Evan Carmichael argues that passion is the critical factor for business success, not chasing money. He shares three steps to find yours: identify activities you lose hours in, reflect on problems you've solved for yourself, and match that passion to what customers need. Eighty percent of companies fail without it.
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Find your passion. Successful businesses are built around entrepreneurs who are intensely passionate about what they're doing, and they build a business up around it. If you do not follow your passion, if you're just trying to be successful, you're just trying to make money, it's never going to happen. You will not have success. You're going to go after failure after failure after failure trying to jump on the next quick money-making opportunity, and it's never going to work out because you are not passionate about the product or service that you're selling. It's critical. It's everything. It's the number one rule in business. No strategy can save you if you're not passionate about what you're selling. I got a question from a reader, uh, Ankit, who wrote in to say, He wants to start a business, and so he wanted my advice, and I wrote back to say, "Hey, Ankit, what are you passionate about?" And he said, "My passion is I want to be successful. I want to have success." That's not enough. That's not a true passion. Ankit, you have to do something that has the potential to change the world. You have to believe so firmly in what you're doing and that it's the right thing to do If you look at any successful famous entrepreneur, you look at how they got started, it was not to make a ton of money. Although that's a byproduct. I'm not saying start a charity. I want you to make a ton of money. I want you to have a ton of success. But it starts with having a deep passion for something. It starts with you seeing a problem in the world and wanting to change it. I wanted to make it better. And everything flows from that. And you can share your passion, you can share your story, and the people who will buy from you, the people who will work for you, the people who will cover you in media or investors, they're going to come because they believe in your passion, they believe in your vision. I believe in entrepreneurs. I love helping entrepreneurs. It's my passion. I would help entrepreneurs even if I had no way of making money from it. And most of the things I do, like these videos, I don't make money from. I do it because I love doing it. I feel good doing it. I want to help entrepreneurs. 80% of companies fail. 80% of entrepreneurs will have to shut down their companies. That's, that's crazy to me to think about the time and money and effort and energy and everything you put into building a company only to see it shut down. And it doesn't have to be that way. And I want to help these entrepreneurs get past that. And I want to help you build a successful company and build something that you can be proud of. And it comes from starting with a place of passion. You want to make a difference somewhere in the world. And when somebody asks you, "What's your passion?" you have a clear answer. It's not about you being successful, it's about doing something that matters. So what is that? And I believe that it's in there. I'm being hard on you, but I believe that that answer is within you. You just have to find it. A couple ways to help you do it. One, think about, think about what you can get lost in. Think about where you spend your time, what you could do for hours on end and not notice that you've spent so much time. It's 9 in the morning, you start, and it's 5 at night, and you haven't even noticed that all that time has gone by. You know, I love helping entrepreneurs. If I'm in a meeting with an entrepreneur, it can go on for 3, 4 hours and I didn't even notice because I love helping entrepreneurs. It's my passion. So find yours. That's your first step. Write down everything that you love spending your time on. Then 2, you gotta match that up with things that add value to your customers. So a great way to think about it is what frustrations have you solved for yourself? What was something that caused you so much frustration, pain, suffering in your life that you had to solve? Like, this is unacceptable. There's— I have this problem, nobody solved it, so I'm gonna find a way to solve it for myself. If you've done that, chances are there are other people who've had the same problem and you can help them with it. So help them solve that problem. They'll be grateful. They're looking for an answer just like you would, and you're making it easy for them. That's the foundation of any successful business. And your third step to have a lot of success is you gotta match up what you're passionate about, what's important, with what is offering huge value to your customers. You match those two things up and you're gonna have a highly successful business. You wanna make a lot of money, you wanna be really successful, offer tons of value to your customers. You wanna make a lot of money quickly, offer a lot of value quickly to your customers. I want you to have success, and I know it's hard. It's hard not thinking about the dollars, you know, it's hard when you're when you're broke, when you're trying to make ends meet, when you have kids, and when you're struggling just to get by. You know, you're thinking, "I need money to pay the rent next week." You know, like you gotta have cash. I get that. But if you want to have massive success, if that's your goal, you want to make an impact, you need to build a business around something that you are intensely passionate about. And you'll make money. The money will come, I promise you. If you just try to chase the next money-making opportunity, you're gonna end up spending more time, more dollars, more of the best years of your life wasted on something that is not going to work, no matter what people promise you. Please don't make that mistake and start a business around something that you feel you can really have an impact with. Believe. Thank you everybody for watching. If you like this video, please give it a thumbs up below. It really makes me want to do more for you. And I'd love to hear what you have to think. Please leave a comment underneath. Let me know what you think. If you like the video, if you didn't like the video, and if you have a question for your company, leave it below. I'll answer it for you. I love making video responses. Thank you guys. I'll see you soon.
