Tag Archives: passion

Finding the Right Industry for You

If you want to start a business, the ideal industry is one that you both have previous experience in and a high degree of knowledge about. However, this may be impractical if the industry is oversaturated or is not a good source of money at the moment. In such cases, you need a backup plan.

The Right Backup Plan

Most people make the mistake of choosing an industry they have experience but little interest in, but it is actually better to do the opposite. If you need a backup to your ideal plan, it is better to go with a field you are passionate about but lack experience in. You can always educate yourself in the industry as you get started. It’s the passion you feel that will provide the drive you need to be successful.

You should begin by looking for an under-served market that strongly interests you. Identify a need in that market that you can train yourself to fill. Then start reading everything you can about that industry, particularly in trade journals and business periodicals. Find people who are willing to be mentors for you as you get started.

One possibility you should consider is to find a specialty role in a particular industry. In an oversaturated market, for example, you could specialize in a particularly difficult skill that few people in that industry possess. You could also fill a supporting role in an industry that interests you, such as marketing computer software rather than programming it.

Transferrable Skills

You will find that a lot of skills from your previous work experience will transfer to your new business, even if you have never run a business before. All businesses require strategic planning skills and an ability to analyze problems. They also all require an ability to multitask and manage time well. No matter what field your previous career has been in, you have probably learned these skills to some extent. You have hopefully become proficient in communicating and interacting with others. With these traits, you can become successful.

Some specific skills transfer readily from one industry to another, such as statistical analysis or working with databases. Nearly every industry now uses statistics in some way, and every company has some sort of database. Other transferrable skills, however, are not as obvious. For example, if you previously worked in tech support, you learned many customer relations skills that you can apply to client management. If you were a car mechanic, you learned some complex problem-solving skills that could help you enter the IT industry.

The Importance of Research

Before you start your venture, you need to do some market research. Businesses only survive if they produce products and services that people want. Figure out who your target audience is and incentivize them to participate in a survey. In this way, you can find out what they want and what will motivate them to buy what you offer.

When you plan your survey, try to survey a variety of people and get a large sample size. Prepare your questions carefully to differentiate between segments of your target audience. Marketing efforts are always more effective when they are targeted toward specific groups. Your survey can help you determine what groups from your population you should focus on in your business. This way, you will be able to begin operations without making too many uninformed guesses.

Having picked the right industry and done proper research, you are well on your way to a successful start. From here, the key is to stay motivated and passionate about what you’re doing and give it your all. It is time to turn your research into a business plan and start looking for the capital you need to begin working. Success will come as you apply your passion to your chosen industry and use your market research as a plan of action.

A Long-Term View

If you’re not looking ahead, you’re falling behind. At all times, you must be looking toward the long-term future of your business or charity. This requires intense focus, hard work, and an ability to multitask. You must set demanding goals and simultaneously pay attention to the big picture and small details. Above all else, you must have full confidence in yourself. There is no room for self-doubt in business.

Setting the Right Goals

While goals about next month’s revenue or this year’s product sales are important, they are not enough. You must also set goals for the years ahead. A successful business plans three or more years ahead and sets appropriate targets to meet along the way. If you are not constantly working for a goal beyond the current fiscal year, you may lose sight of your vision. Meanwhile, your competitors who do focus on the future will rush past you and claim more market space.

Your goals should challenge you. If they seem easy to achieve, you will not reach your potential. The best goals will seem a little beyond your ability—the route to the finish line will not seem totally clear. James Collins and Jerry Porras defined such goals as “BHAGs” in their book Built to Last: Successful Habits of Visionary Companies. BHAGs are “big, hairy, audacious goals.” BHAGs encourage creative thinking and problem solving that will open doors to new possibilities. You can only become aware of opportunities if you are looking for them. Along the way, set achievable targets that will serve as mileposts on the way to your BHAG.

Splitting Your Attention with Focus

There are only so many hours in the day. Most people work as many of those hours as they can. The only way to get ahead is to be more efficient during those hours by using Best Practices. To do so, you must focus on many tasks and projects at once. You also must take care when splitting your attention to look at details. By nature, multitasking leads to a quality loss unless you take care to avoid it. Focusing on details enables you to maintain top quality on multiple projects.

When examining the details of many projects at once, it can be easy to forget the big picture. You must always keep your ultimate vision in mind as you look at each individual project. One way to accomplish this is to limit your projects to only those that accomplish your BHAGs best. Being the best in your market space is what makes you successful, and that requires a big-picture view to achieve.

Maintaining Your Confidence

Confidence comes with direction. If you have set a BHAG and appropriate milestones along the way, you set the stage for confidence. Confidence also comes from knowing your talents and knowing the industry. Staying up to date by reading articles and going to conferences is a critical part of maintaining your confidence and keeping your skills sharp.

However, you will make mistakes. It is crucial that you do not let mistakes shake your confidence. When you feel confident, you can make decisions faster and respond faster to the demands of our rapidly changing economy. If you feel self-doubt, your decisions will always be made after hesitation, and your more confident competitors will beat you to the finish.

Winning Success

With a solid plan, challenging goals, and confidence, you are on the path to success. When you split your attention between the details of each task and the overall vision, you ensure that you stay on that path. The only ingredient remaining is motivation, and that comes with passion, which we talked about earlier. When motivated, you will reach your goal. To stay motivated, you must find something that drives you. For some, it is charity. For others, it is providing for a family. The best motivator comes from deciding what you most want out of life and making it what you work for.

Please share your thoughts on what your vision is. What goals do you set, and what motivates you to get there?

Passion for Your Work

Starting and growing a new business is not to be undertaken lightly, nor is it for everyone. It requires a huge amount of passion and internal motivation. The importance of being passionate about what you do cannot be overstated. Whether you are starting a new business or working for someone else as a career, you must be passionate about what you do.

The Importance of Passion

If you want to be successful in any venture, you must be passionate about it. Anything you undertake—a business, a career, charitable work, or a run for office—will eventually falter if it’s not constantly fueled by passion. The late CEO of Apple, Steve Jobs, once said that passion is by far the most important element of success. He suggested that one can be happy at a job others consider menial if one enjoys it. In addition, Daniel Pink emphasized passion in a Technology, Entertainment, and Design (TED) conference when he stated that internal motivation matters far more than pay when it comes to doing one’s best.

Steve Jobs and Daniel Pink are echoed in recent research on zookeepers that finds they are more satisfied with their jobs than the average worker. They enjoy taking care of animals so much that they are willing to take a really low salary ($10,000+ less than a public school teacher) so they can have the privilege of taking care of animals all day (Source: Thompson, Marriott School of Management, 2010). Those who are passionate about what they do will help grow your business. People who are not passionate and who you must constantly motivate won’t; they will drain you dry.

Finding Passion

If you are trying to find passion within yourself, get ready for a long journey. It takes a lot of experimenting to find what truly motivates you. Simply being passionate about accumulating money is not enough. You need to be passionate about what you do to accumulate it. When you find a role that keeps you constantly excited and engaged, you have found your passion. Your passion may lead you to becoming an entrepreneur.

As an entrepreneur starting your own business, keep in mind that your business can only succeed if you get the right people on your team. They need to be just as passionate as you are about what you do. They will probably lack your entrepreneurial drive (which is good; otherwise they would start competing businesses), but they cannot lack passion for what your business does. Make certain each person on your team firmly believes in your product or service and your goals for success.

Maintaining Passion

Running your own business is a full-time ordeal that will always include elements you are not passionate about. Maintain your focus on the elements that will drive the business and don’t let tasks that seem unpleasant slow you down. Your passion will keep you striving to perform at a high level no matter the task. For example, the domain market requires both a passion for sales and a passion for intense market research. DomainMarket.com is successful only because its employees are passionate about both. You must be passionate about each critical aspect of your business to be successful.

Look ahead to see what skill sets in your business require passion. You can find people who are passionate about accounting, human resources, and technical support. If they share some degree of your passion for your overall product or service, they will be excellent additions to your team. By depending on your team to maintain their passion for their respective responsibilities, you can more easily maintain your passion about the overall vision of your business.

Fighting with Passion

Your secret weapon against your competitors is your passion. Unless you are venturing into completely uncharted market space, you will already have competitors (and if you open new market space, competitors will arise quickly). Most industries are already “over-saturated”, due to the laws of supply and demand. If you want to compete, you must crush your competitors and/or increase the demand. You can achieve both through maintaining a high degree of passion. Your passion will motivate you to work harder and smarter than your competitors. If your passion is contagious, you will also make your customers passionate about your product.

Growing Passion

Because of social media, the most important advertisements of your product or service are your customers. If a consumer hears about your product or service, their first reaction is to go to someone else for information about it. They are unlikely to trust anything you say until more than one of your customers tells them that you are great. Then they will come to you, listen to how your product or service will fit their needs, and try it out. Upon discovering that it’s the greatest thing since sliced bread, they will share it with their friends and grow your market share.

Make the cultivation and careful use of passion your goal. No other element will ensure your success like passion will. What do you do at present to maintain your passion, cultivate passion in your employees, and inspire that passion in your target audience?