For many of us running our own business is a passionate affair, as we attempt to create a start-up that taps into something we love and want to work with on a daily basis. However, businesses are of course created to generate money – and more importantly profit. But which one of these should your business evoke? Should it be a labour of love that makes you jump out of bed on a Monday morning or should it solely be about how much money you take home at the end of the month?
Money is important to any business but if it’s the only driving force behind your company things are going to get very tired, very quickly. The Global Entrepreneurship Monitor produced a report in 2014, which noted that 83% of those starting a business in the UK do so because of an opportunity and 52% said that they were striving for more independence or money over a passion for what the company does – but this could very well be what is contributing to the thousands of failed start-ups this country witnesses every year.
If you are good at business you can thrive in any industry, but for those simply taking up an opportunity they could quickly find themselves failing because they have to learn quickly about what their business requires rather than understanding and being passionate about how it is run.
Passion creates amazing things, if you have the know-how and the drive your business can excel further than one run by someone purely in it for the money. As author Ray Bradbury put it: “If you don’t love something, don’t do it.”
If you’re going to invest your time and money into a new business venture you should base it around something you feel strongly about or have a wealth of expertise in, don’t fall into the trap of believing business is only about profit, you could change the world with your ideas and do amazing things for your community, on top of making money.
However, it is a good idea to note that passion can get in the way of decision making. Something that might be very good for the business could conflict with your ideas about how things are done, therefore you could lose out over time if you’re not ready to make big decisions or push your ‘baby’ further than you think it can go.
Consider the Innocent Drinks brand, created by three friends with a passion for making delicious smoothies, the company has grown at an impressive rate over the years and was acquired by the Coca-Cola company in 2013, which resulted in a complete handover by its three founders. Change can make a company great and when it comes to passion you can get the wheels turning before allowing your business to morph into something even more impressive.
Don’t be afraid to take risks, this applies to those who are passionately lead and those who are in it for the profit. Strive perhaps to embrace both aspects when starting a new business, they are both equally as important to ensuring your start up runs smoothly and gets off the ground. Enjoy the freedom and flexibility that comes with your own start-up and create a company that evokes these values every day.