Mark Cuban vs Bo Sanchez: Marketing Concept vs Passion Concept

fire-and-ice-fist-on-a-duel

Last week I stumbled upon a post and seen a quote from Mark Cuban that says "Follow your passion is the worst advice you can ever get or give." I was completely blown away. No, I said to myself. I need to think about this. I need time. This is a hoax, I thought. But Bo Sanchez said "Follow your passion and money will come!"

To whom should I believe? Two different advises. Two opposing ideas. Which is right? Which is wrong?

Before I reach to the conclusion part, it is best to define these ideas first.

Marketing Concept

In the context of business, the first quote (Cuban) means that to become successful we don't need to follow our passion. Let us assume that his idea is based on the marketing concept "Follow the voice of customers."

Meaning, to become financially successful, it is not necessary to pursue or passion. Rather, we make money by creating something of value and give it to customers for a profit.


Say, you observed that your neighbors are complaining about the tall grass on their backyards. No one seems capable of gardening since they are old already and they don't have the equipment to cut the grass.

How about buying a lawn mower so that I can offer service for a profit, you thought.

So you went on buying that equipment and you serve not only your neighbors but to other places as well. Your customers are growing fast so you're not doing the mowing service anymore. You hire people and let them do the job for you. Your profit is growing exponentially. Now that's business. Sounds logical right?

Passion Concept

On the other hand, Bo Sanchez's notion is different. On his book "How to Turn your Passion into Profit", he says to become successful one should identify his strengths and interests to ascertain his passion. This is like your life's mission.


Think of something that you want to do for the rest of your life. Something that doesn't give you headaches, doesn't bothers you doing and you like doing it for the sake that you really love what you're doing even if no one pays you to do it. That is passion! But that's just the icing on the cake. To become successful, make money on your passion. How? Example, you really like playing basketball. You're not getting tired about it. You love to shoot and you love to be idolized by pretty girls.

Not only that. Any time of the day and any day of the week, you are craving to play basketball. I just love playing basketball and it's something I want to do for the rest of my life, you thought. But I should make money out of this to sustain my passion, you realized.

Now you're doing your best to become a professional basketball player. You are now playing at PBA! Wow! Months later you won the MVP award.


Marvelous! Now you want to step up on the ladder. Since you are basketball star ala Michael Jordan, you think of having a business by opening a Basketball School. You train aspiring players around the country. You get paid big! Now your earning enough profit apart from your basketball career in PBA. Now that's business. Possible? Of course!

My Personal Views

Now this is my realization. These two ideas are both RIGHT and WRONG. Why right? I think about it very carefully. Right in such a way that these ideas are CORRECT. I mean, these ideas happen. This is realistic, applicable and solid proofs. We can see people in all facets of life who are successful in different areas.

I would say that the first idea (marketing concept) is right for true capitalists. That is, making money by identifying what the customer really needs or wants.

I would sound to be so stupid if I sell something that people do not want, right? Hey, pay me 50 bucks for a plastic of fresh air from Greece, you are yelling to a lady in the city. Do you think she would buy? Why not? I would go inside the mall than your "instant Greece air" instead. Sensible.

Some of the iconic capitalists are Henry Sy, John Gokongwei, Lucio Tan and Ramon Aboitiz. Going global, here's Warren Buffett, Sam Walton, Donald Trump and the famous Bill Gates.

The passion concept is also RIGHT. This is true for talented entrepreneurs. Skilled individuals. Best example is J.K. Rowling.


She loves writing. She likes writing books and she's an excellent storyteller. How did she earn money from it? Harry Potter. Almost everyone knows this movie. But this is actually based on her novel.

Imagine how many people buy her book. 200 million? Understatement. I would say almost half billion. And how much is she earning per book sales (royalty)? BIG money. Other example is Tiger Woods.

He is the iconic golf star who earns millions by just playing golf. That's it! Playing golf! He's getting paid to play. Here's Beyonce. She's screaming and singing and everyone in the world likes listening to her songs. Her songs are sold on CD's and digital formats (i.e. iTunes, Amazon). Her royalty is soaring high that made her one of the highest-paid singer in the world!

Why wrong? These ideas are both wrong if fallen to the wrong person. If you are such a true-blooded capitalist, the passion concept might not work. If your mind is wired according to a capitalist's, you are customer-focused and not really about yourself. You tend to find out what's working and what's selling to people fast. You are not concerned about your passion.

Passion is simply just a leisure. A side-activity not a major priority. If a capitalist likes golf, he plays everyday but not to the point of learning the ultimate techniques. No, that is a waste of time. I would rather spend my energy on asset-producing business. Golf is just a way to relieve my stress from work. It is what fuels me to do what I should ought to do, not the other way around.

Conclusion

If you are a talented person, stick to the passion concept. I strongly suggest. Why? Because you already know what you love to do and what you're good at doing. In this generation, a number of personalities succeed because of their talents. Best example is Charisse. She really has the voice. And it entertains people a lot. She makes them happy. People is willing to pay for entertainment than food. That's the irony.

Might as well take advantage of it while it's still HOT. Skilled entrepreneurs are most likely successful if they make a business out of their specialty. In this manner their minds and imaginations are centered on their business which is their passion. Nothing could go wrong.

1 comment:

Powered by Blogger.