Don’t Follow Your Passion, Follow The Market

Follow your passion. Follow your heart. Monetize your hobby.

Trust me, I’ve heard it all.

In an ideal world, you’d find your ideal clients and sell to them like crazy, but that’s not realistic.

I’ve learned over time that is has less to do with passion, but more about identifying what’s thriving in the market.

Now thriving isn’t a code word for trendy. It means industries that have staying power.

Just like there are very few new ideas, don’t be overly concerned with competition. The same reason why gas stations and fast food establishments purposely open locations near each other proves this point.

Each industry tends to have a giant or market leader which signifies a strong want (perceived need) in society. With so many options to choose from, positioning your idea boils down to uniqueness.

In most instances it’s your brand story, featured benefit or “patented” process.

Whatever your unique selling proposition (USP) is, it’s much wiser to bring to a visible market than an invisible one.

Take for instance coaching. I’ve been doing it for 10+ years, but it’s still not part of a thriving market. Coaching is more of a “how” than a “what” therefore I’m more focused on ideas that utilize coaching in the process, but it’s not the main offering.

Coaching is an example of being in an invisible market because every time you approach a prospective customer you’re faced with a “double sell” proposal. That means the initial sell is educating what you are selling, then you have to follow up with a secondary sell to get paid. It’s not an ideal situation to put yourself through.

Market research becomes invaluable since you want to enter an area that’s already hot. No matter how great your idea is, the uphill battle of trying to educate people about what your product/service does isn’t worth your time or investment.

We’re fortunate to live in a time where information is readily accessible at our fingertips, so take advantage of it! Don’t be discouraged about developing your idea, but before moving forward make sure there’s a clear market for it’s entrance.

There’s no need to reinvent the wheel, it’s already been created.

Why Startups Are Overrated

startup-life

Follow your passion. Chase your dreams.

Bad advice depending on your age/life stage.

The startup life is glorified from the outside, but those inside the ropes think differently.

Your corporate 9-5 job may suck the life out of you, but imagine working 40+ hours and getting paid less.

Think the grass is greener on the other side? Try turning grass over. It’s brown.

Similar to entrepreneurship and parenting, everything you see/read/learn doesn’t equate to first-hand experience.

Working for a startup is grueling. Long hours for little pay isn’t for everyone. Age/life stage should be your determining factor.

In your 20’s your career is most important, so working hard for something you believe in takes priority.

In your 30’s relationships (dating/marriage/family) are most important, so working hard to support your desired lifestyle take priority.

In your 40’s planning for retirement is most important, so working hard to secure your future takes priority.

Startups are ideal for people in their 20’s or younger. Fewer responsibilities means less concerns about work life balance.

Once you enter your 30’s boundaries become important. The difference lies in what you do after work: going to the bar with friends vs. going home to see your family.

There’s nothing wrong with chasing the American dream, but the better question to ask is: when are you chasing it?

Are You Living Passionately?

Without Passion Life Is Nothing

Follow your passion. It’s clich√© right? It’s not just following what you love that’s important, but actively experiencing it is what matters.

That statement illicits the idea that we should quit our jobs and pursue something we love. Not necessarily true. But in your personal life, what are you pursuing that is a life long love?¬†What’s something that you’ve always loved doing and will never get tired of? A hobby is an interest you have, but a passion is something you can’t live without.

If you’re experiencing a work-life crisis maybe it’s because your professional life has eaten away at your personal life. If that’s the case, you have to take steps to get it back. In this 8 week course you’ll learn how to live passionately again because without passion, life is nothing.