Passion is a fantastic quality to consider when starting a business. However, pursuing a passion that doesn’t pay you can put you and your business in financial jeopardy.
Finding a Profitable Market
If you’re looking to grow, or start, your business in an area where you’re passionate about , you’ll have to access a market that’s willing to pay what you’re offering. This is an important aspect that you must consider as the middle ground between passion and success in business lies within a profitable need in the marketplace.
So, how do you combine what you love with a product that can make substantial profit?
While following your passion can be a pursuit worth attempting, without a profitable market you’ll end up with a dead business. You have to start from the ground up, but avoid simplicity. One-word answers like art, animals, and furniture, aren’t going to get you very far. Sure, they can be considered passions but they aren’t a niche market per say. Instead, you should ask yourself what you’re committed to. If you can answer this in a full question, you’ll get closer to understanding where you stand within the niche market.
The Key to Success: Perseverance
The process may be arduous and downright frustrating, but it is possible. It’s important to remember that many business owners started from a simple business idea and chased after it with all that they got. For instance, entrepreneur Javier Loya co-founded his company Choice! Energy LP with two partners. Without partners this may not have been possible Today Javier Loya is the CEO of a major commodities trading company called OTC Global Holdings and he is also a part owner of NFL team Houston Texans. Not that you’re in the exact same shoes, but it
just goes to show that even the most ordinary individuals can find success with little to start with.