Dear Entrepreneur, Passion is not enough

It’s safe to say that “pursue your passion” is one of the most spoken statements today. You’d hear it at almost every entrepreneurship seminar, conference or program. This is not to rain on your parade but Dear Entrepreneur, while pursuing your passion, think on these things:
How important is my product/service to the consumer? You don’t want to start up and have the challenge of constantly trying to convince people (family or friends inclusive) that they need your product. It’ll most likely take up energy and time that could be used for other aspects of your business.
Define your brand.  What exactly is your goal? You need to be clear about the consumer’s need you intend to satisfy. People should think about your product when that need arises. Set realistic targets for your business.
Product differentiation, Packaging. The fact that your product/ service is not exactly new does not make it less viable. You could be doing the same thing with Mr. B but your packaging gives you an edge over his. How much excitement/creativity/unusualness have you invested in your product or service to make it stand out?
Create methods to make your product/service preferable. A penetration price into the market can go a long way especially for already existing products/services in the market. Incentives like free delivery, gifts on patronage help too.
You need funds as much as you need passion, be aware of your cash flow. This is most important if you have plans of seeking financial assistance. Financiers will be very concerned about your ability to pay back so, when submitting that fantastic business plan, present a reliable financial structure too.
Finally, a bad decision doesn’t make you or your business a total failure. There’s no crime in taking a break to re-strategize, re-structure or re-brand.