Starting a business For Passion Vs Starting a business For Money
Having your own business might be the most rewarding thing life will bring to your table. Now, here is the question you must ask yourself. Why are you starting a business? What drives you to start your own business?
A lot of elements comes into play. In any case, whatever your thoughts are to starting your own business, everyone that starts a business for a reason or the other will definitely wind up to accomplishing something similar and that is rendering services in exchange for money.
Starting a Business for Money
Why do you want your own business ? Is it to make a profit? There is literally nothing bad about starting your own business just because you want to make some extra cash.
Money and passion are inseparable if you really want to succeed in business. Envision that I have the energy and enthusiasm of helping the youth and motherless in the general public. Now that is my obsession. However, if I really desire to help this set of people, I need money.
Why wouldn’t I consider starting a business for the sake of making a profit? Seriously, it’s not a terrible Idea having it in mind that your enthusiasm towards helping the poor drove you towards starting your own business with the aim of making money.
However starting a business so as to make money comes with its own challenges. Starting and growing a business takes a lot of time and energy. You should also bear in mind that if you’re’ not cutting corners, breaking even will definitely take some time most especially if you are starting from scratch.
You need to be patient and consistent in your business else you’ll lose the drive to continue once the money is not forthcoming.
There are a lot of individuals that went into business with no other reason other than to make money.
Pros of starting a business for money
- The drive to make more money and live comfortably might help propagate your business to the next level
- You tend to be more focused
Cons of starting a business for money
- You may settle in on a business choice for the wrong reason, which may hurt your notoriety and your business development potential.
- You may pass out on the joy that comes with doing that which you really love.
- You may have irrational desires of getting rich overnight.
Starting a business for passion
Starting a business out of the energy and passion for what you do might take you to noteworthy places in life. Steve Jobs, Bill Gates, Oprah Winfrey, and the Wright brothers all began their own business out of the passion and love for what they adore doing.
Today, some of these guys are the wealthiest individuals to have ever lived on the face of the earth. So it’s not a bad idea to start a business out of the passion for what you love doing.
However, starting a business out of a passion for what you love doing without prioritizing on profit making might lead to the collapse of such a business.
Indeed, I agree with the assumption that energy and passion are required to succeed in business, yet enthusiasm alone cannot keep the business going.
You have to profit and expand the business. Perhaps if your own reason for starting your own business is out of the passion you have for what you love doing without prioritizing on profit making, then you may need to reevaluate your decision to starting it in the first place.
The passion for what you love doing will see you through the stormy days in business. Agreed, but then money has to be made, bills has to be settled.
However, when there are no green lights on profit making in business, the passion gets you going.
Pros of starting a business out of passion
- Your enthusiasm sails you through the stormy days.
- You don’t get to miss out on the inborn joy that comes with doing what you love.
Cons of starting a business out of passion
- You may need to yield a considerable measure, even for the little benefit you are making.
- You may go bankrupt in the blink of an eye if the business is not returning profit.
- You are probably going to experience the ill effects of passionate difficulties and enthusiasm when you discover it will require investment to end up plainly rich.
Starting a business either for the money or passion may not be enough to see you through a business or even get you wealthy. Your passion for what you love doing coupled with the motive to make money should be the basis for starting your own business.
This post was written by Ayotunde Lanwo