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So, will this be a year when you begin a new venture? If so, hopefully, I can help. To begin, you’ll need to do some deep soul-searching.

Are you starting your business based on your skillset, your passion, or both?

Some experts will suggest that you should start your first business based on your skills and ability to solve a problem/provide something that people truly need AND are willing to pay for. If financially successful, then you’ll have the funds to start another business based on your true passions.

One thing for sure – do your research to make certain there’s a need for what you are going to offer.

Passion is important because as we all know, you’re not undertaking something that’s guaranteed to always go smoothly. When times get tough, you’ll need the passion of what you set out to achieve to keep yourself going.

Candidly, I don’t believe this is a simple black and white question. Yes, you should be passionate about what you’re doing, but unless your idea is viable and you have what it takes to execute your plan, no amount of passion will pay the bills.

Study the marketplace. Study yourself and your motivations. Set realistic expectations and get ready for an interesting year.