Contradictory forces behind entrepreneurship

Cystaire SG

Here's a curious topic to chit-chat about.

People start companies for a variety of reasons. Whatever those are, a business must at least make enough money to sustain itself.

That is the bottom-line.

So it is expected that entrepreneurs should like money. In fact that should be a strong motivating factor. They must be quite ambitious, driven, visionary and greedy.

But if they are too greedy, they may destroy the start-up long before it reaches sustainability. Even powerful businesses often start slow and lose money for years before they become profitable.

So entrepreneurs should also be patient, and not be affected by money-losses too much.

How do they balance these powerful, contradictory forces?

Question

noahnoah SG

In my own views,

I think watever business you

are heading,

must have PASSION for it

If one lack of Passion , ultimately

cant last long in business one

Therefore i think Passion is

a ultimate force in driving

your goals in life

Cystaire SG

I disagree.

I've seen people with passion burn out quickly because they get disillusioned with set-back after set-back.

Passion is only one of many motivating forces behind doing a business. After all a business must make money, and a failing business cannot change the world.

Based on my observations, patience and resillience is more important than passion.

Ito_^ SG

its like a marriage. u need commitment, determination, patience, sacrifice and be desperate about something.

ppl kept failing becuz they think they can bail out anytime. remember, divorce is costly. here we have a bunch of rich arse kids who think they can do everything with a paper plan.

but above all, i was juz talking crap, wad do i know? if it made sense, its probably part of yer common sense in the first place.

TYING SG

I think the best is to just base on you business acumen and instincts. Thats what most millionare businessman do anyway.

LifeIsWonderful SG

If their passion burnt out quickly, it probably mean they wasn't passionate enough? I think if someone is determined and totally driven, I don't see why they give up after going through setbacks. In fact, some people like me, view setbacks as a positive thing. If a business doesn't make money, it doesn't always mean they failed... It might be something like, they didn't get the business model right... Or they didn't manage their cash flow well... There could be some factors. I mean, would you say youtube is a successful business? Do you know they have been losing money since they started, even until after they were sold for billion of dollars to google?

My opinion is, passion drives the business, frankly speaking that's how alot of silicon valley companies were born, from the garage, and i certainly hope some singapores would be able to come up with something like that from their hdb flat next time.

Eric Cartman SG

In other words, passion that is burned out after the first setback is not passion at all, but is instead greed and laziness (set up a company and have your money work for you to make more money).

I need help SG

The way you write is quite corny.

Cystaire SG

Then we would have to clarify what passion is, because we can always say anyone who fail have no "passion", even if they failed because they were too passionate.

This is not my nitpick only, business professors are currently studying this "framing" effect where people use different labels on successful or failed businesses, although their characteristics are essentially the same.

Cystaire SG

Me?

*makes popcorn with butter*

POP POP POP!