Love What You Do? 3 Steps Later, The Money Can Follow
Entrepreneurs come in all shapes and sizes. I know, because I meet directly with more than 60 of them every month. Some entrepreneurs are solopreneurs, operating a company of one very effectively. Others are small businesses with less than 10 employees. Still others are growing and expanding, with maybe 10 employees today but could possibly have a staff of 100 two years from now.
While the entrepreneurial drive manifests itself in many ways, virtually every successful entrepreneur I know has one thing in common: a passion for what they do. Being an entrepreneur is not easy. To borrow a line from Michael Douglas in the movie "The American President," “You have to really want it.” And when times are really tough, it’s usually the passion that sustains the entrepreneur and the enterprise. Consider the following real-life passion-to-profits stories.
• Pam is a consultant and owner of her own consulting practice. She’s a company of one with a phalanx of contractors she relies on. Pam started with a passion for people. She believes everyone can contribute and be the best they can be. Pam accurately surmised that when people excel, their organizations grow and succeed. So Pam translated her passion into profits, focusing on people and impacting organizations.
• Tom is a songwriter and performer.He and his partner were in a band in their early years (literally a “garage band” with their basement as the rehearsal hall). They had some songs published, and were gaining recognition. In the mid-1970s, The Hartford Courant and Aetna heard them and hired them to produce advertising jingles. Their passion for music now produced revenues and profits. They leveraged this small opportunity, and have since built their company into one of the most successful advertising and audio production companies in the country. They work with national chains of radio and TV stations, producing spots where the music you hear on the radio to promote a product or service were borne out of Tom’s passion for music.
• Matt is a technologist and the web is his playground. He has more fun on the web than you could imagine, and Matt converts this time into profits. His firm produces powerful websites and online marketing engines for companies around the globe. This passion catapulted Matt into the world of “tween” girls — girls between the ages of 8 and 12. He created the online presence for the No. 2 community site on the web for tweens. Matt’s companies are growing, he’s having a blast and his profits are strong across the board.
For each of these stories, the path from passion to profits was different. The timeframe, the goals, the offerings and the clients were all distinct. What was not different was the passion. If you have a passion and think there’s a business there somewhere, consider these three simple guidelines before you proceed:
1. Be good at what you do. Be good at converting your passion into a product or service people desire. Mediocrity is the fastest path to nowhere.
2. Be clear about what you do. If you want a business to grow from your passions, be clear on your goals. Do you want a lifestyle business that cares for you and your family, or do you want a larger enterprise that demands more but offers potentially more as well?
3. Get someone to pay you for your product or service. Make sure someone will buy what you offer. Try out your product or service with someone you know. Maybe even offer it at a discount the first one or two times, with the condition that the user gives you complete and candid feedback. What did you think of the product or service? Did you get what you wanted from the transaction? How much would you be willing to pay for this?
If you know what you will offer, who will buy it, and how much they will pay, you have the foundation for a business. Match the foundation against your goals and see if the business borne out of your passion will get you what you want. If your passion can translate into revenues and profits, then the next step becomes possible. n
Ken Cook is an author, as well as founder and managing director of Peer to Peer Advisors, which helps business leaders of small and mid-sized companies. His column, The Rainmaker, will appear in every other print edition of the Worcester Business Journal. Ken is a resident of Wales. You can reach him at kcook@peertopeeradvisors.com.
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