December 2, 2008
Passion Or Profit
This question pops up frequently and I've seen several niche marketing "experts" offer misleading advice about it.
"Should I build a business around something that I'm really passionate about?"
No!
Let me qualify that.. Doing something that you love or are passionate about is not an essential prerequisite to building a profitable business.
Providing a product or service to a group of people who are willing to pay for it is a the foundation of a successful business. The fact that you may enjoy it is just a happy bonus.
When you have identified a group of buyers willing to purchase your product, your passion and enthusiasm can help you to build relationships and make more sales. It's great to do what you enjoy, but love for the topic is not essential.
One of the major disadvantages about being passionately involved with your chosen niche market is the inability to become detached when important decisions need to be made. I know lots of people who invest way to much time and energy in creating the perfect product where their competitors simply create products that match the exact needs of their customers.
So, instead of building your business around you and your ego – build a business around your customers.
Comments on Passion Or Profit »
I agree, you always need to build your businness around your customers and what they want.
Being passionate about what you offer is a bonus
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Good point well put John. When I first saw your post I wondered which angle you were going to take!
The passion we exhibit should be about providing the very best we can to our customers/client and by doing that we will profit many times over.
Take care
Paul
I was talking about this on twitter today. Someone commented that you should be passionate about the *service* you supply whatever the end product is. That made sense to me.
Agree absolutely!
You've pinpointed a crucial problem many start-up businesses stumble upon.
It's true that passion might be a hurdle for making the right decision.
Your blog has had a significant impact on me so far. Cheers!
Yes, passion for your product can certainly blind you but using it to focus on your customers is a sure winner.
Nice article, thanks John.
Find a need in the market and then provide a solution with your product or service. Helping customers generates passion. Since challenges are inevitably part of the process, it helps when you truly believe in what you're doing.