Demand + Ability + Passion = The Entrepreneur's Formula for Success

Demand + Ability + Passion = The Entrepreneur's Formula for Success

WEB-260

By

Joe Crescenzi, Founder

Staten Island, NY Posted: 3/4/2015 1:00:00 AM

There are very few guarantees in life. This is one of them. If you follow this formula, you can't fail.

It's been said that most new businesses fail in the first six months. That's being generous. Even fewer last more than a year. Why is this?

Some may blame lack of adequate funding, poor location, or even heavy competition, but the fact is, many of them fail because they didn't follow this simple formula.

Let's start with the basics.

If you can identify where market Demand intersects with your Ability and Passion, you are virtually guaranteed to succeed. If any of these three are not present, don't even start.

It's as simple as that. You need all three. Any combination of less than three won't work. Let's break it down.

If you have Passion and Ability, but there is no Demand, you'll fail. No mater how much Passion or Ability you have for something, if there's no Demand, you can't win. Lack of demand is the the most critical of the three. It's hard to sell something nobody wants.

Even if there is a Demand for a product or service, but you lack either Passion or the Ability to follow through, you'll fail.

For example, there's a clear Demand for a product that will turn dog poop into gold, but regardless of how much Passion anyone has for it, nobody has the Ability to make it happen. So, in a sense, having the Ability to produce is just as important as having Demand.

The hardest combination to understand is having a Demand for something and the Ability to produce it, but lacking a true Passion for it. While you can gain traction in the short-term, you'll eventually fail unless you grow a true Passion for it. Without a Passion for it, you won't truly understand the continuous improvement you'll need to eventually fend off a Passionate competitor.

So, before you launch the next big thing, be sure you have Demand, Ability and Passion for it. If you have all three, you are guaranteed to succeed.

Joe Crescenzi, Founder

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Posted: 3/4/2015 11:59:23 AM

From: Simply Jim, Newbie - Web

Just being a pest... again

Just checking the score for this web site.

1. You've clearly got a passion for ideas.

2. You've proven you can deliver

3. I think there's a demand.

Does that mean this site will make a ton of money? Smile

Smile

(Like Reply N/A) [0 Likes]

Posted: 3/4/2015 1:03:06 PM

From: Joe Crescenzi, Founder - Staten Island, NY

Who said anything about money?

That was never a goal for this site. My only goal for this site was to spread ideas.

However, using my own formula, if I didn't have a passion for ideas, or the ability to post a new idea each day, it wouldn't be worth starting, even if there was a huge demand for ideas.

However, I should point out that there are some cases where an INDIVIDUAL may lack ability, and still pull it off. For example, if somebody has a passion to meet a demand, they can partner with somebody with the ability to make it happen.

Steve Jobs had passion, but it took Steve Wozniak to actually build the first Apple computers.

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* Note: The ideas on "Idea of the Day" were posted without any formal research into existing inventions.

In some cases, patents may already exist for these ideas, in other cases, there may not be any existing patents and you are free to develop and explore the viability of developing and patenting the ideas.

The authors make no claim that any of the ideas are safe, practical, or suitable for any particular purpose. You are responsible for the results of trying, developing, patenting or using any of the ideas on this site.

For some people, our ideas are just an interesting read, but our goal is to encourage you to take action. If you see an idea that you like, do something with it... Take action.

- Joe

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