Friday, October 9, 2009

Summary: "Gary Vaynerchuk's Startup Advice"

In the article "Gary Vaynerchuk's Startup Advice", the author contrasts pursuing what one loves or pursuing a market opportunity, all while having the best chance to succeed. According to Gary Vaynerchuk, one should do what they love and know the most about. It is more likely that a person who loves what they do and is confident in their own abilities, will be better able to succeed. However, some will disagree with Vaynerchuk. Scott Shane, an entrepreneurship professor, believes having a passion for a lousy opportunity is very risky. He considers responding to market needs a safer opportunity for entrepreneurs. In some cases, passion and market opportunity overlap, as in Vaynerchuk's case. Vaynerchuk took his passion for wine, became an expert in the industry and turned his family's liquor store into a multi-million dollar wine empire. In other situations, money may not be a determining factor in the decision's being made. Some would rather work for themselves, as Paula Davis does. Single and divorced, Davis considered going back to her old job, but decided against it when she figured she wouldn't be able to spend enough time with her children. Today, she sells artisan soaps. While she would've been able to make much more money working as a lawyer's assistant, she chose to make soap and work for herself. According to the Vaynerchuk, working to seek profit is a recipe for disaster. Even for those who do achieve the money, many are still unhappy because they don't have a passion for what they do.

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