Passion to business idea match and balance of practicality

Passion to business idea match & balance of practicality

Lesson Details:
February 14, 2020

Video Transcription: Now I want to introduce you to a new idea that in all my years in entrepreneurship starting a business I actually never heard anyone talk about this and this is business to passion match what do I mean by that passion doesn't always become a good business not because let's say my passion is history and it's really hard to get business idea because of history no not because of that that is a good point but that is not the main point that I'm making the main point that I'm making is that even though for example I love history and I spend a lot of time maybe reading and watching YouTube videos about history I'm like a geek about it yeah as a consumer but I think I will be bored making a business on top of this topic like I'm not I don't have anything exciting to do in this world like there's nothing that I can research or discover there's nothing for me to really do that I'm aware of that that I like I think I would not be that into it so it would actually make for a boring business for me which entirely defeats the purpose of having your passion so sometimes a passion as a consumer isn't passion as a business owner so my examples would be I love soccer music history philosophy writing okay you might you might think right now like I'm some sort of a geek nerd yeah like philosophy who likes that history who likes that anyway it's me and I like writing and personal development but few of these would translate into a good business so here's the test and this is the test that I do with my clients. Who a lot of my clients come to me for coaching who say I don't know what to do for my business and I what I try to squeeze out of them and sometimes it's really that it's creating squeezing and pulling because they haven't thought about it so much is you might want to do music travel or you might want to do something more practical for career but how badly do you want to do it and would you be happy doing this and only this in the next five years because there's a lot of sacrifice because when you do something as business you have to do it very intensely and so you really only get like your time to devote to your family to health and fitness and to your business and you really have to kill a lot of other things because they become distractions and you just cannot focus on too many things the trick is always to do a few things really well and so you'll have to kill off a lot of your passions so which one of them would you be so into doing five years from now that you can see yourself there that's the test like that level of passion and would it be fun for you as a business really that right for example soccer is really fun for me to play I play as much as I possibly can but I think I'd be bored making a business on top of it because you know it's very competitive it's a soup it's really a fun niche and it's taken up by million and billion dollar companies and teams and organizations and my voice would just get drowned out and I also don't have anything particularly great to add to this field. So I would just get frustrated and the effort I put into it would not equal the outcome and it wouldn't be a good business but if we keep evaluating my own case study music is something that as a creative person I can try to create my own by the way I am really really beginner and terrible but I love it and it actually combines with my writing and I feel like maybe exploring my own voice and exploring my own music that I can do something in that it's extremely competitive I am incredibly unlikely to succeed at any in any sense of course knowing that I still be really into it because it's just fun for me to do and to make new stuff so that is probably of all my passions is the only one that I'd be into it the other ones would be not a good business to passion match which loses the point of like pursuing your passion so if you don't have something like this there's two things to say about that one is you don't have to have it you can find yourself you don't have to already have it you can start working on some things and it will be things that are you're passionate about it doesn't come to you out of the blue you kind of get to it by working on things the second thing is if you really end up not having something that you're so intensely passionate that is driving you that's the case for a lot of people then find something a little more practical because maybe the passion towards and the desire towards extra freedom being your own boss those things maybe those will be motivators and really instead of passion which you would do is actually pursue a business in something that's something you can do it's within your skill set so it might be like providing a service which is practical it's it's something that they're you know it's there's a market for a lot of services whether it's online services whether it's offline services you can teach something help people with something there's a lot of businesses you can pursue that once you actually take out that requirement of passion and replace it with discipline a ton of potential business ideas and Nicias open up so that's what we're going to be pursuing and to sum up if you've got a passion that you really are dying to go after you should know it's gonna be probably competitive but if you are willing to take that risk if you're courageous enough great if no you need to have that passion no nor you are courageous enough to get into a wildly competitive niche where you might not succeed then steer towards practicality of your business idea so you see it's a sliding scale of passion to practicality depending on the variables we just discussed.

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