Whenever someone considers becoming an entrepreneur, the first thing they need to consider is what they’re going to offer to their target market. Some people would gravitate towards their passion, while others would take heed of practicality and offer the people something that’s already in demand. The dilemma here lies in which approach entrepreneurs should take when deciding on a guiding principle for their business.
For Passion
The primary advantage of building a passion project is that you are very likely to be dedicated to your craft, no matter the situation. Not only this, but passion projects are extremely effective at attracting like-minded people, whether those people are co-workers or customers. Passion can serve as a solid foundation for your business, both in terms of identity and goal.
A passion-based business is best for businesses that operate within a niche. Some passion-centered entrepreneurs, like the guy who invented the baseball bat mug, are able to produce unique products that don’t just appeal to the same passion as those of their target consumers, but they are also able to establish more authentic relationships with their customers. The defining trait of passion projects is that when they create a positive impact, it’s on a much higher level than most businesses.
Related: 10 Reasons Being An Entrepreneur Is Better Than Employment
For Practicality
On the other hand, with a business that’s based on practicality, there’s going to be a lot of data involved in its creation. Entrepreneurs who prioritize practicality usually target markets that are already booming, and they make products that already enjoy significant demand. The benefit of taking a more practical approach is that you gain a better understanding of what running a business means. You’re likely not going to be doing what you love, but rather, you’re going to be doing tasks that are related to actually running a business.
The difficult truth about running a business is that you rarely actually get to do what you love to do. Most people think that by opening a business, you’d actually get to do more of the things you love when the truth is that there’s so much more to running a business than just making products or providing services. Factors such as advertising, managing, and recruiting staff are some of the tasks that entrepreneurs have to handle. A practical approach also understands that the market doesn’t necessarily care about your business and your passion; it only cares whether you’re able to satisfy an unmet need.
What’s the Best Approach?
You can never go wrong with a holistic approach wherein you’re passionate and enthusiastic about what you can bring to the market and to your customers. At the same time, it’s also important to be aware of the less appealing aspects of running a business. Remember that a business is not made for its owner, but rather it’s made in order to fulfill the needs of people.
