When entrepreneurs come to me and ask, “What is more important – drive or passion?” I answer and explain that the latter is more important. After all, passion is in many ways what makes an entrepreneur tick. Successful start-ups are not “driven” by a desire to make money — they are driven by a need to change the world and that, in turn, is driven by passion.
The same can be said of venture capitalists, they support and fund the companies about which they are truly passionate. Building strong business relationships doesn’t happen overnight, but a shared desire to create something important will only work to intensify the entrepreneur’s and VC’s passion toward a common goal.
When it comes to my own decision-making process with respect to potential investment opportunities, there are a number of factors that go into the process, one of those being how much passion does the particular entrepreneur or company have. When introduced to a particular company for the first time, among the things I’m looking to see is a sense of excitement about the company and the team as well as what problem it is they are aiming to solve.
That first meeting with a potential investor isn’t about convincing us to invest, rather, it’s about getting the investor excited about what you are trying to achieve. It’s demonstrating exactly how you plan to fill a void in the market and how that idea could potentially become a game-changer.
If I’m passionate enough about your idea, it is more likely that I’ll be advocating an investment in your company. This is the reason why I consider myself extremely lucky to work in this industry — because it allows me to feed off the energy and drive of extremely motivated entrepreneurs.
The dictionary defines passion as “an intense, driving or overmastering feeling of conviction” or “a strong desire for or devotion to some activity or concept”. I couldn’t agree more. Passion is one of the must-haves for any startup or entrepreneur.