Archive for October, 2014

October 12, 2014

Is Passion the Answer?

Last week, I delivered a short keynote at a breakfast event called “Too Young to Retire”, held in Syracuse, New York. The event was sponsored by community group FOCUS Greater Syracuse, and was held to attract Baby Boomers who are thinking of starting their own businesses. About 80 folks, overwhelmingly most of them Boomers, were in attendance for this early morning event.

During my keynote, I answered the 2 main questions I hear through my work on my program The Second Boom, which are “Is it too late?” (to start a business), and “Have I failed too many times?” (I’ll give you one guess on my answer to both.)

After my short segment, a panel of 3 local entrepreneurs answered questions by a moderator, and took questions from the audience. One of the themes that emerged from the panelists was something along the lines of “if you have a lot of passion for what you want to do, good things will happen.”

This was mentioned several times, and each time it was mentioned, I had trouble sitting still. Finally, I had to make a comment, and raised my hand, even though by then I was merely a member of the audience.

I said that I felt passion is an important component to reaching for success, but it’s not the only answer. There’s a lot of motivational talk about “thinking positively” and “being passionate”, but as I reminded everyone, that’s not the only thing. You still have to have a realistic plan for the business, one that provides a product or service that solves some kind of problem that enough people are willing to pay money for.

And that is because when you start a business, your goal is to make money. If you don’t make money, you’re just starting a hobby. Businesses make you money, but hobbies cost you money.

Be sure the thing you’re passionate about becomes a business, not just a hobby.

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