How to turn passion to business?
Are you passionate about something? Does it have the potential to be turned into a business opportunity and to earn money?
You have passion, you have umpteen ideas floating around in your head,shouting ‘me,me'.You want to do this first, NO –that first. You wonder where to begin. How to begin? Is passion alone enough?
Based on your passion and idea, you start a business. You expect things to go smoothly. You think it is a fantastic idea but why isn't anybody else enamored of it?”Is my idea that bad? Can I ever come out of this rut?”..
Follow your passion, be prepared to work hard and sacrifice, and, above all, and don’t let anyone limit your dreams. Donovan Bailey
Passion ,in its own way, is good. But, can you hold your audience spell bound? Attract them and make them want to buy it, be a part of it?
Passion without domain knowledge of the business and execution skills is a non starter.
Your passion can be a money spinner. It has to fulfill the needs / wants of a large number of people-your future clients. Or it has to find successful solutions to the problems of your audience.
If it does that, it is sure to be a winner.
Now comes testing. How do you test whether yours is a good business idea? Of course, you have your family and friends to be your sounding board. But it is always best to get the feedback from your paying customers. After all , they have paid for it ,used it; either found it up to the mark or wanting in something. Their honest feedback will go a long way in securing your business.
Do a market survey to find about your competitors. Most startup entrepreneurs feel that there is no competition, their business idea is unique. Avoid this trap .
I want to share my experience as a mentor. I had to help a woman entrepreneur prepare a strategic business plan.
She is a trained dancer, running a Dance School for children in the age group of 6-12 years in a suburb.I asked her who her competitors were.She answered that there was no competition.
I had done my homework and found out that there were 250+ dance schools in the city and 30+ were within 1 km radius of her school. Parents usually prefer to send the children to places nearer home. If the entrepreneur had not taken into account the competition ,her initial success might have evaporated. She was planning an investment in upgrading the studio without taking into account her competition.
When you want to turn your passion into business, you should check whether your market is growing so that you can have long term plans.
It is the best of times; it is the worst of times.( pardon me Mr. Charles Dickens). This is how it is, when you start your business.
Nuggets- Passion to Business