Passion vs Practical

[Big Toe]

Everyone has a choice, it's just that most people make the 'safe' choices.
That's why people still vote for PAP.

But for those people without a passion, life becomes less fulfilling.

[KopiKat]

The 'safe' choice, if we ever had that choice,

"I’ve had it so good in this world, you know. The odds were fifty-to-one against me being born in the United States in 1930. I won the lottery the day I emerged from the womb by being in the United States instead of in some other country where my chances would have been way different.

Imagine there are two identical twins in the womb, both equally bright and energetic. And the genie says to them, “One of you is going to be born in the United States, and one of you is going to be born in Bangladesh. And if you wind up in Bangladesh, you will pay no taxes. What percentage of your income would you bid to be the one that is born in the United States?” It says something about the fact that society has something to do with your fate and not just your innate qualities. The people who say, “I did it all myself,” and think of themselves as Horatio Alger – believe me, they’d bid more to be in the United States than in Bangladesh. That’s the Ovarian Lottery."

The above is extracted from the book "The Snowball: Warren Buffett and the Business of Life" by Alice Schroeder.

IMO, Warren Buffett made the right and "safe" choice to be born in USA and to a middle class family, so that he could develop and indulge in his passion (which is to make lots of $$) from an early age.

For the rest of us who didn't win the lottery, we have to work a lot harder (and even at an early age) for the choices to slowly appear later in life. Till today, I can still remember a joke I read when I was young which goes something like this,

A rich kid had to write an essay which started like this 'I come from a poor family...' What he wrote was,

'I come from a poor family. My chaffeur is poor, my cook is poor. My gardener is also poor and my doorman is poor,....'

[Thriftville]

Great answers from everyone! I very much impressed by the different views.
Actually there's no right or wrong answer.

It's just that if a person's dream is to do well in business, I feel that he may consider the more practical side of the business, rather than just blindly pursue passion. As some businesses are just not viable, eg. high overhead, low margin etc.
I like Buffett's saying that the business model matters more, because someday an idiot may run it...

Try asking what your friends wanna do for business, I guess 70% would say they wanna open restaurant... which I dont think is a good idea, even if they are really passionate.

[greypiggi]

hmm... i have a different take. from seeing my fellow entrepreneurs, i think it is passion for their business and their drive to make a difference that help them succeed. Yes, it is true that some areas are inherently lower margin, more competitive and more prone to boom/bust cycles. But for most part, if you are that person with that extra drive, that extra passion to learn all that is needed and to put in that extra observation and effort, then probably you can do well in any area of interest.

For example, F&B was mentioned. If you just want to open a business and F&B happens to be top of the mind and most familiar, then high chance of failure. But if you have a passion for both entrepreneurship and also the area of F&B/concepts/consumer behavior. Then I think you may end up doing very well. Check out Apex Pal, Paradise group, Shin Kushiya group, creative eateries.

[Zelphon]

The 'safe' choice, if we ever had that choice,

"I’ve had it so good in this world, you know. The odds were fifty-to-one against me being born in the United States in 1930. I won the lottery the day I emerged from the womb by being in the United States instead of in some other country where my chances would have been way different.

Imagine there are two identical twins in the womb, both equally bright and energetic. And the genie says to them, “One of you is going to be born in the United States, and one of you is going to be born in Bangladesh. And if you wind up in Bangladesh, you will pay no taxes. What percentage of your income would you bid to be the one that is born in the United States?” It says something about the fact that society has something to do with your fate and not just your innate qualities. The people who say, “I did it all myself,” and think of themselves as Horatio Alger – believe me, they’d bid more to be in the United States than in Bangladesh. That’s the Ovarian Lottery."

The above is extracted from the book "The Snowball: Warren Buffett and the Business of Life" by Alice Schroeder.

IMO, Warren Buffett made the right and "safe" choice to be born in USA and to a middle class family, so that he could develop and indulge in his passion (which is to make lots of $$) from an early age.

For the rest of us who didn't win the lottery, we have to work a lot harder (and even at an early age) for the choices to slowly appear later in life. Till today, I can still remember a joke I read when I was young which goes something like this,

A rich kid had to write an essay which started like this 'I come from a poor family...' What he wrote was,

'I come from a poor family. My chaffeur is poor, my cook is poor. My gardener is also poor and my doorman is poor,....'

Reminds me of TIN PEI LING...

She said before I came from a poor family but her dad owns a coffee shop...

[Jared Seah]

1) Entrepreneurs with passion don't ask "permission" or others' opinions or take a survey... They are busy doing what they love.

2) I am glad I came from humble beginings (not that I have a choice). I don't have to go through life trying to prove that I can
succeed without being under the shadow of my father/family. Or face pressures to "continue" the family business when my passion is
something else. I learnt quicker that the world don't owe me a living. I am more grateful for what I have than question about my
"entitlement".

3) We can "emigrate" to a lower cost or lower stressed country anytime - just like foreigners making the leap to Singapore for a better
life. It's more about are we too attached to our "nanny"? Then we may complain the salaries and living conditions at your new
adopted country not as good as Singapore... So we try emigrating to a more developed country where the salary and living conditions
are better than Singapore - that is if that country wants us... And we discover the locals there don't welcome us with open arms;
calling us names that we take advantage of their generous welfare system...

Looking into the mirror

[hyom]

I read hyom's comment about his view on being practical in career. I kind of agree to it. When I talked to my friends about what their wanna do for their business... most will say they wanna follow their Passion.

Passion alone clouds the judgment and may cause a person to make the wrong decision. A sense of reality helps. A few instances where passion alone is not sufficient;

- God can play games with his creation.
In one of my favorite movies "Amadeus", one of the characters, Salieri, blamed God and said "Why implant in me such a strong passion in music and then deny me the talent?" If a person is going to take a plunge in a Winner-takes-all industry, being above-average is not enough. He has to be the best. The number 1 guy takes most of the profit. The gap between number 1 and number 2 is super-big and the guys in the middle have problems feeding their families. Musicians fall into this category. Michael Jackson took most of the money.
This is one advantage to be a professional like engineer or accountant. At least those in the middle can feed their family. The best is to join a profession with the highest median income. You can be average and still become rich.

- Very hard to make money with the passion
A lot of people have a passion for computer games, casinos, women. It is very hard to make money with these sort of passion. It is more likely to suffer under the negative influence of these activities than make money from them.

For the economy, too much sense of reality among its most dynamic people is also bad. Very few will become entrepreneurs if they dare not dream. Start-ups almost always seem to have a higher chance of failure than success. If a person thinks too much, he will probably drop the idea. Being too practical can kill potential Google, Microsoft.

So, back to the question, passion or sense of reality? I think if one can afford it, follow the passion. But have a sense of how much failure will cost. If it puts family finances into danger, think twice. If the cost of failure is affordable, why not take the plunge?

[ken]

Well, I would say learning the practical trade is better.

As long as you know how to read and write bascially in English,
the rest is experience picked up along the way which we termed skill and of course, the rationally head to power ahead or avoid problems.

As per Jack Neo's movie, " I'm not stupid!", which potrays the schools in Singapore as prisons.

Maybe, he is correct...... We enter the primary prison and later the secondary prison with long hours and so on.

Is your child passionate in his studies ?

[Big Toe]

"I think if one can afford it, follow the passion. But have a sense of how much failure will cost. If it puts family finances into danger, think twice. If the cost of failure is affordable, why not take the plunge? "

Sorry but have to disagree with this statement. If a person really wants to succeed in something, must give it your all.
All in terms of effort, time as well as finances. Primary object is to succeed. When taking the plunge, there is no half plunge, much like you cant marry a person half way. If a decision is made, stick with it, give it your best effort.

Best effort means your best effort. No B.S. about weekends or holidays or any other excuses. You have to be at it 24/7 until something good comes out of it. Let's face it, most people wont be able to succeed on their own, 'getting out of comfort zone' is something people say during interviews.