The Failing Point – Passion or Knowledge Required

Another essay for my community book project.

I carry a little notebook around with me everywhere I go. I keep this notebook so that I can jot down the ideas for random businesses which pop into my mind. I’ve had plenty of them, and some of them I have pursued with mixed results. When you are considering venturing off, there’s a two part question you have to ask yourself when deciding to get up off the couch and start your next thing which will drive whether you are searching for happy face or sad face emoticon in your email to your buddies.

First, “do you have any relevant experience?” If the answer to that question is “no,” that’s fine. It’s more than fine actually, as many a successful business has been started by someone who was in way over their head. You need to understand that your lack of domain knowledge will necessarily create some hurdles for you to clear, and some of the hurdles universal to all new businesses will get a little bit higher. However, there have been plenty of people who learn on the job en route to building a very successful business. How you ask? Well, that’s the second question.

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