Why passion in business is critical to success

Passion is one of the most effective motivators when it comes to launching a business, and is often one of the strongest predictors of whether an idea will lead to success.

At the crux of any business is an entrepreneur’s willingness to jump, and build their wings on the way down to transform their business dream into something more tangible, and it’s this fierce passion that is critical for success.

Personal experience can drive passion

When launching a business, the very first step is to find a problem that requires a solution. Ideally, the solution will impact a million people. Beyond this, finding a solution must inspire feelings of passion, which will inform your purpose and sustain you and your team when times get tough.

Following a severe stroke which left my father unable to speak, read or write, I quickly learned that there wasn’t any assistive technology at that time to really help my dad. He couldn’t express himself and had difficulty understanding others but I desperately wanted to do something positive about this.

This spurred me on to create Texthelp. We’ve evolved as an edtech company and we’re helping learners of all abilities unlock their potential. This passion to support others was a direct result of the experience with my father and has been a driving force for me as we’ve grown over the past two decades.

Overcoming the fear of failure

Importantly, the fear of failure is always a threat in the enterprise and start-up world and should be acknowledged. Regardless of who you are and what your company is, you’ll inevitably encounter stumbling blocks and challenges along the way. What matters is how well you respond to these challenges and persevere nonetheless.

I continuously remind myself of my father’s passion and his stubborn refusal to give up against seemingly unbeatable odds, and winning, repeatedly. My dad reminds me of the terminator, he just does not give up, and I apply the same level of determined passion to the business world. It’s been a successful tactic for both my dad and for me so far.

Informing messaging, vision and brand

Passion is key when building and growing a brand that’s true to you and will inform your business’s messaging, vision and brand. Most importantly, it’s essential to define your organisation’s purpose which extends beyond vision and values. The purpose is really what keeps the brand alive – and it’s passion that drives this.

As an example, Woolworth’s purpose is to create better experiences together for a better tomorrow, Qantas’ purpose is to champion the spirit of Australia, and Texthelp’s purpose is to help people understand and be understood. A clearly defined purpose will motivate your employees, helping them to believe in your vision for the future while also providing a vehicle that will connect you with whomever your business is seeking to serve.

There’s an inherent connection between a company’s culture and its continued success. Therefore, it’s important to hire the right people who will add to your company culture, share its values and thrive among the collective passion. The values underpinning your company directly influence its culture and the determination of employees to achieve their goals. Passion is critical to business success. Passion driven by personal experience will empower you to overcome the fear of failure and remain motivated, even through tough times. Likewise, passion will inform your messaging, vision and brand, allowing you to connect with the right network and engage the right audience. At times, you may lose sight of your passion, however, looking back and remembering why you chose this path and the source of your inspiration can go a long way in influencing your business’ success.

Martin Mckay, Founder and CEO, Texthelp