How to create a business based on your passion

How to create a business based on your passion may be easier said than done. After working with thousands of business owners over the last couple of decades, it is still the number one question I ask a potential entrepreneur. “What is your passion?” “What would you do if money were not important?”

If all a potential entrepreneur can talk about is money, I’m immediately concerned. Sure we’d all like to be the next billionaire but reality is money is not everything and not every business idea is going to make you billions. I wish I could give you the magic formula to follow to ensure that your business idea is going to be the next Facebook or billion dollar idea but that’s not how it works. If you have done any research on your own regarding the paths that the various businesses have taken to get to their pinnacle of success you will surely have found by now that the paths are as varied as the business ideas.

I know it is a cliche but life really is too short to not spend it doing something you love. That doesn’t mean every second is fun as there are parts of running any business that can be stressful or “less” fun than others. Overall though if you are following your passion, the fun and the money will come.

Here are the top 5 questions I discuss to potential entrepreneurs when they are looking at starting a new path in life.

1. Ask yourself how you would spend your time if money were not an issue?

2. How can you take what you are passionate about and turn it into a business idea?

3. How can you find a niche that serves a need for others and fulfills your passion?

4.  Will others be willing and able to pay for your business product or service?

5. What are the necessary steps to get you from where you are today to where you want to be?

Of course the conversation goes on and on and there are many revisions for most people as they explore possibilities and develop a business plan. However, just know that money is important as that is what makes it a business vs a hobby. Though it shouldn’t be the only thing driving you as there will be lots of days (as most entrepreneurs can attest to) that the money will not be there and the only thing that gets you through the long hours and hard work is the passion.

You can look around and see lots of people that have money to spare but are far from happy. At the end of the day is really about the money to you or would you rather love what you do and earn a decent living doing it? When I was young, I thought money was the goal; however, as I’ve matured and worked with entrepreneurs from all walks of life, my idea of a good life is far different. While I realize my definition is not the same as everyone else’s, I would encourage you to follow your passion as you’ll be far happier than following the money alone.

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