Already a Bloomberg.com user?
Sign in with the same account.
Does a business need passion in order to thrive? There are many ingredients that go into creating a winning business, including a great idea, a great team, great passion, and great leadership. All are important, but great passion can be the fire that helps fuel success. On the flip side, it can also destroy the business when it is misguided.
Like all fires, passions can spark other flames and become contagious, igniting the passion of investors, business partners, and customers, as well as employees. If left uncontrolled and misdirected, passion can destroy a business. However, when controlled, directed, and focused, it can boost a business’s chance for success.
Of course, passion isn’t the only important ingredient in business success. Most venture capitalists and business professionals will tell you, "It’s the team that makes the difference." A great business idea alone will not make a business profitable, but a passionate team that has the vision and the ability to execute the idea, even if the idea is only pretty good, can help a company achieve success. A winning team has a passionate leader and a team that is equally committed to achieving success.
Is there a magic formula? Is it 50% passionate team and 50% concept? What’s missing in this formula? It’s the team’s ability to execute on the idea. This ability is fueled by passion, vision, experience, and focusing on customer needs. Therefore, to be successful in business, you don’t have to come up with the most ingenious and creative business concept. You must have a solid concept that satisfies a need, and you must be able to properly funnel your passion to execute the plan.
Marketing Edge Consulting Group