I meet a lot of serial entrepreneurs; people that churn out business ideas, one after the other. They test the idea to see how the market responds and decide whether to pursue it or not based on certain criteria. If it’s a no-go, they move on to the next idea. It’s pretty much a numbers game. Test out enough ideas and you’re bound to come across a winner eventually.
Yes, the lifestyle and revenue of running a successful business is alluring and this approach does work for discovering great ideas and needs in the market but I strongly believe that businesses that have been driven by passion have a much better chance of success than those driven by revenue and lifestyle factors.
Which business do you think is most likely to succeed?
The business whose owner spends 30 hours a week working on it or the business whose owner spends 50+ hours a week working on it? It’s pretty obvious that the more time you put into something the better it will be. Which brings me to my next point:
Who do you think is most likely to invest more time in their business?
The business owner who is driven by passion or the business owner who is driven by revenue? When you’re passionate about something, it becomes an obsession. It’s all you think about and all you want to talk about. It doesn't feel like work. Channel that passion into a business and you are bound to succeed. You will work harder on it than anyone else, because you love it.
Who do you think is more likely to stick it out in the long run?
The business owner who is driven by passion or the business owner who is driven by revenue? Starting a business takes a lot of patience and persistence. Those that focus too much on the end result instead of the process often don’t have the patience and persistence to commit to the process for the long run. If it’s your passion, you will do it no matter what and you will enjoy the journey.