DON'T FOLLOW YOUR PASSION
DON'T FOLLOW YOUR PASSION
is the market passionate about your passion?
It was a truly enlightening moment for me, as I sat down every night, reflecting on my beliefs and challenging the scarcity mindset that had unknowingly shaped my perspective.
During one particular session, I had the privilege of hearing Bob Proctor share what I now consider the "ultimate wealth formula."
He explained, "The amount of money you earn is directly proportional to three factors:
The demand for what you do
Your expertise in doing it
The difficulty of finding a suitable replacement for you."
This insight resonated deeply within me, shedding new light on the age-old adage that ‘value begets money’.
Value is a really complex thing to define, it seems to deceive us and hold different meanings through different lenses.
Economically, it represents the worth of a product or service in meeting needs,
Personally, it is the subjective importance based on individual beliefs.
Philosophically, it includes ethical principles guiding a meaningful life.
Why is the word responsible for wealth so complex’ I thought to myself as I reasoned through.
After some in-depth consideration, I figured that one constant thing about the word ‘value’ is that, ‘what holds value for one person may not hold the same value for another’.
For instance, personally, I have never been drawn to wearing neck chains.
It's simply a personal preference that has persisted throughout my life.
Consequently, selling chains to me would be a tug-of-war, as I've never worn them and don't find them appealing.
However, my older brother, in contrast, is a lover of chains.
This difference between my brother and me made me realize that if wealth is indeed a product of value, tailored to individual tastes, ‘then true prosperity lies not in offering what we personally favour, but rather in providing what those who hold our financial resources desire’.
In business, we call this design thinking—a form of reverse engineering where we start by understanding the needs and desires of our target market before creating our products or services.
Consider a practical example: the average "tech bro" who wakes up each morning, diligently coding away on a sleek MacBook Pro, driven by his passion for coding, he develops a new application based solely on his preferences, without considering ‘what the market needs’.
Unfortunately, after investing his resources, he finds little to no demand for his new ‘tech product’.
Frustration sets in, leading him to believe that the world is conspiring against him, not realizing he followed his passion blindly.
As an entrepreneur, the common advice of "follow your passion" is misleading.
Instead, the path to wealth lies where our passions intersect with genuine market demand.
It is at this juncture that we can establish thriving businesses.
Becoming a successful entrepreneur requires more than blind production and hopeful expectations of automatic demand.
It entails a process of walking backwards, thoroughly scanning the target market, and identifying its needs.
Only then can we create true value and avoid fruitless endeavours.
Before you blindly follow your passion.
Ask yourself, ‘Is the market passionate about my passion?’
I hope this helps.
Okunade Boluwaduro
Grand Commander of the Finance Republic
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