It is a moment of passion and determination that has given birth to a number of businesses. Fueling that passion, many businesses have moved forward. If you let that passion and excitement overwhelm you, though, you will fall. You have to look at reality at the same time. You may wonder why this is important. Experts opine that too much passion will make you see only what you want to see and make you do only what you want to do, ignoring things that you don’t prefer/like/suit your fancy.
Here are three mistakes that overly passionate people commit:
No Market Research
You may think your idea is the best in the world and your loved ones (friends, family, partner, etc.) may praise you endlessly but that doesn’t mean you neglect market research. Just because everyone around you praised your idea does not justify your carelessness. Your close ones will obviously have only good things to tell you.
Thus, no matter how amazing you think your idea is, do not execute it before you are sure that you have a market for it.
Making Assumptions About Costs
Your passion about your idea will encourage you to get started with execution immediately. Without giving it a second thought you will start spending your personal savings and assets on creating the prototype and related needs. In between all this you will completely forget that banks don’t offer loans easily. You have to show them that you are capable of paying them back and even one huge order will not help you with that.
Thus, you should never underestimate how much you will have to spend while launching a business. You should, instead, think of all expenses beforehand and then proceed. Not doing your homework will cost you dearly.
Doing Everything Alone
You value freedom but that doesn’t insinuate that you do everything by yourself. You may be able to do that for a few months but you will go downhill after that. Doing everything alone and trying to be an expert at everything will make you stressed, angry, sad, and guilty of many things. You need support in the entrepreneurial world in the form of employees, mentors, advisers, etc.
Think about how much you are spending, trying to do so many things alone. You will realize you can indeed afford help instead and ease your burden.
Avoid these mistakes that many make due to passion and be successful!
Being passionate is great but letting your passion influence your decisions and making silly mistakes in business is terrible. Don’t let your passion for things overwhelm you. Know where to draw the line and to be practical.
Image courtesy of [Stuart Miles] / FreeDigitalPhotos.net