Skip This Step and You Could Lose Everything

Summary

The article emphasizes the importance of distinguishing between a business and a hobby by asking if the venture is profitable and serves a clientele.

Abstract

In the current economic climate, many individuals are considering entrepreneurship over traditional employment, especially with the shift towards remote work due to COVID-19. However, aspiring business owners must critically assess their endeavors by asking two crucial questions: Is their activity a business or merely a hobby, and can it generate revenue? The article argues that unless one's idea has the potential to be both personally fulfilling and financially profitable, it may be wise to delay launching until a viable, market-ready concept is developed.

Opinions

It is crucial to differentiate between a business venture and a personal hobby when starting a new enterprise.
A business idea should not only align with personal interests but also cater to a specific market or clientele.
Profitability is a key indicator of a successful business and should be a primary consideration from the outset.
Entrepreneurs should be patient and deliberate in their approach, ensuring their idea is marketable and has the potential to generate income before proceeding.
The author, Greg Frankson, suggests that personal satisfaction alone is insufficient for a business to thrive; it must also be financially sustainable.

Here are the only two questions that matter when you start your business

In this Minute of Truth, I’ll share the only two questions that matter when launching a new business idea.

These days, lots of people are thinking about how they can start their own enterprises instead of returning to work. In the age of COVID-19, more people than ever are interested in working from home and being their own boss.

But to do that, you need to ask yourself two questions: First, is what you’re doing a business or a hobby? And second, does it make money? If your idea only serves your personal interests rather than a clearly defined clientele, and if you have no idea if you can convert your effort into revenue, then wait until you’ve got an idea that’s profitable both personally and financially.

Greg Frankson is an award-winning writer, poet, public speaker and spoken word artist. He is also the founder of Voice Share. To learn more, engage in conversation or ask a question, follow Greg on Twitter, Instagram and Medium at @greg_frankson or the hashtag #ownthevoiceyoushare on social media.