I often talk about EMF in posts. I point to three important components of my business Emotions, Passion and Realism and need to balance all three of them . One component rules and you cannot be entrepreneur anymore. You have lost the mindset and cannot function efficiently.
In my last venture, I had everything at the start, emotions were good, passion was strong and realism that my venture could fail too was well understood.
As time passed by I could not get many customers. Maybe it was a bad sales pitch, product not good enough or customer very cost conscious. Whatever it was I just could not make much sales. I mean there were sales but they were not enough to keep the business going . Soon I was losing interest in it. There were more ideas on my mind and I was losing passion.
Today I have closed that business because it was hurting me financially. Here is one of the lesson I learned from the closed venture.
First, passion is as important as emotion and realism. Passion is what make you go through the grind everyday. Things were not going my way but that did not mean I immediately backed off. I held on till I could.
Second, realism sets in as soon as you launch the venture. You are excited about product launch and then you see no one takes interest in it. Too much of a realism and you will lose the passion to run the business.
No one can answer the question as to how long you should run your business to be successful. Only you can. It may take days, months or years. It all depends on how well you can keep up all the three factors balanced. If one gains prominence( plus or minus), you might risk the other two ignored and jeopardize the project.
So the key to successful business is to have a balance in your emotions, passion and realism in you. That will keep you from making the same mistakes again.
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