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This thread will have two parts. Part one is advice to aspiring entrepreneurs while part two is a request from those that have a good amount of business experience.
HOWEVER
I think that the proliferation of this idea has led to a lot of beginners trying to make a squirrel fly. There are unlimited ways to provide value and make money. While your business should not be limited to things that you are passionate about, you should choose a type of business or a way to run your business that is amenable with your personality and life circumstances.
It seems like so many entrepreneurs that I personally know are imitating pop entrepreneurs that are nothing like them or trying to copy methods that are clearly not consistent with their lifestyle. Instead they should live their lives and think of ways that they could provide value to others. Copying others is smart. But only if you are ready to accept both the advantages and disadvantages of the actions.
Example of what this looks like in real life:
In my intro, I mentioned how my first relatively successful business was in affiliate marketing. Part of what made me successful was my willingness to sit on the computer all day figuring stuff out and adjusting inputs/outputs. There were times in my career where I "worked" 12+ hr days, 7 days a week. Telling me that I had to "work" more that day was the equivalent of threatening me with a good time. If you are a super extroverted person that needed to talk to people all day to feel fulfilled, you would have an extremely hard time competing against me in a space with that requirement. While you are burning through mental energy and discipline just to stay seated, I was excited to be on the computer and could use that energy on other problems.
So I would say that my personality type was a big advantage in the business I chose at the time, while a typical politicians (random example) personality type would be a huge disadvantage. They love being out there, talking to people, shaking hands, attention, etc.
Think of this idea as an addition to CENTS, where violating this doesn't mean you can't be successful. It's just that abiding by this idea will help maximize your chances of success.
Also keep in mind that there are no hard set requirements for any venture. Someone can do affiliate marketing with good ole fashion in-person hand shaking. But certain methods, paths, and business models will invariably demand certain things. You could still jump on idea X that requires you to do a lot of things you don't want to do. You would just need to approach it with your eyes wide open. You would need to do it in a way that is consistent with your ability or make it a point to hire or partner with someone that could eventually fill that role more effectively.
So when thinking about what starting your business, make sure to ask yourself the following:
What are the typical demands of a business of this type and will my life circumstances and personality be a benefit or detriment to my success?
This shouldn't be used as an excuse to not do action though. It is a perfectly reasonable answer to say "well I don't know exactly what I am ok with and/or my environment is very flexible". Start jumping on all opportunities and sooner or later you will hone in on what is right.
Part 1
I wholeheartedly agree with the Fastlane notion that your business should not have to be based on your passions.HOWEVER
I think that the proliferation of this idea has led to a lot of beginners trying to make a squirrel fly. There are unlimited ways to provide value and make money. While your business should not be limited to things that you are passionate about, you should choose a type of business or a way to run your business that is amenable with your personality and life circumstances.
It seems like so many entrepreneurs that I personally know are imitating pop entrepreneurs that are nothing like them or trying to copy methods that are clearly not consistent with their lifestyle. Instead they should live their lives and think of ways that they could provide value to others. Copying others is smart. But only if you are ready to accept both the advantages and disadvantages of the actions.
Example of what this looks like in real life:
In my intro, I mentioned how my first relatively successful business was in affiliate marketing. Part of what made me successful was my willingness to sit on the computer all day figuring stuff out and adjusting inputs/outputs. There were times in my career where I "worked" 12+ hr days, 7 days a week. Telling me that I had to "work" more that day was the equivalent of threatening me with a good time. If you are a super extroverted person that needed to talk to people all day to feel fulfilled, you would have an extremely hard time competing against me in a space with that requirement. While you are burning through mental energy and discipline just to stay seated, I was excited to be on the computer and could use that energy on other problems.
So I would say that my personality type was a big advantage in the business I chose at the time, while a typical politicians (random example) personality type would be a huge disadvantage. They love being out there, talking to people, shaking hands, attention, etc.
Think of this idea as an addition to CENTS, where violating this doesn't mean you can't be successful. It's just that abiding by this idea will help maximize your chances of success.
Also keep in mind that there are no hard set requirements for any venture. Someone can do affiliate marketing with good ole fashion in-person hand shaking. But certain methods, paths, and business models will invariably demand certain things. You could still jump on idea X that requires you to do a lot of things you don't want to do. You would just need to approach it with your eyes wide open. You would need to do it in a way that is consistent with your ability or make it a point to hire or partner with someone that could eventually fill that role more effectively.
So when thinking about what starting your business, make sure to ask yourself the following:
What are the typical demands of a business of this type and will my life circumstances and personality be a benefit or detriment to my success?
This shouldn't be used as an excuse to not do action though. It is a perfectly reasonable answer to say "well I don't know exactly what I am ok with and/or my environment is very flexible". Start jumping on all opportunities and sooner or later you will hone in on what is right.
Part 2
If you have a good amount of experience in business, the rest of us would really love to hear your nuggets of wisdom on this topic. Keep in mind that I am not saying your answers are obstacles that cannot be overcome. Simply that these things would be big obstacles.- What kind of personality traits do you think would be advantages in your business?
- What kind of personality traits do you think would specifically be detrimental to your business?
- What kind of life circumstances do you believe are detrimental to your business? (ex. It would be very difficult to be a real estate developer with no experience in real estate and no starting capital of your own)
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