Yomi is a young and bubbly photographer who has a passion for capturing beautiful and important moments. In the second quarter of 2020, He decided to turn his passion into a profitable venture by opening a photo studio. It is barely a year and the young photographer is considering closing shop. What changed for this once enthusiastic lad you may ask? Simple: he discovered quite early in his entrepreneur journey that his passion wasn’t enough.
Passion is an essential element in building any business venture, however, it is only half of the pie. There are so many other factors like finance, the environment, skill, etc that can impact the growth or success of a business.
In most cases, passion can be a deterrent to success, especially when misdirected or worse, being delusional. It is commonplace to find young aspiring entrepreneurs disregard rationality/practicality in their pursuit of success. For example, a business owner hoping to make a significant profit in their first year in business with little capital investment. This is a nearly impossible feat however, some entrepreneurs want to achieve the impossible in the shortest time possible.
The push for quick gains often drives ambitious entrepreneurs into investing time, human, and capital resources in the wrong place. Such business never amounts to anything in the long run.
Secondly, passion does not compensate for expertise.
Simply put, your passion does not cover the things you do not know about your business. As an entrepreneur, you cannot know everything about your business. You must gain important knowledge that would guide your operations.
Thirdly, chasing money is not passion.
Making a profit is only a by-product of adding value to people’s lives. To add value, you need to identify why you are in business. Most people do not understand and cannot explain why they want something. This is because in most cases people act on impulses that are triggered by external factors. For example, most people want to start a business today because it is trendy. They want the dopamine kick that comes with being called a CEO. This is a recipe for colossal disappointment.
Every entrepreneur needs to identify why they are in business. By doing so they discover their passion which can be directed through the right channel to create value for their society.
In a previous article, we discussed things entrepreneurs should do before starting a business. However, the meat of it all is understanding who you are as an individual and your passion.
Growing a business is a lot of work. To be prepared for this journey you need to have a realistic estimate of what it takes emotionally and financially before venturing into the unknown.
Sometimes, reality does not match your expectations and this is where passion is useful. Knowing your reason for starting your business venture is the first step in handling difficult challenges as an entrepreneur.
In a nutshell, passion is not enough to thrive as an entrepreneur. You need to build skill and capacity. By doing so you set yourself and your expertise up for success.