Running a Business on Passion

This is from FutureSimple’s Growth University Blog. 

You hear all the time, Do what you love. And while on the surface, that’s good advice (after all, why would you start a business doing what you dislike?), it might not be enough, running a business on passion, if you don’t have business acumen.

Let’s take a pseudo made-up example. Tara loves dancing, and has taken ballet all her life. One day, she decides to open a ballet studio to teach kids what she does best. While she’s certainly skilled to teach, she may not be the best business owner. Tara knows nothing about billing clients, marketing or hiring. And she fumbles. She’s setting herself up for failure simply because her passion outweighs her business acumen.

Do I Need an MBA for Running a Business on Passion?

I’m not saying you need a business degree to be a business owner, but it’s important that you at least read a few books and blogs on small business rather than relying on running a business on passion. There’s a lot more to it than baking cookies or mowing yards, at every level. You’ve got to be able to manage people, take payments, promote your services and make customers happy. Not everyone’s cut out for all that.

If you’re considering starting a business, first, I implore you: take a few business courses or seminars at your local college or small business center. You can learn a lot, even in a 3-hour seminar, that will help you be a smarter business owner.

If you’re already knee-deep in your business, but starting to flounder, buy a few business books, subscribe to a few blogs (this one’s a great place to start) and talk to other entrepreneurs about what you can do to improve your weak areas.

Read the entire post here.