Passion is a strong motivator for many entrepreneurs. It provides the enthusiasm, the energy, the drive that allows them to turn away from their comfort zones and risk so much on the pursuit of a dream. But passion has a negative side, too. It can blind entrepreneurs to their weaknesses, cause them to get overconfident and impatient, and push them to make bad decisions at critical times.
Noam Wasserman, a professor at the Harvard Business School and a visiting professor at the Stanford School of Engineering, writes in The Wall Street Journal of four important junctures where passion is likely to cause particular problems. These include:
-the launch, when conditions are misread or overlooked and undue risks are taken;
-the business plan, when the chance of success is overstated for one’s self and understated for one’s competitors;
-the division of equity, when it’s assumed that all key players will have the right skills and will maintain the same level of commitment as the company grows; and
-the growth phase, when the entrepreneur may fail to see the need to step aside in favor of an executive better suited to running a company which has grown substantially and is moving into its next phase.
By remaining aware of these possible pitfalls, entrepreneurs are much more likely to take the actions necessary to ensure the results they desire. For more information, read the complete article here.