I'll begin where the majority of successful entrepreneurs begin--"follow your passion." It may be a shopworn phrase, but this advice is as valid today for how to succeed in business as it was a hundred years ago, and it has certainly proven true for me. I have been successfully following my passion for seven decades.
The word passion has a direct application to business. It means a strong feeling of enthusiasm or excitement for something or about doing something. A new entrepreneur will need this emotional charge to sustain his or her motivation when facing the unexpected challenges that all startups encounter. The power of personal attachment will energize you and keep the momentum going. According to one estimate, 8 out of 10 businesses fail in the first 18 months, so passion's role will likely be crucial for survival.
At age 90, I'm bold enough to speak about the importance of this topic to younger generations since I can draw from experience, not theory. Recently, I produced a new streaming video for entrepreneurs called, "How To Succeed In Business," in which I discuss why passion is such a vital factor.
Self-motivation is the key to success and will achieve powerful results.
Lately, many self-proclaimed business gurus have maligned the idea of pursuing a passion as bad advice. They dismiss it as an oversimplification, and to an extent, they are right. It is not as simple as it sounds. Clarifications and additional considerations are essential. So, what is the best way to tap into your self-motivation and start a new business? First, you need to do some self-reflection. What are your core values? What experiences have shaped you? How do you define success? Next, think of your dream job as actually a constellation of overlapping desires. Yes, you want to pursue something you love, but you also want to make a reasonable income, have time for leisure activities, save for retirement, and live where and how you want to. Along the way you will undoubtedly have to make some compromises and adjustments. It is important to recognize that career satisfaction will emanate from many sources.