How To Decide What Business Idea To Work On: Passion Vs. Need

There are two main ways Entrepreneurs usually go about deciding on a business venture: Passion vs. Need.

When following a Passion Entrepreneurs either have an idea that inspires them, something they think will change the world for the better or something that they just have to bring out.

Here the selling point is mainly their emotional attachment to this project or idea and they create a baseline of value, money and need around their initial passion.

These can be great ideas that revolutionize everything or just a slightly different, but important take on something new.

The positive side of this is that they are usually able to work much harder for their business idea. They can drive more energy and motivation from what they do and end performing better with the business on average.

The downside is that a lot of the times these ideas come from already existing concepts.

Most of the Passion ideas of Entrepreneurs are nothing new and are rarely unique enough to offer something special. It therefore takes a lot of hard work for them to actually get to a point where they develop their idea enough to sell it effectively.

The ironic thing is that it is the passion that opens this door for them.

When they follow a Need is mostly looking at the market from a much colder Point of View.

They look at where there is an opening in the market, find something that should technically fill that gap and try to produce it.

These are usually ideas that truly make a difference and the positive side of this approach is that it works much better from a financial, theoretical standpoint.

Most of these ideas and businesses have a much easier time to make money when they start off, however it is a bit harder to actually find ideas like this as it requires a very unique take on the market; you are essentially creating something that isn’t there.

The problem is that, from a practical standpoint, in a capitalistic world following the Survival of the Fittest rule, the energy is often not there to see this project through.