Chapter 3. a useful passion can get you paid

Question 1

The Key to following your passion is..

Answer 1

To help others follow the passion

Question 2

Following your passion is important but make sure it has…

Answer 2

an audience

Question 3

Novelty

Answer 3

Having a good conversation starter can break ice
eg. weird goggles

Question 4

Micro business passion checklist for you

Answer 4

• Instead of just during your free time, would you enjoy pursuing
your hobby at least twenty hours a week?
• Do you enjoy teaching others to practice the same hobby?
• Do you like the ins and outs (all the details) of your hobby?
• If you had to do a fair amount of administrative work related to
your hobby, would you still enjoy it?

Question 5

Micro business passion checklist for marketplace

Answer 5

• Have other people asked for your help?
• Are enough other people willing to pay to gain or otherwise benefit
from your expertise?
Are there other businesses serving this market (usually a good
thing) but not in the same way you would?

Question 6

passion only yields revenue when…

Answer 6

there is a convergence between skill and passion that other people value

Question 7

opportunity equation

Answer 7

(skill+passion)+(problem in marketplace)= opportunity

Question 8

Chapter 3 key points

Answer 8

As in the examples of Gary and Benny, good businesses provide solu-
tions to problems: “What do I do with all these extra frequent flyer
miles?” “How can I easily learn a new language?”
• Many follow-your-passion businesses are built on something indi-
rectly related, not the passion or hobby itself. When considering an
opportunity, ask: “Where is the business model?”
• Not every passion or hobby is worth building into a business, and not
everyone will want to have a business that is based on a passion or
hobby.
• You can establish a specialized consulting business in one day-the
more specific, the better.