Monday, August 24, 2009

Art of Startup: Lynn Terry on Pursuing Passion or Profits

Lynn Terry says get financially secure before starting new business you are passionate about. There are two mistakes people make
  1. People start a new business without being financially secure. They may be passionate but bills and debt always mount. The first part of being entrepreneur is understanding finances and cash flows. If you cannot secure yourself financially, how will you secure your company?
  2. Even when they have financial security people often start a business they are not passionate about to make a "quick buck". Lack of passion of owner shows up pretty fast. That is why venture capitalists want to meet companies face-to-face. Such businesses often languish at the first dip.


You know how people always say, do what you love and the money will follow? I’ve probably even said that a time or two myself, but I’ve decided that it’s flawed…

Instead, do what makes the money and your passion will follow. I know that may sound like a contradiction, but follow along with me here.

My first business was an electronic repair shop. Not something I was particularly passionate about, but it paid the bills. I was passionate about having a family business and pursuing financial freedom, of course. And I enjoyed the work - it just wasn’t my “passion in life”. My next business included computer training and web development - helping others learn skills to start & grown their own business. Something I was definitely passionate about, but I didn’t really have the means to do it on any kind of large scale. Meaning I was basically helping one person or one business at a time. But those were the right choices at those times in my life, because the bills had to be paid and the children had to be raised. It wasn’t until my business saw a sustainable passive income that I had the financial freedom to really discover and pursue my passions.

It’s hard to even know what you’re passionate about when all you can think about is how you’re going to make the next mortgage payment, or put dinner on the table next week. Even worse is that nobody else will get it. If you’re working all the time, with no profit to show for it, your friends & family will tell you you’re nuts and tell you to go get a real job. But if you have money coming in, nobody will mess with you - and you’ll be free to really start exploring your options. My point here is that I don’t want you to feel discouraged if you’re just starting out, and you haven’t discovered your true passion yet. That’s okay. Try a few things, make some money first, and let it just come to you naturally.

The cool thing is that the internet provides you the opportunity to do both - to make money AND pursue your passions in life. My own online business allows me to work from home, and allows me both the time and money to work on a series of books I’ve always wanted to write. So I do that, plus give back to the Internet Marketing community, because I have a passive base income that pays the bills. The main source of my income being my affiliate sites and various affiliate promotions.

It took me years to find my place in it all, and create a vision of the lifestyle and future that I wanted - and a plan to fund it. But every single one of those years that I wasn’t 100% sure I was going in the right direction… I still earned a full-time income. Money is necessary - so pursue that first, and let the passion find you when you’re ready for it.

Trust me, it will happen when you’re less stressed about making money.

So get out there and make some money!


Best,

p.s. If you need help making money online, join my group at our Internet Marketing Forum. I check in there daily myself, and would be happy to answer your questions, or share resources with you.




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