# Rethinking Passion: What Female Entrepreneurs Must Consider
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Chapter 1: The Illusion of Passion
For many new entrepreneurs, starting a business in a field they love seems like a natural first step. While this path can sometimes lead to immediate success, it often results in disillusionment and a loss of enthusiasm. Passion alone does not guarantee business triumph. I recently spoke with an individual who had a deep love for baking, prompting her to launch a baking enterprise. The logic seemed sound: more of what you love should equate to greater happiness, right?
Her baking was met with acclaim, and she thrived creatively in a way she hadn’t before. However, the responsibilities that came with running a business—such as marketing, sales, and attending trade shows—quickly became overwhelming. What began as a joyful endeavor turned into a burdensome chore, a fate many entrepreneurs encounter.
The Stark Reality
The Bureau of Labor Statistics reports that about 20% of new businesses fail within the first two years, 45% within the first five, and 65% after ten years. Only around 35% of small businesses make it past the five-year threshold.
Common reasons for failure often include insufficient planning or funding. Poor management plays a significant role, as many entrepreneurs underestimate the complexities of business operations. Some may enter a highly competitive market without adequate research to assess the viability of their passion project, or they may overlook the economic factors at play. Unfortunately, discussions about the emotional aspects of entrepreneurship are rare. What drives these individuals to embark on such a challenging path?
Women often possess intense passion and an unyielding drive to succeed, yet many find themselves feeling exhausted and unfulfilled midway through their journey.
Chapter 2: Understanding Motivation
Let’s revisit our baker's story. She chose her passion, crafted products that turned a profit, and found joy in baking. Yet the cumulative demands of running a business required skills that stretched her too thin.
She could have delegated some of the business responsibilities, but that would have required additional funds. The obstacles to scaling her business loomed larger than her desire to turn her passion into a viable enterprise. Eventually, the tasks outside her expertise overshadowed the joy of baking, a dilemma many startups face. To achieve success, it’s crucial to reflect on your motivations from the outset.
My Personal Journey
Reflecting on my experience, I recall starting my first business with my ex-husband in 1980, driven by a mutual desire for financial success. We envisioned a comfortable lifestyle, filled with all the trappings of success.
While I lacked a deep passion for the service we offered, my inherent skills in selling, marketing, and management allowed me to succeed across various industries. However, I eventually encountered a pivotal moment. My lifelong interest in writing resurfaced, and when we reached a certain level of profit, I decided to pursue it. My partner opposed this choice, but that’s a different story.
In retrospect, I regret not following my writing passion at the age of 30. Who knows where I might be today? I sacrificed my dream for the sake of our business, and ultimately, that venture faltered. Fast forward to today—I’m writing again and loving every moment of it. This time, I have the wisdom and experience to navigate the complexities of writing for various purposes: financial gain, creative fulfillment, or sheer passion.
I wake up every day excited to write, driven by an inner compulsion that feels almost mystical. I embrace the journey and find joy in it, believing that my earlier experiences equipped me for success now.
Insightful Tip #1: Every choice we make, whether to pursue or abandon something, imparts valuable lessons.
What Holds Us Back?
As a life coach, I frequently witness women who are ready to pursue their dreams yet find themselves anchored by past experiences. Many hold an unconscious belief that they are undeserving of success, a pervasive shame that often stems from societal conditioning. This belief can take years to unlearn.
Another detrimental mindset is the learned victim mentality. Women, particularly women of color, are often told by society that they are inferior. It requires substantial self-reflection and care to recognize that we have the power to shape our lives.
To truly thrive, we must listen to our inner selves and grasp what drives us.
In the video "The Main OBSTACLE Female Entrepreneurs Face is ____," we explore the various challenges that women encounter in business, particularly the emotional hurdles that can hinder their progress.
Additionally, the video "Professor Scott Galloway: Why Following Your Passion is Only For The Rich + What to Do Instead" offers a thought-provoking perspective on the realities of pursuing one's passion in the modern world, highlighting the importance of strategy over mere enthusiasm.
Cathy Lee Taylor — entrepreneur, life coach, podcaster, and freelance writer. I aim to help individuals reach their highest potential. Please read my ebook here.