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Fastlane IMP- Is PASSION important or PREPAREDNESS ?

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juggler619

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Preparation Trumps Passion!

Read this article about a study conducted, hence sharing with you guys .Screams out an extremely important view which is also shared by MJ in TMF ...


Many would-be entrepreneurs see their passion as the ticket to success. For example, on crowdfunding sites, they vie with one another in emphasising their enthusiasm for their projects. When it comes to fundraising, that approach can work: passion tends to appeal to nonprofessional investors eager to fund the next great idea.

But it’s a different story when it comes to long-term success. New research on hundreds of founders reveals that passion has nothing to do with results a few years out. What matters is preparedness: whether founders have fleshed out their ideas, gained a deep understanding of their markets, and created plans for overcoming obstacles and exploiting contingencies.

We conducted a series of (unpublished) studies of projects entered in the largest university-level student entrepreneurship competition in the US, in fields such as biotech, life sciences and consumer products.

At the outset, the entrants cited passion as a key factor when predicting their success, and looking back after three years, the small fraction whose ventures were doing well cited that factor again. But the researchers’ analysis showed that the entrepreneurs’ passion played no role in their projects’ fates. It was preparedness that enabled certain ventures to fly. The research team also studied 522 projects posted on Indiegogo.

From “For Founders, Preparation Trumps Passion”
 
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tafy

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Hmm depends what you mean about passion, you need passion for your venture or you probably wont see it through the hard times
 

juggler619

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@tafy even i had my doubts as to what passion actually meant , i assumed passion would mean doing what you love instead of doing what the market needs ...
 

tafy

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i assumed passion would mean doing what you love instead of doing what the market needs ...

And why cant it be both, if you are an amazing surfer and love surfing, who would be the best person to make a surfing app to tell you when the best waves are and the best surfing spots?

Him or someone who doesnt like surfing?

You obviously need a lot of things to have a successful business but passion for the work is one of the highest requirements, over preparedness. It's your love of what you do that will get you up at 6am excited to work on your business, that keeps you up late at night doing that one last thing. preparedness wont do much for you without passion for the work and the subject.
 

juggler619

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And why cant it be both, if you are an amazing surfer and love surfing, who would be the best person to make a surfing app to tell you when the best waves are and the best surfing spots?

Him or someone who doesnt like surfing?

You obviously need a lot of things to have a successful business but passion for the work is one of the highest requirements, over preparedness. It's your love of what you do that will get you up at 6am excited to work on your business, that keeps you up late at night doing that one last thing. preparedness wont do much for you without passion for the work and the subject.

Exactly what i thought too.... You do have a valid view.

But the research was based on 522 start up projects .
Finding - the researchers’ analysis showed that the entrepreneurs’ passion played no role in their projects’ fates. It was preparedness that enabled certain ventures to fly.
 

tafy

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Study was bullshit tho, thats the problem. They asked a bunch of students what they thought would make them succeed and it turn out the ones that said passion or not it didnt effect the results.

Was it a burning desire type of passion that you need to succeed or a wantrepreneur type passion that faded away after a few weeks?
 

juggler619

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Study was bullshit tho, thats the problem. They asked a bunch of students what they thought would make them succeed and it turn out the ones that said passion or not it didnt effect the results.

Was it a burning desire type of passion that you need to succeed or a wantrepreneur type passion that faded away after a few weeks?
much clear now, thanks . cheers
 

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