4 Ways How Entrepreneurial Passion Drives the Success of Startups
Whenever you think of a successful entrepreneur, what is the first thing that comes to mind? A question that could have multiple answers, but the one constant factor in all of these answers – is their passion. The most successful entrepreneurs are driven by a compelling desire, infectious enthusiasm, and eagerness to succeed without giving up.
The famous industrialist and the founder of Ford Motors, Henry Ford, once said, “When everything seems to go against you, remember the airplanes take off against the wind, not with it.”
While the automotive pioneer did not mention the word “passion,” it is evident that during the most challenging circumstances, the unbridled enthusiasm keeps the ship sailing. Every decision an entrepreneur makes results from a passion for their craft.
According to statistics, over 557,000 new businesses were opened in the United States between March 2020 and March 2021. However, only a handful of these driven startups are making progress in contributing effectively to our economy.
This article takes you through some of the best practices of successful entrepreneurs and how staying passionate has helped them scale their startups.
1) The driving force to deliver seamlessly every day – Consistency
We are all aware of the phrase that consistency is key. To stay consistent, leaders don’t give up on even the most mundane tasks. Initially, tasks might seem fun and exciting, but in due course of time, it becomes a part of their routine. As a result, there is a high chance of experiencing a lack of enthusiasm. However, with passionate leaders, that’s not the case.
Most successful CXOs take these mundane tasks and ensure to do them with the same zeal as when they started. Further, they also go out of their way to keep tasks interesting for their teammates. Sometimes, it is good people management skills, and sometimes, their problem-solving ability ensures their team doesn’t lose sight of their goal. Leaders’ proficiency in keeping things afloat stems from their unmatched passion for their work.
2) Overcoming setbacks and failures – Resilience
Failures and setbacks are inevitable. Even the most well-equipped teams face difficult circumstances. But what sets them apart from the rest is their resilience to overcome challenges.
Steve Jobs, the creative genius, was booted from his own company. However, that did not stop Jobs to keep innovating. He went on to form his own company NeXT which Apple later acquired. After reuniting with Apple, he went on to transform the brand’s image and built world-class products, relevant even today.
Without the vigor and love for technology, the world wouldn’t have experienced Jobs’ brilliance. His undying passion for innovation kept him going even during the most challenging phase of his life.
3) Building perseverance, integrity, and loyalty – Values
Undoubtedly, passionate leaders are vital for developing a well-functioning society. However, it is also essential that every leader has a team who shares the same vision and zeal to deliver seamless performance. The most successful leaders know the importance of transferring skills and mindset to their team members. They invest their time and resources to hire the best team of engineers, marketers, operations managers, product managers, sales managers, financial officers, and customer service executives and build innovative solutions.
Passion is the driving force in cultivating strong team values like integrity, loyalty, and perseverance. The potential of teams to remain patient in the eye of the storm helps them tackle complex problems together. Without a driven leader and a spirited team, success is uncertain.
4) Investors value passion even more than the business idea – Belief
There is no substitute for a great idea. Ideas help to tackle complex problems with a fresh perspective. However, an idea without execution is no good. There are several ideas, but the implementation makes them great.
Investors listen to unique ideas every day. But they want to know if a CEO has the drive to execute them seamlessly. They want to know if a startup has an energetic and passionate team to drive the initiatives and bring those ideas to reality. Investors look for leaders who have the adaptability to face uncertainty without skipping a beat. Such qualities in leaders demonstrate that regardless of whether the idea takes off or stalls, they will find a way to make their dreams come true.
Every investor wants to back entrepreneurs and startups that are driven and bold to follow their passion. Ideas need not be disruptive every time, but the devotion to an entrepreneur’s invention must be infectious.
Barbara Corcoran, the real-estate mogul, and star of ABC’s Shark Tank, says that failure is her specialty. Similarly, Ariana Huffington, co-founder of Huffington Post, was rejected 36 times by major publications for her second book. However, these eminent personalities and entrepreneurs, who bask in glory today, never saw failure as their fate. They were driven, passionate, and full of belief. Success was their only goal, and they kept pursuing their dream passionately till it became a reality.
Expertise, experience, decision-making, and strategic initiatives are essential to a successful startup. But success is a mirage without the hunger to win and the ability to overcome. What passion is to startups, the soul is to human beings. Behind every successful startup, there are multiple failures, errors, and setbacks. But what makes them stand out is the ability to rise again and be unafraid of falling again.