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Experienced or Passionate: What Should an Entrepreneur Be to Start His Own Business?
Establishing your venture can be oppugning and awarding at the same time. You need to carry a long list of skills and traits to be a successful entrepreneur. A couple of important aspects for every entrepreneur to reach heights are gaining experience in their field and carrying a passion for their business. It is often questioned which of the two factors plays a significant role in shaping the future of budding entrepreneurs. In this article, we shall understand what should an entrepreneur be to start his own business: experienced or passionate!
Experience or Passion
The entrepreneurial world consists of multiple debating questions. The question ‘Whether an entrepreneur should be passionate or experienced?’ holds one of the topmost slots in this category. Passion and experience are often viewed as contradicting personality traits. Although we do not possess a clear-cut answer here, an entrepreneur should have an equal balance between experience and passion to be successful.
Experience can help an entrepreneur gain the knowledge and practical skills required to survive in the market and build their network. Passion acts as a driving force for entrepreneurs to be hardworking, creative, and accepting of challenges. The lack of either of the qualities can make it difficult for an entrepreneur to stand out in the market and achieve their goals.
An experienced entrepreneur without a passion for his goal always lacks the motivation to go the extra mile. Such an entrepreneur can fall short of determination to run his business and sail through the turmoil. Similarly, a passionate individual without the knowledge and experience in the market is unaware of the right business direction and obstacles that lie in their path. Such an entrepreneurial approach can often navigate the business in the wrong direction and lead to its downfall. Balancing experience and passion are crucial for entrepreneurs to capitalize on opportunities in the industry.
Advantages of Experience for an Entrepreneur
Being experienced comes with a truckload of benefits for budding entrepreneurs. You can grab a plate full of knowledge and skills that you need to succeed in your venture. A prior experience helps you create your network of potential contacts that can be your assets and support your business in the long run. Here are a few advantages of being experienced as an entrepreneur −
Well-Built Skillset and Knowledge
There are numerous skills required by an entrepreneur to manage multiple departments of his venture Entrepreneurs often need in-depth knowledge on various topics including finance, taxation, operations, marketing, and business development. Prior experience helps the entrepreneur gain these skillsets and knowledge that can be applied to their new venture. An experienced entrepreneur knows about the functioning of a business and can utilize this knowledge to navigate his startup.
Peers are an invaluable asset to every entrepreneur when they set foot into starting a new business. Peers can help entrepreneurs in finding relevant funding options suitable to start their venture. It can also introduce the entrepreneur to potential business partners, customers, and clients that can help him scale his goals further. An experienced entrepreneur is likely to have a well-built network from over the years that he can tap into in times of need. Not only professionally, but peer networking can also come in handy even in the personal aspects of an entrepreneur’s life. Entrepreneurs can seek priceless advice on business and personal matters from their wide network of contacts.
Gaining Adaptability to Market Trends
The competitive landscape is dynamic and often requires a deep understanding of business trends. Without adequate knowledge about the industry, entrepreneurs fail to navigate their businesses and gain sustained growth. An experienced entrepreneur is familiar with the industry and has a deeper insight into the existing competitors and market tendencies. Experience can help the entrepreneur make informed business decisions and think about the long-term benefits of the venture. Experience also enables an entrepreneur to look at the bigger picture and create an all-around strategic plan for business development.
Forming Business Expectations Realistically
Building a new venture includes numerous challenges. Often, entrepreneurs omit such difficulties and expect unrealistic growth results from their venture. Experience enables an entrepreneur to have a clear understanding of the difficulties involved in starting a business. This makes them better decision-makers and enables them to come to informed business conclusions. Experienced entrepreneurs are also better at managing adverse situations and driving the morale of their teams. They are prepared for unforeseen circumstances and often carry contingency plans when things do not go as per their plan. This helps them to navigate the situation better and not get caught in the crossfire of unexpected changes in the market.
Advantages of Passion for an Entrepreneur
Passion is the fuel to drive the morale of every business. A business owner filled with passion is likely to be motivated and determined toward his business. He will also be willing to uplift the other individuals around him and drive the productivity of his team. Here are the advantages of being passionate as an entrepreneur −
Driving Determination and Morale
Entrepreneurs are often required to put in long hours and additional efforts to take their businesses to heights. A loss of interest over time is natural to kick in most entrepreneurs. Being passionate drives the determination and morale of every business owner. It pushes them to go an extra mile for their business and dedicate extra hours for its success. Passionate entrepreneurs are committed to their goals and their enhanced focus enables them to achieve their business objectives effectively.
Better Creativity and Problem-Solving Skills
Passion drives creativity and innovation. A startup always needs innovative additions to stay ahead in the game. A passionate entrepreneur is potentially creative and can come up with unique business solutions. They are driven by innovation and are always up to trying new approaches for their business. Innovations also help such entrepreneurs to find fresh solutions to their business obstacles. Passion can help eliminate monotony from the business and create reinvigorating products and services.
Perseverance Through Challenges
Being passionate about a business makes an entrepreneur devoted. A passionate entrepreneur is not afraid of business obstacles and is likely to face challenges with open arms. Such entrepreneurs often view challenges as new learning opportunities and come out with flying colors. Entrepreneurs with a fondness for their venture can motivate others and find smart contingency solutions when their business navigates in the incorrect direction. They can create a stronger connection with their teams, business patterns, and customers in the market, and ensure better results for all during tough times.
Better Selling and Motivating Quality
Passion infuses a better selling and motivating quality into entrepreneurs. Passionate entrepreneurs can motivate their employees and promote a positive work culture. They can build loyalty and trust in the team that can help the employees resulting in better productivity. A startup founder passionate enough about his business is also a better seller of his products and services. Passionate entrepreneurs are more enthusiastic while converting their vision and products to customers. It helps them to sell their business in the market better and gain a larger customer base.
Passion and experience are critical qualities for achieving success for every entrepreneur. Experience can help an entrepreneur with business-related knowledge and skills, while passion can infuse the soft skills and personality traits needed to sustain the growth of a startup. Creating a fine balance between the two qualities helps an entrepreneur to survive in the market and strive to perform better.
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