There are plenty of people in the world who are dissatisfied with their career, who quits their job to follow their passion. Thinking that grass will be greener on the owners side is a mistake that is made by someone who doesn’t weigh all the options. Numbers don’t lie, sometimes your passion will not lead to a viable profit. There are plenty of factors that must be taken into account when pursuing a career; especially if it is an entrepreneurial venture. Proper research is the key to making or breaking success.
Kai Ryssdal and Megan Larson of The New York Times interviewed Michelle Dalton Tyree and Michael Dearing to individuals who succeeded at following their passion although their business failed. These people achieved various levels of success before their business burned out, and they were reduced to selling everything, filing bankruptcy and starting over. So what can you learn from them?
Research and Prepare. It is incredibly important to know the industry that you are working in. The ebbs and flows, the cost to run the business, and account for variables that can occur. Ms. Tyree had once owned and incredible boutique in LA that many studio stylist used for TV shows. The shop experienced incredible success until several unfortunate events, including a writers strike, caused her to close.
Have A Back Up Plan. Mr. Dearing owned a chain of shoe stores that eventually ran into some issues. At the businesses end he was forced to sell off all of the businesses shoes and equipment to cover severance costs for employees, and to pay off his debts. Don’t let your back up plan be bankruptcy or reducing all of your worldly possessions.
Read more at The New York Times …