Passion is an essential ingredient in business, but it also has it’s down-side risks. So beware of its mesmerizing effects. The danger: while passion motivates, it can also be blinding and lead to ultimate failure.
CURES for 5 common forms of Passion Blindness:
1. Entitlement Blind: You have a Big Idea. But are you the best competitor to make it a business? One sure bet is that if you’re successful, others will want to horn-in. And they might have superior resources and connections to overcome your early lead. Don’t waste your time proving markets for others. And define how you’ll keep others out of your grill. For more, see Stickypitch Wizard Tip, Dig in Early.
2. Business Model Blind: Launching a business can be exciting. But the real measure of success is long-term profitability. Don’t be an Icarus: sure he got off the ground, he even soared for a bit, but as he got closer to the sun, the wax on his wings melted and he failed in the end. Look beyond the fun of the present and make sure you can sustain your flight path. For more, see Stickypitch Wizard Tip, Seek Tried & True.
3. Competitor Blind: Passion has a nasty tendency to blur the distinction between objectivity and marketing propaganda. Acknowledge your competitors’ strengths. Your goal should be to learn from them. Watch them. Stalk them. Don’t get blind-sided. For more, see Stickypitch Wizard Tip, Don’t Be Hat’in.
4. Audience Blind: Ever heard a mission statement that sounds like, “We will be the preeminent… $1billion dollar a year… blah, blah, blah…”? That’s passion blindness at work. Sure you can have lofty goals, but it’s more effective to focus on the needs and wants of your audience. Don’t make it about you, make it about them. For more, see Stickypitch Wizard Tip, Deliver Their Dreams.
5. Profit Blind: You’re all into your product. Cool. But profitability is often less about signature products and more about the “other” stuff. Fancy folks call this “merchandising” and it drives your bottom line. So look beyond the obvious and get smart with your product mix. For more, see Stickypitch Wizard Tip, Find “Extra” Profits.
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