How much does passion/ conviction for a business really matter?

June 22, 2023

by a searcher from Xavier University - Williams College of Business in Cincinnati, OH, USA

On vacation recently, I listened to Shoe Dog, Nike Founder Phil Knight's memoir. Literally one of the best business/ entrepreneurship books I've listened to. What hit me like a ton of bricks was Phil's passion and conviction for running was a driving force behind Blue Ribbon/ Nike's launch, ability to persevere, and success. Having built and sold a successful EB2B innovation consultancy, I too was super passionate about the our mission and the problems we solved for our clients.

Entering the the search world, I've had more of an analytical approach to searching for businesses, SDE/EBITA range, industry, location, etc. along with looking for opportunities that can leverage my professional skillset. I haven't given much thought to what I have a Phil Knight-like passion for, even if it pushes me a bit or a lot out of my professional lane.

I'm curious from other searchers, investors, etc. - how much does personal passion for an idea or business truly matter for buying and successfully growing and exiting businesses? Passion has been a big driver of my success in the past and I'm starting to think I need to re-orient my search efforts with passion/ conviction in mind.

What do you think?

- Jason

Reply by a searcher
from Florida Institute of Technology in Salt Lake City, UT, USA

I have read the book and have worked for Nike. Nike's culture used to be great and has an excellent marketing team. I would say it meets in the middle, passion alone won't get us anywhere, there are many such players in the field. In Portland almost everyone runs and have a passion for it. Phil is an great business man. I feel, inspiring people who works for you and make them believe in that makes a huge difference. Phil made a leap in taking bowerman's idea and implementing it and eventually bought him out. Offcourse the book don't cover the shady portion's. Marketing, connecting &amp; inspiring people, and living up to the standards of marketing, plays a huge difference. In the case of Nike, "Swoosh, Just do it , Serve the athletes, Make workout your daily habbit" are some great BRAND recognizing marketing strategies even APPLE don't have it.

Reply by a searcher
from Georgetown University in Helena, MT, USA

I've been thinking about this dilemma recently as well and my perspective has changed over time through conversations and hearing other people's experience.

I started my search thinking that the business that I would acquire had to be something that I either had previous experience in or was personally passionate about.

I have a different mindset now. Two main questions I ask myself now when exploring an opportunity:
-what is my desired outcome?
-what type of role/responsibility am I good at and want to spend my time doing?

Then I ask myself if this acquisition opportunity fits those parameters? I think what you'll find is that if you can answer yes to those important questions, you'll find opportunities across all industries and is unrelated to the widget you sell or service you provide.

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