{"id":2171,"date":"2014-03-11T10:23:41","date_gmt":"2014-03-11T07:23:41","guid":{"rendered":"http:\/\/secretformulaforwealth.com\/blog\/?p=2171"},"modified":"2015-04-20T15:07:28","modified_gmt":"2015-04-20T12:07:28","slug":"do-what-you-love","status":"publish","type":"post","link":"https:\/\/secretformulaforwealth.com\/blog\/business\/do-what-you-love.html","title":{"rendered":"Why &#8216;Do What You Love&#8217; Is Good But Misleadingly Incomplete Advice"},"content":{"rendered":"<p><a href=\"http:\/\/secretformulaforwealth.com\/blog\/wp-content\/uploads\/2014\/05\/do-what-you-love.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2175\" src=\"http:\/\/secretformulaforwealth.com\/blog\/wp-content\/uploads\/2014\/05\/do-what-you-love.png\" alt=\"Do what you love?\" width=\"200\" height=\"180\" \/><\/a><span style=\"float: left; font-family: Georgia; font-size: 300%; line-height: 0.8em; padding-right: 6px;\">Y<\/span>ou have probably heard the saying <em>&#8216;do what you love and the money will follow&#8217;<\/em>.<\/p>\n<p>This advice is usually passed around by those who either take pride in being a starving artist, or those who inadvertently do not tell the full story.<\/p>\n<p>Unfortunately, this axiom happens to be a half-truth because for money to flow to you, you have to be able to create, communicate and exchange <em>value.<\/em><\/p>\n<p><strong>Doing what you love does not automatically translate into income.<\/strong><\/p>\n<p>The comfort and security of a well-paying job can be very misleading; all until the rug is pulled under you whether through illness, retirement or redundancy.<\/p>\n<p>The first thing people who find themselves in this situation do (irrespective of whether they hated their jobs) is to ask what they can do to create a profitable business.<\/p>\n<p>Conventional wisdom forces them to start by identifying what they love to do and focus on doing those specific activities <em>until<\/em> the money shows up.<\/p>\n<p>If you love to eat or sleep all day, I do not see how money will follow those activities no matter how long you keep doing them.<\/p>\n<p>That does not mean that you should hate what you do or else you certainly won&#8217;t be motivated to stick around long enough to realize any financial benefits from a potential business idea.<\/p>\n<p><strong>Monetizing your passion is usually a better approach to starting a business than just doing what you love.<\/strong><\/p>\n<p>Discovering how to monetize your passion need not be as complicated as looking for the proverbial needle in the haystack.<\/p>\n<p>A successful business hinges on a delicate combination of:<\/p>\n<ol>\n<li>Passion<\/li>\n<li>A skill set that can give you a competitive advantage and comes easy to you as the business owner (usually as a result of experience), and;<\/li>\n<li>A product or service that serves the need of a hungry market that has the financial resources to take advantage of your offer.<\/li>\n<\/ol>\n<p>If you have watched any episode of ABC show <em>Shark Tank<\/em> or BBC show <em>Dragon&#8217;s Den<\/em>, you will notice how the investors are carefully looking out to see how the three aspects mentioned above are articulated by the business owner seeking funding.<\/p>\n<p>This is in addition to whether they can trust the\u00a0entrepreneur to give them a good return on their investment.<\/p>\n<p><strong>There are various aspects of a business you have to do whether you are passionate about them or not.<\/strong><\/p>\n<p>You may love the entire business, but certain activities may be a bane for you. It could be administrative work, payroll management, taxes, or even selling.<\/p>\n<p>You will always be tempted to focus on the fun activities but if they do not directly bring money into your business, you may end up having a very expensive hobby, and an acute shortage of cash.<\/p>\n<p>In the start-up phase of your business, you will probably find yourself wearing multiple hats just to get your business off the ground.<\/p>\n<p>You will invariably be the first to arrive and the last person to leave at the end of the day.<\/p>\n<p><strong>Determine the kind of lifestyle you want <em>first<\/em>, and then structure your business around that lifestyle.<\/strong><\/p>\n<p>If you do not like waking up early in the morning, going against the tide by starting a business that requires you to get up early in the morning will wear you out very quickly.<\/p>\n<p>If you are not comfortable with collecting bad debts, do not offer your products or services on credit terms.<\/p>\n<p>If you want to spend all your weekends with your family, avoid businesses that require you to be away on the weekends.<\/p>\n<p>As you can see, there is more to money following you than simply doing what you love.<\/p>\n<p>Once you focus on operating your business the right way from the onset, you will avoid some of the common mistakes that will save you time, money and a lot of aggravation.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You have probably heard the saying &#8216;do what you love and the money will follow&#8217;. This advice is usually passed around by those who either take pride in being a starving artist, or those who inadvertently do not tell the &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"more-link\" href=\"https:\/\/secretformulaforwealth.com\/blog\/business\/do-what-you-love.html\"> <span class=\"screen-reader-text\">Why &#8216;Do What You Love&#8217; Is Good But Misleadingly Incomplete Advice<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16],"tags":[189,190,193,192,191],"class_list":["post-2171","post","type-post","status-publish","format-standard","hentry","category-business","tag-do-what-you-love","tag-do-what-you-love-and-the-money-will-follow","tag-do-what-you-love-and-you-will-never","tag-do-what-you-love-for-life","tag-do-what-you-love-quotes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why &#039;Do What You Love&#039; Is Good But Misleadingly Incomplete Advice - The Secret Formula For Wealth Blog<\/title>\n<meta name=\"description\" content=\"You have probably heard the saying &#039;do what you love and the money will follow&#039;. 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