Passion Vs. Profit Which One Will Build A Successful Business
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When you start a business, you want to earn profit that can help you sustain your venture and your passion today and in the future. This process can be challenging at the beginning, and you might need to do a lot of research to determine if your business idea is viable.
Starting a business requires more than passion to succeed. Passion is a great way to start the process of generating a business or creating the economy and lifestyle you desire. It will help you create a business that aligns with your identity and keeps you going when you hit rocky patches. However, passion alone will not take you so far if you cannot generate the income you desire from it.
In this episode, your host, Bunmi Ajibade, shares why passion doesn’t mean you need to start a business. She also expounds on five questions you need to ask yourself to start a business that actually generates income.
Snapshot of the Key Points from the Episode:
- [00:50] The purpose of business and why it’s more than passion.
- [02:52] Passion or profit? What is important? Find out
- [03:56] Five questions to ask when creating a business that generates an income for you
- [04:15] Why do you want to start a business
- [04:55] Can the business provide a product or service that people are willing to buy?
- [05:14] Can the product you’re passionate about provide you with an income now and in the future?
- [06:30] Can the business expand, and does it have opportunities to grow?
- [07:16] What solution will you provide, and how is it different from the competition?
- [07:48] An activity template and how to use it to narrow down your business ideas.