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There is Profitability in Passion

December 14, 2006  |  from DYER PREDICTIONS

I just read the New York Times article, A Passion Becomes a Business: Now for the Hard Part of Making it Profitable. December 14, 2006, New York Times Business Section.

According to this article many people are following their passions later in life by starting their own companies and doing what they love. The hard part of these ventures is making a profit. Author Thomas J. Stanley (The Millionaire Mind, a book based on empirical research into the habits of millionaires) suggests that if people follow their passion not only can they make a profit, they can become millionaires. Millionaires love what they do. They love the products they make or the services they provide; they even like their suppliers. They know more about their niche than anyone else. According to Stanley, “If you are creative enough to select the ideal vocation, you can win big-time”.

The questions is, how. Stanley says the top five factors to which millionaires attribute their success are:

• Integrity – being honest with all people
• Discipline – applying self control
• Social Skills – getting along with other people
• A supportive spouse
• Hard Work – Work harder than most people

Millionaires posses the courage to be wealthy. Rather than looking at self-employment as a loss of security and control, the millionaire mindset looks at self-employment as the only opportunity to control their own destiny. The profits they make are their own and there is no real limit to how much they can make. To overcome fear they practice believing in themselves. They focus on key issues, they prepare, and they plan to succeed.

The majority of millionaires surveyed said that they became economic successes because they learned to focus their energies and other resources in ways that maximized their output. What drove them to be so focused was knowing their own limitations. With this focus they were able to select the best place and time to build their business, overcoming their weaknesses and maximizing their chances for success.

Finally, act as if. If you begin to act like a millionaire, eventually you will become one.

Filed: Entrepreneurship Operations