Part 2 of our Lessons From Richard Branson series looks at knowing why you are starting a business in the first place – is it because you are passionate about your ideas or are you just trying to make a buck?
“Above all, you want to create something you are proud of…. That has always been my philosophy of business.
I can honestly say that I have never gone into any business purely to make money. If that is the sole motive, then I believe you are better off doing nothing.
I don’t think of work as work and play as play. It’s all living.
I’ve had to create companies that I believe in 100%. These are companies I feel will make a genuine difference.
Then I have to be willing to find the time myself to talk about them, promote them and market them. I don’t want to spend my life doing something that I’m not proud of.”
I have researched and profiled over 70 famous entrepreneurs on my website so far and one of the recurring themes that comes across is to start a business because you love doing it and because you feel you are making a difference instead of doing it for the money.
Starting a business requires a lot of hard work and effort. You will invest your time, your money, and a lot of energy to get it off the ground. Sleepless nights will be the norm and you will not get the chance to see your friends and family nearly as much as you would if you were working a 9 to 5 job – such is the life of an entrepreneur.
It usually takes a couple of years of hard work before a business really brings in any kind of serious revenue. Many of the most famous entrepreneurs in the world struggled for a decade, or more, before their company hit it big.
If you start a business only for the money then you are likely not going to be prepared to put in the effort needed to make it succeed. In addition, instead of loving what you are doing you will be forcing yourself to go to work, hoping that one day it will pay off.
Sure, you need to have a business mind and focus on trying to land clients so you can support yourself and build your company but it should not be your primary concern. Focus on your passion and on making a difference and the money will follow.
Evan Carmichael
Excellent entry. I honestly have to believe that If I hadn’t loved what I did, my first venture wouldn’t have been the success that it was either. I’m no Richard Branson, but I certainly agree with him.
Beyond loving what you do, you also get to love the freedom that comes with owning your own business. There’s nothing else like it.
Yes, hard work and patience are paramount. Great advice from Mr. Branson.
You have to be passionate about what you do that is for certain. But It’s not necessarily the end product that you have to be passionate about. Many people take any idea or business that they weren’t fully passionate (for example, a sheet metal company or the like) about and turn it in to a profitable company because they loved the role they were in. They loved making deals and closing deals. They were passionate about assembling the perfect team and motivating them and buildling and devising a system that would turn profits rather than being passionate about the product or industry they were involved in.
hi i enjoyed the read
I couldn’t read Richard Branson’s quotes because of the advertisements. Good article.