Thu 12 Feb 2009
How to Do What You Love
One of the goals we have with these blogs is to help entrepreneurs succeed in their endeavours. We also want to make sure that we supply as many tools as possible to help you make your venture a success.
We are going to take a realistic look at a trend that swept the United States during the boom years of the New Millennium, which may or may not have been powered by relentless optimism.
Needless to say, the current economic situation has caused a power down in this area, so it's worth taking a good look at the big entrepreneurship fad of doing what you love to do.
Doing what you love, and making money at the same time, is everyone's business dream. The problem is that the dream of owning a business where you get to do what you love only works out in the long run for a small number of people.
It's kind of like the dream of being a movie star or rock star when you are younger; yes, there are lots of success stories but for every one there are ten that did not make it.
There are a few things to consider when you start thinking about building a business and doing what you love. Let's take a look at a couple of them.
- Do people want or need what you have to offer? Just because you love doing something doesn't mean everyone will love the product. You need to think realistically about your customer base.
- Is it competitive? Some things ARE universally loved - the problem is that there is too much competition in the niche.
There's nothing that can kill a business as quickly as the need to compete with others and slash into your bottom line.
- More work than you knew! Sometimes, we only love things when they are a hobby. Once your life - and those of your dependants - hangs on that hobby, things can get old quickly. Make sure you account for the extra work before you start.
There are lots of people who do get to create a business doing what they love, but many fail as well.
The key to success is a good foundation, so be realistic before you start building that small business.