Many of us have heard the saying, “do what you love and you’ll never work a day in your life”. We’re told to pursue our passion and we’ll have fun with it. Unfortunately, this isn’t always the case. Being passionate about something does not necessarily mean it will be a viable business. However, if it has the markers of a viable business and people have been successful in it, go for it. As Rohan stated, “Don’t let passion be the sole reason for starting a business, let it be a complementary reason.”
The Innclusive Grow team will give their reasons as to why passion is not a good indicator in what business to pursue. They will also discuss how to choose a business, how to measure the probability of success, along with some other great advice. Tune in, you’ll be glad you did!
[02:16] Why shouldn’t passion be the indicator in starting a business?
- You’re not going to always love it
- Criteria for picking your business should be what’s easiest, what’s going to have the highest probability of success if you do that
- People do not pay you to have fun, they pay you to do things that are messy, things you don’t want to do
- Most of the money to be made in the world is doing things that are not fun
[07:48] How do you choose the business or project to pursue?
- Highest probability for success
- Start something with a lot of competition, where other people have been successful
[09:14] Why would you want to go into an already crowded market?
- Only a handful of markets are truly saturated (cable TV, mining – oil)
- Idea of a saturated market does not exist when talking about an entrepreneur starting a business
- If multiple people are successful in a particular business, it means there is a large market, money to be made, business is already validated
[14:43] How do you measure the high probability of success?
- Your time investment
- Money returns; whether you can generate sales or make money in the first 60 days
[19:18] After 60 days, if you don’t make money, what’s next?
- After 30 days, ask yourself if you put in the effort
- If a lot of effort and dedication to marketing was made, think about your branding
- If you did put in the time and effort, something is off (look at pricing, messaging, copy writing)
- After 60, 90 days, look at other alternatives
- Goal should be to have a conversion rate
[25:34] What if it’s a business that requires a lot of money?
- Consider the affordability
- Use what you make from a smaller business to tier to another level until you can get to a bigger level
[35:43] If you don’t like it, how do you motivate yourself to do it?
- Know what your why is; it’s not the passion, it’s the why
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