How to Transform Your Passion into a Successful Business

Starting your own business is like jumping on an emotional rollercoaster with the highest of highs and lowest of lows -- all the while, wondering if the ride will come to a screeching halt. Anyone can start a business but it’s infinitely harder to grow and sustain it. When a company faces challenges and falls on hard times (and it always does), it’s your passion and commitment that ultimately get the business through to the other side. If you don’t have a true passion for your business, everyone can sense it: your customers, team, advisors and investors.
That's why focusing on your mission is of the utmost importance. This will enable you to make faster decisions and help you manage through the rollercoaster ride.
Here are three steps to help transform your passion into a successful business:
Do you know enough? If not, start asking. You have a passion and want to start a business! Do you know enough about the industry? With industry background and know-how, you’ll be ahead of the curve and can hit the ground running -- producing products, building a customer base and forging your company vision.
If you have a great idea, but aren’t familiar enough with the field to get started, use your network, speak with people who’ve started businesses in your industry to help you get up to speed quickly. This is like building an informal advisory board of people who’ve gone through a journey similar to the one you’re embarking upon.
When I started NatureBox with my college buddy, Ken Chen, food was a passion of ours, but we honestly didn’t know much about running a food business. We began networking and discussing our idea with seasoned industry innovators to glean insights and learn strategies, tips and tricks for successfully running a food company. Our big breakthrough came when we attended a food tradeshow and met a few suppliers who were willing to work with us. Until then, we didn’t know how to find manufacturing partners.
Jump in. There’s really no better way to start than diving in head-first. In the beginning, you may not have your exact plan mapped out, and you’ll likely make significant changes to your model. But the benefit of starting a business around a passion is that you know why you’re doing it and can more easily overcome barriers that come up along the way. It’s this deep-rooted drive and enthusiasm that will keep you motivated and engaged with the product you’re selling.
Ken and I held other full-time jobs when we built the first NatureBox website. We used product photos taken on our cell phones. We were testing whether there was a market for people who wanted nutritious snacks delivered to their door and immediately saw opportunity -- more than 100 people signed up in a weekend. Now we had to decide if we were going to send our first orders or simply refund the customers, writing this off as a successful first-run test. This is where taking the plunge, is so important. There really is no better time than now to just go for it.
Surround yourself with others who share your vision. It’s no coincidence that everyone at NatureBox has an interesting story about how food shaped their lives -- whether it’s a personal weight loss journey like myself, food experience from a previous professional career, or a background growing up in an agricultural environment. We hire based on these shared experiences because they help shape the business.
Because you can expect long work hours and hard days in the beginning, personal drive and shared similar values with your colleagues will see you through this time. This enthusiasm translates to a positive customer experience. And that's what will build your business.
Turning your passion into a successful business not only allows you to be profitable while doing something you love, it helps set you up for lasting success. Most importantly, passion is central to making decisions that are in the long-term interest of the customer and the company, which will help you establish sustainability and longevity for your brand.

How 'Nightmare' Producer Tim Haskell Turned NYC's First Haunted House Into a Year-Round Business

Ten years ago, when Tim Haskell couldn't find a haunted house in New York City, he did the only thing a theatre producer would do – he opened his own. Today, Haskell runs Nightmare, a theatrical haunted house that draws in thousands of visitors each year around Halloween.
When Nightmare opened in 2003, it was widely thought that having a haunted house in New York City was, if not impossible, at least not profitable. Concerns over building permits, safety and profitability obstructed the creation of a haunted house. Even Haskell, who was working at the time as a publicist and producer, originally envisioned Nightmare as drawing an audience similar to an off-off-Broadway play.
"The first year, I told my wife, ‘If 100 people show up tonight, that'd be really awesome,' recalls Haskell. "The first night, it was literally over 1,000."
Since then, the endeavor has only grown. This year, 30,000 to 35,000 people are expected to walk through the event and tickets at $30 to $60 a piece. The event opened September 27 and will close on November 2.
Every year, Haskell invents a new theme that calls for a new layout, script and characters. This year's event – entitled "Killers2" – is the first year that a theme is being repeated, as Haskell says he had too many serial killers he wanted to represent to fit in last year's first "Killer" theme. Haskell has performed Nightmare in all five boroughs, opened a haunt in Miami and encountered interest for international ventures.
With growth comes a changing role for Haskell. "When I opened the door and there were a thousand people outside, I hated it and I loved it, because I had no idea how to deal with it," he says.
Today, his job has expanded far beyond that of a theatrical producer, as he oversees the planning of the rooms, acquires building permits and manages the 100 people involved in the production. "I wish I only had to worry about the creative, but now I don't," he says.
As Haskell balances the technical and the creative in his schedule, he also attempts to incorporate changes in Nightmare while sticking to its theatrical roots. "I think the theatricality part makes Nightmare scary as hell," says Haskell. Don't come to the haunted house expecting traditional scares of loud noises and masked villains. Instead, Haskell has remained committed to the idea that well-acted monologues are key to terrifying visitors -- though he's not above bloody hands grabbing guests from the shadows.
While September and October are "the craziest time of year" for Haskell, Nightmare has become a year-round job. Haskell continues to direct plays, but the business of Nightmare is a constant – and that's the way he likes it.
"If I could do this kind of stuff all year, I would be happy. It's really fun and artistically satisfying," he says. "I think more about this than any production, ever."
In response to Haskell's success, New York City has produced a growing number of haunted houses. During October, dozens of productions pop up, from trendy immersive theatre to burlesque cabaret. Time Scare operates year round, and not only has a haunted house, but also a "Crypt Café" and "Kill Bar."
However, Haskell's move toward year-round Nightmare is more dedicated to the idea of dark theatre than the traditional haunted house. Haskell already produces a Christmastime haunt, "The Experiment." Instead of a haunted house, individuals are selected to face their fears, whether they be gift-giving anxiety or rodent-induced disgust, in some creative manner as the audience watches with a mix of amusement and anxiety. Haskell says the show typically draws a smaller crowd than the Halloween event.
Someday, Haskell hopes to be scaring audiences every season. He's already working on Camp Nightmare, an overnight haunt in the woods, and if he can find a way to execute an Easter project in the spring, Nightmare would become a year-round terror in a very different way than most full-time haunted houses.

How to Transform Your Passion into a Successful Business

Starting your own business is like jumping on an emotional rollercoaster with the highest of highs and lowest of lows -- all the while, wondering if the ride will come to a screeching halt. Anyone can start a business but it’s infinitely harder to grow and sustain it. When a company faces challenges and falls on hard times (and it always does), it’s your passion and commitment that ultimately get the business through to the other side. If you don’t have a true passion for your business, everyone can sense it: your customers, team, advisors and investors.
That's why focusing on your mission is of the utmost importance. This will enable you to make faster decisions and help you manage through the rollercoaster ride.
Here are three steps to help transform your passion into a successful business:
Do you know enough? If not, start asking. You have a passion and want to start a business! Do you know enough about the industry? With industry background and know-how, you’ll be ahead of the curve and can hit the ground running -- producing products, building a customer base and forging your company vision.
If you have a great idea, but aren’t familiar enough with the field to get started, use your network, speak with people who’ve started businesses in your industry to help you get up to speed quickly. This is like building an informal advisory board of people who’ve gone through a journey similar to the one you’re embarking upon.
When I started NatureBox with my college buddy, Ken Chen, food was a passion of ours, but we honestly didn’t know much about running a food business. We began networking and discussing our idea with seasoned industry innovators to glean insights and learn strategies, tips and tricks for successfully running a food company. Our big breakthrough came when we attended a food tradeshow and met a few suppliers who were willing to work with us. Until then, we didn’t know how to find manufacturing partners.
Jump in. There’s really no better way to start than diving in head-first. In the beginning, you may not have your exact plan mapped out, and you’ll likely make significant changes to your model. But the benefit of starting a business around a passion is that you know why you’re doing it and can more easily overcome barriers that come up along the way. It’s this deep-rooted drive and enthusiasm that will keep you motivated and engaged with the product you’re selling.
Ken and I held other full-time jobs when we built the first NatureBox website. We used product photos taken on our cell phones. We were testing whether there was a market for people who wanted nutritious snacks delivered to their door and immediately saw opportunity -- more than 100 people signed up in a weekend. Now we had to decide if we were going to send our first orders or simply refund the customers, writing this off as a successful first-run test. This is where taking the plunge, is so important. There really is no better time than now to just go for it.
Surround yourself with others who share your vision. It’s no coincidence that everyone at NatureBox has an interesting story about how food shaped their lives -- whether it’s a personal weight loss journey like myself, food experience from a previous professional career, or a background growing up in an agricultural environment. We hire based on these shared experiences because they help shape the business.
Because you can expect long work hours and hard days in the beginning, personal drive and shared similar values with your colleagues will see you through this time. This enthusiasm translates to a positive customer experience. And that's what will build your business.
Turning your passion into a successful business not only allows you to be profitable while doing something you love, it helps set you up for lasting success. Most importantly, passion is central to making decisions that are in the long-term interest of the customer and the company, which will help you establish sustainability and longevity for your brand.

What Kind of Entrepreneur Are You?

The other day I read an interesting book called Entrepreneurial DNA, by Joe Abraham, the founder of BOSI Global, an operating partner to venture-backed and owner-operated companies. The book is based on Joe’s study of over 1,000 entrepreneurs. The research confirmed the discovery that all entrepreneurs are not all wired the same way. The book suggests entrepreneurs fall into four distinct types of entrepreneurial DNA’s that leverage unique strengths, weaknesses and tendencies typical in each specific type of entrepreneur:
1. The Builder: You have a drive to build highly scalable businesses very fast. When this DNA is high in an individual, they break past $5 million in revenue within two to four years and keep going to up to $100 million. That's because these individuals measure success through a very unique lens: infrastructure. It drives the decisions they make and the strategy they build and deploy. They aren't satisfied with a certain amount of personal income or goodwill toward man. They are Pied Piper-like individuals who are master recruiters of talent, investors and customers. Builder DNA activates certain behaviors like a controlling temperament, leading to a Dr. Jekyll and Mr. Hyde like demeanor in the office. Individuals with high Builder DNA tend to struggle most with personal relationships and typically have a revolving door of talent in their companies.
2. The Opportunist: Picture Sir Richard Branson and you have a pretty good idea of what Opportunist DNA is all about. Individuals wired with this DNA are highly optimistic master promoters. They enjoy marketing and selling. They are wired to sniff out well-timed money making opportunities, jump in at the right time, ride the wave of growth up and (hopefully) jump out at the peak. Opportunist DNA measures success based on the amount of money they make (or will make) when they aren't working. So they are drawn to business opportunities where leverage can be used to create residual and renewal income. This behavioral preset in entrepreneurs makes them impulsive decision makers, especially when it comes to money-making opportunities. This trait can serve them very well or be the source of their demise.
3. The Specialist: This DNA activates in the experts of our world. No sooner does an individual go through years of schooling, apprenticeship or on-the-job training, does this DNA activate, driving the corresponding behaviors. Specialist DNA drives one to be very analytical, relatively risk-averse and anti-selling. Specialists generate most of their new business from referrals and networking. They measure success based on their personal income. Their businesses tend to grow fairly well in the startup and early growth phase, but as soon as their personal income hits preset targets, their internal thermostat kicks in and they go into customer service mode. Research found that most Specialist-owned businesses plateau in revenues well below $5 million. The ones that get past this level take significantly longer to get there than Builder DNA companies -- often decades.
4. The Innovator: Picture Mark Zuckerberg in the movie The Social Network and you'll see Innovator DNA at work. Like most Innovators, he was doing something he loved, when a business opportunity popped up. The breakthrough discovery typically drives this entrepreneur in the "lab" of their business -- where they want to invent, design and tinker. They would much rather be in the lab of their business than at the cash register or in the business office. They find operating a business draining. They measure success based on the impact their product or service is having on mankind. "It's not about the money," you'll hear them say. "I'd do this for free for the rest of my life if I could." Individuals with high Innovator DNA control most of the great intellectual property of our time. Unfortunately, they hide in dungeons and find it hard to engage in business discussions.
For centuries the approach to entrepreneurship has been -- what worked for one entrepreneur will work for every entrepreneur. But research has proven that entrepreneurs are all different. Some of us are Innovator-Builders. Others are Specialist-Opportunists.
Knowing your DNA and the DNA of those surrounding you is critical to selecting the business, strategy and team best suited for you. Just because it worked for Richard Branson (Opportunist-Builder) or Bill Gates (Specialist-Builder), doesn't mean it will work for you.

Survey: 1 in 2 Angel Investors Regrets an Investment Made This Year

Angel investors sign up for risk. That’s part of the game. What really gets them frustrated, though, is being sold unreasonable financial projections and valuations.
Nearly one in two angel investors surveyed by Worthworm, a Scottsdale, Ariz.-based startup valuation company, reported having regretted an investment decision they made this year. The small-sample survey of 100 angel investors was conducted in July by market research firm OnePoll.
Of those angel investors who regretted an investment, almost half report that the problem was pie-in-the-sky financials -- entrepreneurs telling them that their company was going to be worth more than it was or that it would make more money than it ended up making.
To get an angel on board -- and keep him or her happy -- entrepreneurs need to have well thought out financial valuations and revenue projections they can deliver on.
“Our research clearly shows that angels believe the majority of entrepreneurs do not do their homework before stepping through the door,” says Alan Lobock, a co-founder of Worthworm, in a statement. “It is imperative that they put themselves in the investor’s shoes and prove that they can efficiently scale.”
Only a small percentage of angel investors say they are in the startup investing game for the pure thrill of it. Most angels say they are looking to either diversify their portfolio or are attracted by the potential for a high reward on their investment.
In addition to wanting well-researched and reasonable financial projections, angel investors' other top concerns when deciding where to lay their financial bets also include having a demonstrable sustainable competitive advantage and relevant previous experience on the resumes of the startup team.