In this latest “Question of the Week” episode, James and Phoebe show you how you can find the sweet spot between doing what you love, doing what you’re good at, and doing what makes you money. How do you validate your idea? It’s all here!
Doing what you love
To James, doing something that you love, for money, is an affirmation that you’re doing something right. As Phoebe notes, you can have different loves at different times in your life though.
James got his start online selling a “How to Bartend” course. He loves sales and marketing, but actually doesn’t enjoy bartending, which he use to do.
“That was my way out; to become the teacher of it”
He says if you don’t have a passion for business or marketing itself, you’re going to struggle with everything in an online business.
People often don’t talk about the “downsides” to being an entrepreneur, like working non-traditional hours and not having income certainty.
The mind of an entrepreneur immediately goes to “what’s possible?” In a “traditional” job, the entrepreneurial-minded person would become bored and would not like having his or her revenue capped.
Phoebe believes that your business can do one of two things. It can be your passion, or it can fund your passion.
“I love having a passion fund a passion. That’s an ideal situation.”
Doing what you’re good at
There are a lot of things that you don’t know that you’re good at, because you’ve never done them before. By diving into entrepreneurship, James feels that you get to discover all these things that you may have not known you are good at.
For him, he was able to discover that he is an effective teacher, with the skills and ability to get a message across to people in a way that they understand.
Phoebe was an education major in college, but had no idea that she was good at selling and getting people onboard with her vision. Once she figured this out, she immediately changed her major to business and marketing.
James adds that if you’re good at sales, you’re going to make money.
Phoebe polled her friends in business and asked them what they thought were the five things she’s good at.
Starting out, James helped someone at a conference with uploading a video to YouTube. Her positive reaction and gratitude allowed him to learn what he is good at.
“For me, it was the opportunity to discover how much I take for granted what I know”
Doing what makes you money
A business exists to make money and to generate a profit. This happens when the business solves a problem. For this reason, you need to figure out where the problem is and if you’re good at solving it, someone will pay for the product or service.
The biggest problems to solve right now for people are related to time and money.
People will try to overcomplicate things, but it really just takes modifying what’s already working. While in college, James paid $800 for a two-week bartending course. This gave him the idea to make a cheaper, digital version.
“I don’t validate an idea and then try to make it profitable. I try to make the idea profitable, which inherently validates it.”
Phoebe did something similar with a course on Canva, building it as she went along. She says this was a stress-free way to launch a product and validate an idea.