One of the first elements I consider when meeting with a prospective new client is whether they have passion for their project or business venture. Without it, the process of creating successful business and market strategies becomes an uphill struggle that often winds up in the ditch, especially with existing companies.
Think of it this way: If your car is stuck on a hill in a foot of snow and you have to get over that hill, passion and determination must be necessary to get the job done. If you give up and tell yourself it’s futile and not worth the effort, your car (and you) will stay stuck in the snow or slide off into the ditch and stay there for days. You will be frustrated, stranded, and discouraged because you never got to your destination.
You would be amazed at how many entrepreneurs wind up that way. They have a great idea but get stuck and lack the determination and the passion to go any further, to get beyond that hurdle and achieve potential success.
The driver with passion takes the time to think through the solution to the dilemma, then acts with determination. The snow is removed from under the tires and the car may be backed up a little, but eventually a slow, steady climb gets the vehicle over the hill – maybe with a little help – and then it’s on to the next challenge.
Are you passionate about your business?
Here are symptoms that will identify the level of your passion:
- You don’t consider that you have to go to “work” every day because you enjoy it;
- You enjoy solving your customer’s problems and helping them in the process;
- You value your employees because they seem to share your passion;
- Your employees enjoy coming to work and take good care of your customers; and
- You spend less time working in your business and more on how to make it better.
One of the five C’s of credit that banks consider in loaning money to business owners is Character. The major element of that character they evaluate is passion. The bank, or any investor, wants to know how passionate you are about the business, your customers, and the products and/or services you offer.
We recently counselled a client who was passionate about opening a franchise restaurant as a family-owned business. The passion was dampened when the franchise allowed another franchisee to open within the territory being considered. We opted for an independent yet similar business and the family-owned aspects of creating their own concept drove the owner’s passion to new heights. And the banker was impressed with that determination to succeed.
Keep in mind that passion is important in business, but should also be instrumental in everything else we do in life.