There are usually 2 reasons why most aspiring entrepreneurs are looking to build an online business.
The first reason is to pursue building a business that they are passionate about, so they can do something they love every single day.
The second reason is to pursue a business that would generate great profits and allow them to achieve financial freedom.
So should you pursue passion or profit when building your business?
In this article, we will discuss the pros and cons of each approach and how they can impact your business journey.
Pursuing passion in business means starting a business around a topic that you are passionate about, or an idea that interests you.
For example, if you’re someone who is passionate about swimming, then you could possibly be interested in starting a swimwear line. If you were interested in fishing, you might want to build an online course that teaches the basics of fishing and fishing gear to newbies.
Working on something you’re passionate about everyday will allow you to enjoy your work more, and this will result in an increase in motivation and happiness as you continue to build your business.
Pursuing passion while ignoring the realities of the market, including performing adequate market research to validate your business idea could potentially result in a business that struggles to achieve the success you are looking for.
Pursuing profit in business means adequately performing your market research, including finding out what products or services are in high demand right now, and creating a product or a business that would fill a gap in the market in order to have the highest chances of success in getting customers and generating profits long-term.
This approach allows you to maximize your chances of building a business that will help you achieve financial freedom.
You might find it hard to stay motivated working on your business when you are simply doing it for the money, and might give up when faced with challenges and obstacles that come your way.
So should you choose passion or profit?
Ideally, if you can pinpoint a business idea that revolves around a topic that you are interested in or passionate about, while performing adequate market research and finding a profitable niche, then you are able to achieve both targets in your business and have found yourself a winning business idea!
If that’s not possible for you in your current situation, then here is what we recommend.
If you are in need of generating an income quickly, then we recommend prioritizing a business idea that has been validated through research and has great potential for high profit margins.
On the other hand, if you already have a stable source of income, then focusing on a business idea within an industry or field that you are passionate about is recommended, as that will allow you to maintain the motivation you need to continue working on it long-term until you achieve success.