In a recent post I mentioned that — when asked by young, would-be entrepreneurs what type of business they should go into in order to be successful — I suggest they do something they love to do…which is also marketable.
While the famous saying, “Do what you love and the money will follow” is very inspiring and “feel-goody”, I believe it leaves out something very important: you’ve also got to be able to provide value that people need and/or want, and will pay for. Otherwise, it’s not a business; it’s a hobby. (See Carol Roth’s The Entrepreneur Equation.)
Of course, we all know people who earn a high income and bring great value to their customers and clients, but they despise their work. Every day for them is a struggle.
In my opinion, that is not a successful business.
Doing what you love is a very important start! However, we also all know people who love what they do but haven’t found a way to bring value to others in such a way that people will pay them for it.
Also not a successful business.
If someone were to ask me what I consider to be a successful business, I’d say there are three major parts:
1. You love what you do.
2. You provide great value to many people.
3. You make a healthy profit.
Note that both of the scenarios earlier in the post included either one or two of the above parts but not all three. In my opinion it takes all three to have a successful business.
What do you think?