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How to Turn Your Passion Into Profit
You can’t take “no” for an answer
Just because somebody tells you no, that’s their limitation.
Just keep pressing forward until you feel you’ve come to the end of the path, but do not let the end of your path be because someone else does not believe in your idea.
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Align your decisions with your vision
Develop a presales waiting list
.... with your early supporters. Get people excited in advance. There is a risk if the production run goes south, but this is a good way to pay for early production costs.
Sell a product that works
People buy your Why, but they only remain loyal if you have a strong product that supports it.
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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 t...
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.
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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The concept of servant leadership
The 6 main principles of servant leadership
- Empathy. Give trusted co-workers the benefit of the doubt by assuming the good in them. It goes a long way toward instilling loyalty and trust in you from your team.
- Awareness. Care deeply about the welfare of the team members. Don't view them only as cogs in a machine.
- Building community. Build community where both employees and customers can thrive.
- Persuasion. Rely on persuasion rather than coercion to create internal motivation required to complete the task effectively.
- Conceptualization. Servant-leading entrepreneurs focus on the big picture and don't get overly distracted by daily operations and short-term goals.
- Growth. Care passionately about the personal and professional growth of each member of the team.
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Address It Directly
When conflict arises, you need to raise the issue with the parties involved.
Emphasize the need for your employees to address it. Explain that negative feelings and thoughts c...
Listen to Both Sides
Speak with each party separately to gain their perspective on what the tension is all about.
Make sure that along with any emotional information, you discuss specific facts or events that led up to or inflamed the situation.
Bring Both (All) Parties Together
Allow them to share their version of the events or issues.
Often, this step will elicit issues or facts that the other party was unaware of.
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