Wednesday, 12 September 2012

Can Passion Make You Millions?


 Free image courtesy of FreeDigitalPhotos.net

 Listen to ChrisGuillebeau in an interview with Business on Main:
“Business on Main: What is the first and most important thing that people can do if they’re thinking about leaving a day job to pursue a passion full time?
Chris Guillebeau:  Focus on how that passion is going to help other people. Focus on usefulness. Don’t think about innovation so much, but think about how you can serve people and really bring value to the world.”

In his book Rich Dad Poor Dad, Robert Kiyosaki was having a conversation with his rich dad:
Rich Dad: “…when it comes to money, most people want to play it safe and feel secure. So passion does not direct them. Fear does.”
Kiyosaki: “So is that why they’ll take a job with low par?”

What is your passion? Have you thought of turning it into a viable business? Are you currently being dominated by fear?
Today, I want to give you tips on how you can follow your passion and start a profitable business.

3 Tips on How to Turn Passion into a Profitable Business


 Free image courtesy of FreeDigitalPhotos.net

1.    Decide if you are truly passionate
Starting a small business requires determination, motivation, and skills. You must be willing to work for longer hours until your small business stands on its feet.
Sometime back, Hao Zhao, associate professor of management and entrepreneurship at Rensselaer Polytechnic Institute, was quoted saying that entrepreneurship is not for everyone.
I don’t care what he says because I believe entrepreneurship is for you. I see that urge in you, just act on it.

2.    Know your market well
Passion alone won’t bring you considerable business success. You must carefully study the market in which you are venturing. This way, you will find out what customers want and then provide a product or service that will satisfy their needs. Knowing your competitors will help you come up with strategies that will help you gain competitive advantage and a chunk of market share.

3.    Ask for support from family and friend
"Encouragement from trusted family members and friends will help you build entrepreneurial self-efficacy-Zhao"
Family and friends can analyze what kind of a person you are. Moreover, they can give you tips on how to become a better you. They can identify your strengths that can help you kill your weaknesses. Hence, you will be able to grab business opportunities that come your way.
Friends can also be your initial customers and can go to extra miles to advertise or recommend your product (s).

Before I hit the sacks, I want to ask you a question? Are you ready to turn your passion into millions? The sooner you get an answer, the better.

Please share this with your buddies by clicking the buttons below. Together we can make this a better place for all small business owners.


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