particular skills they need, in order to convert their passion for cooking, into running a successful restaurant!
Successful Entrepreneurs Don’t Confuse Having Passion With Having Bankable Skills!
After all, running a successful restaurant takes way more than merely preparing and consistently serving good or great tasting food, right!
So they tap every available source they can think of for some type of funding. Sadly, including you and off they go!
And just six to nine short months later. Guess what? They’re out of business! Sound familiar? Yep! So “what” happened you asked?
Very simply, these gloried hobbyist found out the hard way, that being able to cook (really well), (or doing X extremely well), is not a substitute for the following five extremely critical business skills!
The Ultimate Long Term Success Of Your Small Business And Or Service Requires A Whole Lot More Than Merely Initially Being Passionate!
1.) Critical business skill # one: Entrepreneur, first and foremost, your unbridled passion alone cannot and is not a viable substitute for your not developing an
extremely practical (and therefore) doable marketing plan! One that details what you’ll be doing on a weekly (if not) daily basis, in order to successfully grow your business!
2.) Critical business skill # two: Next, your being extremely passionate is not a substitute for developing the necessary people skills, and leadership abilities that you’ll invariably need in order to experience continual growth.
Being Passionate Is An Extremely Critical Asset To Have But It Can’t Be Your Major Stand Alone Asset Going In!
3.) Critical business skill # three: Your passion while great, cannot adequately take the place of you learning “how to” build a bankable brand! On or offline.
4.) Critical business skill # four: My friend, without the necessary business IQ skills you’ll most definitely need long term, in order to really make a go of it. I’m afraid your passion alone, while admirable, is ultimately going to place your venture in extreme jeopardy!
Extremely Successful Entrepreneurs Are Always Students In Learning Progress Mode!
5.) Critical business skill # five: If you go into business for yourself (and or ) in partnership with others, and you haven’t really had to make tough decisions before! But you’re banking on your passion alone to carry the day!
“Danger, danger Will Robinson!” (You older (make that!) more mature eyeballs will readily recognize the reference from the classic TV show “Lost in space!”
(If not, skip it! 😀 ) Anyway, my friend (and fellow profit seeking entrepreneurs), being passionate as a stand alone green light for potential, long term business success, is a recipe for ultimate disaster! Don’t you agree?
Please share your extremely valuable comments (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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Very interesting post Mark! Thanks for sharing.
Like I always say, never give up on your dreams, success comes from hard work and determination. And also with passion. You have to allow your passion to become your purpose, then eventually your profession 🙂
That’s a very good of looking at things Victoria!
And I quite agree you with your assessment! For sure passion can and is an extremely
valuable asset to have going into any venture, but if as I mentioned in
the post, it’s the only or main asset you’re relying on to carry the day!
Your business venture is probably headed to the ever growing junk pile of
what might have beens!LOL!
Thanks so much as always for dropping by and sharing your extremely valuable thoughts and
for your continuous support!
Both are greatly appreciated!
Excellent Post Mark!
I find that when you are passionate about your dreams and goals then you are willing to learn whatever skills that are necessary in order to succeed.
I think some folks mistake hobby for passion and they treat their business as a hobby.
Here is a quote from “Yo-Yo Ma” that I love “Passion is one great force that unleashes creativity, because if you’re passionate about something, then you’re more willing to take risks”
Thanks for another well written post
Cheers!
Vivette
That’s so true Vivette!
And Yo Yo Ma would certainly know about passion. I like your
assessment that too many wannabe entrepreneurs confuse their love of
a hobby for having passion for it!
That’s great! Thanks so much for sharing it!