Build your business on passion
(This is an AI generated audio.)
Doug repeatedly emphasized the importance of creating an online business based on your passion. He has seen many great examples of where those who picked their market niche by listening to their hearts became highly successful.
What Doug means is that the key to your business success is to choose a niche that fully coincides with your personal interest and liking. You cannot reach outstanding results without that. So, he uses the word ‘passion’ in the meaning of preference, positive emotion, attachment.
“One of the reasons that I feel that passion is very important is because I find it difficult to force myself to continue to stay focused... to produce the volume of high-quality work that is needed to excel when I am working in an area that I have little interest in”, says Doug. “In contrast, areas like organizing a team, communicating effectively, or coaxing someone toward success are areas that I have to force myself to quit working on. Therefore, I am much more likely to build a successful business in an area that interests me and I get great satisfaction from working in.”
Many unusual market segments can make you a successful entrepreneur; if it is not obvious to others how your passion can be the core of your business, so be it. Just do it. Do it carefully: conduct research to figure out if your product or service will make others happy too.
A close friend of mine works as the CEO of a company doing HR-related activities. Her passion is matchmaking. She has always loved to organize meetings, introduce people to each other, and see them falling in love. She says this is a fantastic rewarding feeling to see how a newly established bond starts evolving into a warm and lasting relationship.
So, on top of everything else that she does, she set up an online matchmaking office. Her modus operandi is quite original. If you want her to help you find your mate, you must obey her rules. Once you paid your fee (which is outrageously high if you ask me), you will be tested by a psychologist. Then you will be shown a selection of pictures of people who are, according to my friend (and the psychologist) your potential matches. If you pick one of them, you must invite that person for dinner. If the dinner does not go well, you have two more options. If none of the three is to your liking, half of your fee will be returned.
“I love it”, says my friend. “I know you think that my fee is unacceptably high, but that is your view. My clients say they are willing to dig deep into their pockets because they are expecting top-level services. And that is what they get! I am not greedy, and I set my prices high because I want my clients to appreciate what they receive. Truth be told, I have a special concept of pricing. Look, if I am asked to do a job that I am not particularly fond of, I will ask for a lot of money. If I work on something that has a social benefit, I may do it free of charge. But if I work on something that is my passion, I am ready to pay for the job. See my point?”
So, my friends, that is a niche covering a passion.
Send me a comment, let me know if you concur or not, and challenge my views on passion, pricing policy, and finding your business niche.
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