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.
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