We’ve heard the phrase, “Follow your passion.” Sometimes it’s viewed as the best career advice and sometimes criticized as impractical guidance. Both arguments are correct. Like any advice, it’s best to apply what aligns with you and leave the rest. Today, we’re sharing how to assess whether a hobby is worth pursuing as an entrepreneur and what you should while turning passion into profit.
Why You Shouldn’t Just Pursue Your Passions
While it’s possible for many hobbies to be turned into a viable business opportunity, you have to ask yourself three foundational questions about your passion(s):
1. Do you have a sustainable interest in your passion?
Entrepreneurs gain a deeper understanding of their niche and industry when starting a business. Should you pursue a passion, you must be interested in understanding its ends and outs: Has this passion piqued your interest suddenly, or have you been invested long-term? Are you invested enough to stay engaged for the next six months, or will you want to move on to something else?
Considering your commitment to sustaining your passion is critical to your success. Consider the logistical sustainability of your passion if it requires a particular time, location, season, or effort to maintain.
2. Is your passion scalable?
Speaking of long-term, aspiring and seasoned entrepreneurs should assess the scalability of their passion. For any business to thrive, it must be able to adapt and grow. When considering what hobby to convert into a business, you should assess its scalability: Can you expand on your passion in the next 3-5 years? Do you see opportunities for investors and partners?
Your passion should be adaptable and scalable to ensure the longevity of your business. The stronger your concept, the more relevant it becomes with time.
3. Is your passion too close to your heart?
When we first venture into adulthood, we’re often warned not to live with our best friends. Not because we don’t love them but because we love them too much. This means our relationship can be negatively impacted when we eventually have conflicts and annoyances.
The same can be said about making a profit from your passion. Some hobbies are simply too personal and vital to turn into work. If a particular project or interest is necessary for your self-care or offers reprieve, getting involved with business mechanics can negatively affect your passion: Are you able to separate work from play within this passion? Can you allow your passion to be critiqued or shifted to be more marketable?
Having some perspective on your emotional attachment will keep you focused and balanced. Being aware of your boundaries and limitations can save you from feeling overwhelmed by the stress of forming a new relationship with your hobby.
“When selecting a passion to pursue as an entrepreneur, consider your expertise. You may be able to expand on what you’ve already mastered to save time, money, and energy.” – Nancy Twine
Why You Should Pursue Your Passions
So how do you know when to follow your passion? Doing this three-step check-in can offer clarity on your subsequent business pursuit.
1. You’re genuinely passionate about your interest.
Passion gets a bad rap because it’s conflated with superficial attraction towards something.
Regarding business planning, following your passion means your interest(s) feel like a purpose. There’s a meaningful, intentional investment in the mission and vision that drives your desire to pursue a new venture. (This is also your “why” — a deeper insight into your creation motivations.)
2. You have the skills to be the foundation for your business.
Entrepreneurship is a rewarding but challenging path. You may need more resources to hire out or seek support at various points in your journey. You may need to tap into all your available skills and willpower to build up your dream.
You may lose motivation or become more easily discouraged if you lack passion and skills. When selecting a passion to pursue as an entrepreneur, consider your expertise. You may be able to expand on what you’ve already mastered to save time, money, and energy.
3. Your passion has a learning curve.
Contrary to the second point, you want to pursue a passion supporting your personal and professional development. Choosing a passion that is both easeful and growth-oriented will help you evolve as an entrepreneur.
What areas of interest do you have that will take you to a new level in your career? How can a hobby move you closer to a personal goal? “Follow your passion” is excellent advice if you’re willing to do the actual work to turn it into a business. If you commit to the process, you’ll be turning passion into profit.
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