Should You Follow Money or Follow Your Passion?
Follow your passion! Dare to believe in your dreams! You can do it!!
Sound familiar? The areas of entrepreneurship and personal development/motivational stuff and intertwined and "follow your passion" is run-of-the-mill advice in both.
But is it actually good advice or is it just another example of guru bullshit?
In my experience, it's bad advice and the "follow your passion" crowd usually don't last long as entrepreneurs.
So, you should be a hard hitter and chase the money, right? Coffee is for closers and all that.
Well, chasing the money is also a pretty reliable way to fail at the startup game...
So, what exactly is the right approach? Check out today's video to find out...
The Problem with Chasing the Money
Just find a good niche, no matter what it is, and monetize it! It's all about the opportunity, bro!
This is a pretty common attitude in the online marketing space. The problem is, it usually doesn’t work.
If your single focus is making money, you’re only chasing the best keywords, the latest money making machine tools, endlessly trying to hack search engines and find more opportunities you see others getting rich by.
All you do is keep on chasing that bright shiny object in the dark and never actually get anything done.
Does Passion Matter?
Follow your heart - is this just an overused cliché or it’s something you can allow yourself?
Spending our days on something we truly love is the end goal for most of us, but for an emerging business, that might not be the right step to do.
Doing what you’re passionate about gives you more gratification to start with - you can’t wait to grab your laptop and continue working on your project, even when you’re supposed to eat or sleep!
But, as long as you don’t have it all figured out, not being able to see your business without the rose-tinted glasses can easily make you go bankrupt.
Having passion for something doesn’t validate the business on its own. If there’s no viable business in the area you picked, it’s damn hard to make money out of it.
Finding the Middle Ground
If following the money and following your passions are both to avoid, what is the right thing to do?
To get the full picture, watch the video at the top of this post. As a reminder, the solution lies in finding that intersection of stuff that pays, but within your area of interest:
Especially when you start out, it pays to be a bit ruthless about getting paid. Think of it as creating the foundation which will later allow you to focus more on what you're truly passionate about.
One of the examples I mention is blogging. In my experience, most people who start a blog go about it totally backwards. You can see an example of how I applied this money/passion approach to blogging in this article on how to build your mailing list fast during a product launch.
More good reading on the topic: this post shows you how to effectively build a mailing list with a product launch. That's a good way to:
- Get real validation and feedback from your market.
- Get paid.
- Build an audience.
The more you do those last two things, the more "fuel" you have to start pure passion projects.
Over To You
What's your experience with following your passion vs. chasing the money? Have you made any mistakes in striking the right balance? Any questions about how to apply it to your business?
Leave a comment below - we’d love to hear your thoughts on this topic.