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9 Ways to Profit From Your Passion

https://www.entrepreneur.com/article/280658

entrepreneur.com

9 Ways to Profit From Your Passion
7 min read Opinions expressed by Entrepreneur contributors are their own. I'd rather be a failure at something I love than a success at something I hate. -- George Burns We're all passionate about something in our lives. But how can you actually turn a profit off of that passion?

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It takes more than just passion

It takes more than just passion

Make sure that you’re actually good at what you do. 

Ask yourself if you’re willing to put in the hard work and if there is a market for you to tap into. Even if it’s just talking to some of the regulars at your favorite restaurant or bar, their feedback can be priceless.

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How can you make something better

Let’s say that your passion is playing the guitar. What void can you fill in that marketplace? For example, if you can repair guitars and realize that there isn’t a repair shop anywhere else around, that could be a business opportunity.

You also need to ask yourself how you can make the industry better.

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Ways to monetize each passion

Think of all the various ways that you can actually make money off your passion. This may include:

  • Selling an actual product.
  • Sharing your knowledge about your passion by blogging, writing books or filming videos. 
  • Offering advice as a consultant in anything from accounting to gardening.
  • Becoming an investor in an idea that you’re willing to financially support.
  • Inventing a gadget or software that makes life easier for people. 
  • Building an event around your passion, such as a festival or community organization.

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Don’t be a perfectionist

While you should have some sort of experience or skills to offer, there’s always room for you to learn and grow. 

Don’t wait to start your business until after you’ve mastered a craft. You will continue to hone your skills all along your journey.

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Get outside of your comfort zone

Get outside of your comfort zone

Find techniques that can not only help you get outside of your comfort zone but also work on improving your weaknesses.

You don’t have to become a guru. Just familiar enough in that area so that you’re more comfortable and can deliver what people need and want.

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Make fun a priority

It’s difficult to maintain your passion as you attempt to grow a legitimate business. 

Always make fun and passion a priority. This means hiring people who are equally passionate as you are about your idea or product, creating policies and branding that reflect your passion, and building a company that feels the same way to others.

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Build your skills

It takes 10,000 hours to become a master at something. 

Don't let those hours discourage you from moving ahead with your plan. Never stop practicing on perfecting your skills. Ask for feedback on what you are doing and to track your progress.

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Overcome roadblocks

Roadblocks are all of the factors that are preventing you from following your dreams

For example, if you’re not familiar with coding or programming, but require a website, then hire a coder. If you believe that your passion won’t be profitable then look for alternative ways to monetize your passion by being flexible.

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Get creative with money

If you need money to help scale your business, instead of going to your local bank or searching for investors, crowdfund your idea on Kickstarter, Indiegogo or GoFundMe.

Another option would be to use peer-to-peer-lending sites like LendingTree where you can get matched with like-minded people directly in your business area.

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When hiring, screen for learners

  • Ask about passion projects. Learners tend to pursue something else outside work (training for a marathon, playing with a band, etc.)
  • Focus on curiosity as much as hard skills. Bring up problems currently facing the team and see how the candidate responds.
  • One of the most important things to a learning mindset is the ability to admit you don't know something. So be aware of how they approach the things they don't understand.

Learning as a company policy

This means explicitly defining ongoing learning as a core company value.

Empowering employees can mean providing the time or money to enable learning - in other words, offering learning opportunities as a job benefit like health insurance. 

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An intrapreneur can be defined as someone who thinks like an entrepreneur but brings their ideas to the company where they are employed instead of launching their own business. 

Instate a "no idea is a bad idea" policy, gather the support your employees need to try out their ideas and let them pitch decision-makers at your company.

McKnight’s 15-percent-time rule

This allows employees to spend 15 % of their paid work time daydreaming, doodling or experimenting with ideas that don’t necessarily have to do with their work at the company.

This kind of daydreaming is the genesis of invention and fosters passion for one’s work.

Desire

We always work the hardest for the things we are most passionate about.

Choose your destiny and invest yourself in those fields that most interest you. 

Don't become an expert at the familiar

This type of comfort breeds something lazy in us and we only do what is expected of us, but do not go beyond. 

Crave what is new and unexplored, and fearlessly pursue those areas. 

Choose to excel

Effort counts twice as much as genius or talent.

Commit to being a person who wants to be more, do more, and consistently test the limits of your capacity. Embrace the responsibility and enjoy the freedom that comes with it.