Well, a simple answer to the above question can be that both are essentially required for the success in business. However, this explanation will still leave you confused about which one to choose out of the two.
Passion is your key motivator when it comes to turn your dream business idea into reality, but you must also know that money has the power to break and make kingdoms and honestly, it can influence your passion too. You may not follow your passion at times when you see money in another direction.
Planning on the other hand helps you stay focused and follow your passion. In fact, planning in a business is integral and is of paramount importance.
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In real life, there have been examples when passionate people have drafted some of the great success stories like Mark Zuckerberg, Larry Page and many others. But if we explore the details, we find that all of them were excellent planners. They did excellent planning to harness the power of their passion which ultimately resulted as a success.
Passion is a motivating force. It will provide you with the much needed steam when you hear a “No” or face “Rejection”, but if this passion combines with a careful planning then the driving force gets magnified manifold and deliver outstanding results.
Charles Thomas Munger, a famous American investor, businessman and philanthropist has defined a term “Lollapalooza effect” according to which when two powerful forces work together, the outcome is exponential as compared to the result these forces produce individually. This “Lollapalooza effect” actually happens when passion and planning a combined.
Following your passion and starting your own business out of it can be a great idea, but, it must be thoughtfully researched and grounded in reality. You do need to check the feasibility of the business idea first. If it is not the feasible idea, you should drop it and plan for a feasible one. But in case if your passion turns out to be a feasible business idea, do all what you can to make it a success. Start with proper planning and develop an action plan. Evaluate your plan periodically, measure success and make changes where needed.
Whether it’s a high tech IoT startup or turning grandma’s recipe into the next big thing, go in with your eyes open.
Lastly, out of the Passion Vs Planning if we have to choose one, it will definitely be the latter. However, if you are able to strike a mix of both then there is no looking back for you and wonders will happen right in front of your eyes.