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We conducted a series of (unpublished) studies of projects entered in the largest university-level student entrepreneurship competition in the US, in fields such as biotech, life sciences and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We conducted a series of (unpublished) studies of projects entered in the largest university-level student entrepreneurship competition in the US, in fields such as biotech, life sciences and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