Asking if a Business Idea Is Worth Any SH*T? Read This.
Things to consider BEFORE (not during or after!) opening a business.
First of all, two disclaimers:
1st — This article is based on my own experience (as someone who has started three different businesses) as well as the experiences of my fellow entrepreneurs.
If you are a VC-funded silicon valley wonderboy with millions to burn, maybe this won't apply to you. BUT, if you are an entrepreneur on a shoestring, trying to save every penny, keep reading.
2nd — This is not an article for experts. I will not give you a super-structured recipe for success or the secret to a Forbes Magazine cover. Especially because the first doesn’t exist and the second is quite foolish.
So, I guess you want to open a business, or at least you are wandering around this idea, right?
Otherwise, why would you keep reading this article while there are hundreds of others on Medium about more interesting things like a war survival guide or an article about the incoming inflationary chaos?
Here is the first thing I have to tell you:
Don’t pursue your passion
Pursuing your passion isn’t always a smart idea. Maybe for little stakes, like selecting alcohol at the grocery or clothing at a department shop.
However, passion is insufficient for starting a venture.
The findings of three researchers — Paul O’Keefe, Carol Dweck, and Gregory Walton — were revealed in a Stanford University publication. They emphasized that while the suggestion to “seek your passion” is well-intended, it may not be effective guidance.
Mantras like ‘find your passion’ carry hidden implications… they imply that once an interest resonates, pursuing it will be easy. But, the research found that when people encounter inevitable challenges, that mindset makes it more likely people will surrender their newfound interest. […]That can cause people to narrow their focus and neglect other areas.
Working with something you despise is not a good idea, in my opinion. However, if you want a lucrative business, there are certain variables to…