What It Takes to Turn Your Passion into Profit
In the realm of entrepreneurship, you often hear people who advocate not mixing your passion with entrepreneurship; they must have their reasons. But then there are those who swear by this; I am among those!
The road to being a successful entrepreneur is not really a smooth one; it’s quite the contrary. There are so many areas to look into as a startup, so many aspects to consider, so much at stake that chances of making a fatal mistake for startups are always real and high. To cope with ups and downs, lows and highs of entrepreneurial world, you have to be wary of fatal startup mistakes all the time.
My diverse experience with entrepreneurs has led me to believe that one of the biggest factors propelling your startups to success against all odds is the passion that fuels your endeavours. However, it is equally true that merely being passionate about something doesn’t translate into revenues; you have to do things the right way to make the magic happen. That’s what I am here for with What It Takes to Turn Your Passion into Profit, helping you transform your passion into profit by following these simple but effective tips.
1. Look for a void, be prepared to fill it
This is how it all begins; looking for a void and stepping up to fill it the right way. Thoroughly observe what other businesses in your desired niche are missing. Come up with an idea (that’s not there right now) that can help you change (enhance) your industry and convince people of its significance; why is it necessary. Find out the ways you can do it better than others.
2. Dare to step out of your comfort zone
Are you doing really well in your current job, perhaps making six figures in an amicable environment? But deep down your heart, you always wanted to get more out of your passion. Well, you need to step out of your comfort zone first. Though getting all the way into something new that you haven’t tried much before can be a bit intimidating and uncomfortable, but if you want to be a successful entrepreneur, the one who can brag about turning his passion into profits, you will have to learn staying comfortable even out of your comfort zone. The fears and apprehensions of successful entrepreneurs empower them rather than confining them.
3. The 10,000 hours success mantra
As I told you earlier, being passionate about something doesn’t guarantee being successful in it; being consistent does! Malcolm Gladwell, the author of the famed book ‘Outliers’ researched the lives of unbelievably successful people in different walks of life. All of them were different in countless ways, except for one: the 10,000 hours success mantra! Every single one of those exceptionally successful people had practiced at least 10,000 hours in their respective fields to outpace all others. Serious about turning your passion into profit; this is the mantra to follow.
4. Augment your financing with your creativity
Today’s startups are lucky to have access to numerous (and growing) financing options, not only confined to bank loans, big investors or venture capitalists. A little creativity can help contemporary entrepreneurs generate much more and much easily. However, you have to come up with an extensive strategic marketing plan containing precise details of how much do you need and where. Then resort to social media and harness the power of community support to market your brand before it really enters the market. There are many reliable online platforms for crowd-funding like GoFundMe, Kickstarter or AngelList.
5. The right time is today, not tomorrow
I hope you have heard that life is a journey, not a destination; don’t look for overnight success, but also refrain from delaying unnecessarily. The right time is today, not tomorrow! Though you might find yourself way far from those 10,000 hours of work, which could become your miracle, you will ultimately get to them if you start nurturing your passion right away, the sooner the better as they say. By piecing together what works best for your passion project (and what doesn’t), a complete picture will emerge on your canvas eventually, giving you a business model leading you to the success and fame.
Turning your passion into profit might sound like a far cry right now, but you will be able to actualise your dream by following the simple but effective and proven tips listed above. Best of luck for a bright future ahead!
Article written for TheTotalEntrepreneurs by Adnan Afzal