Money Now & little passion Vs. Money Later & Big Passion

[Deleted20833]

Hey how is it going?

I had a quick question for you

Would you choose to scale a business that is ALREADY making you money & has potential to make you rich (eCommerce,physical product) but it bores you to tears just thinking about it

Or would you choose to invest in a business that isn't making money (info product business in the dating niche) & has the potential to make you rich but makes you jump for joy when thinking about it


Physical Product

Pros: Sells easily, low shipping cost, USA manufactured, in demand, low competition
Cons: Price wars, huge investment to "brand" the product, boring a$$ hell

Info Dating Product

Pros: Virtually $0 to produce, low competition, in demand, passionate
Cons: Huge investment to brand, freebie seekers, lack of trust, require a lot of "know-how" to be successful

So what are your thoughts?

 

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[ChasingPaper]

I choose what I think can get me their the quickest. I'd rather be bored as hell but when I go to my garage I start my lambo instead of having fun, going to my garage and starting my civic.

 

[tafy]

Whatever makes money, do that

The other one is more of a hobby until it stats making some money

 

[Get Right]

Could you make a small twist to your product to get out of the boredom funk?

Like make each sale have a greater purpose? "for every widget you buy we give a widget to a homeless shelter" or develop a second offer (that interests you more). Drive your customers to that?

 

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[Deleted20833]

Powerful answer from Elliott Hulse

 

[Mike Kavanagh]

If it bores you to tears you aren't doing it right.

It's exciting to see something get sold. Then another and another...
It's fun to tweak copy to see if you can get more visits from optimizing SEO and/or get a higher rank in Amazon.
It's awesome to see your product help people do what they want to do. This is my perspective of course.

What happens if you make this product (which, no offense, is another how to date chicks guide) and a only few people buy it. What happens if you exhaust clickbank and your other affiliates? It's a quick money grab.


Ask yourself on either side what are you really adding to peoples lives?

 

[Jakeeck]

Don't agree with Elliot's answer. That "slavery" could be the thing that sets you free from everything in a couple years.

 

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[Deon]

Powerful answer from Elliott Hulse

As much as I love Elliott, don't forget that he can't answer anything other than that publicly. If he says do the thing that you hate, people will see him as someone who can be a sellout.

I vote for keeping the current business and scaling it. Like the others said, find something that can make you appreciate it. Give it a new meaning. Think about the freedom this job will enable you to have. Think about the people that are buying your product because you're making their lives easier, etc

The dating market is INSANELY competitive and is wayyyyyy overcrowded. It will be very very tough to make a name there, and even then, most of them don't even make that much money, other than the big guys. Plus, you'll realize that the dating thing is really not that complicated and can be summed up in a 20 page booklet. Then you will have to sellout and create new products that you are making complex just to justify their existence, but deep down you'll feel shitty too, because it's not that complicated.

 

[RHL]

Wanting your business/work to be a constant source of excitement is classic sidewalk mentality. It's why so many sidewalkers want to be pro-skateboarders or pro basketball players or sports casters or own exotic car rental/racing companies. Because they know that there are no jobs where you can jack off and watch netflix while getting paid, which is what they really want to do, so they say the closest thing that exists to that, in their minds (even the ones who want to go pro rarely put in the time in the weight room, get top-tier coaching, or other things that would make it more than an action fake).

Having fun on the job often kills your margins. Take this example that I used before.

The CEO of Gotham Dream Cars is living the sidewalker's dream at work. He gets to work with the world's most desirable cars, go on the gumball rally, meet rich people all the time, and party it up. He even makes a decent salary, probably low 6-figures a year.

But the company only has two locations, about a dozen employees, and his personal cars, the ones he actually owns the titles to, not just rents to other people, are a Ferrari 360 (MSRP 90K for an unbelievably good example, but can be as low as 65K with 45-50k miles on it), and a C5 Corvette, which is worth around 12-18K, maybe 35 max if someone really liked his extensive HP and aero mods. And his company's exotic cars? Yeah, many of them are actually owned by the multibillion dollar Mohegan Sun casino conglomerate. The renter is, himself, just renting.

The outgoing CEO of Enterprise Rent-A-Car did not have a job that lent itself to the sidewalk dream life. He did not ride in Ferraris and drink with socialites at work. He probably went to a crapload of boring meetings with spreadsheets and graphs and presentations. He has to give pep talks and answer questions for blog articles few people will read. His company rents the worlds cheapest, least exciting cars, Kias and Fords and Chevys and Toyotas, always in beige or white or some other boring color, to boring middle and lower middle class clients doing boring things on boring, normal vacations.

His net worth? 14.2 Billion.

I don't know if he even likes cars or not, but if he does, do you think the best exotic he could afford would be a Ferrari 360? Maybe as a winter beater when the CCX, Veyron SS and P1 are in storage. Assuming he even cares what he drives, do you think he'd be caught dead in a 14 year old Corvette?

Instead of chasing joy, a meaningless metric (see MJ's video on Gurus, where he talks about the fun you have driving having no impact on your ability to reach your destination if you're heading the wrong way)*, he chased the most pressing need, and because he did what few people wanted to do (rent normal cars at normal prices to normal people and go to normal meetings with normal data reports), he lived like no one else could. He could drive anything he wants. The CEO of gotham wrote a long blog series about how long he shopped and planned for buying his 360. The outgoing CEO of enterprise could buy every Ferrari 360 for sale on every major car sales website in the entire United States tonight and not think twice about it.

Which seems like the better result? Which seems to yield a better long term outcome?

Forget the fun. Fun is the end after the needs are met and the business is done. Once that's done, you can do whatever you want, no need to even pretend that it can or should make money. Better yet, have fun with the fact that your boring but desired product is making millions of people's lives better, while the product you would have had fun with would have mostly just made YOUR life better, and not helped many other people.

Focus on the needs. Whichever solves more needs for more people and seems likely to scale to solving the greatest number of needs for the most people, that's the road you need to start driving, enjoyment be damned.

*Here's the video:

 

[Mattie]

Think that really has to do with your circumstances and what situation you're in. If you have the money to begin with of course the option is their to wait for the passion later. In another case where the money isn't there to begin with, it can be the other way around. Passion would be the motivation to get there.

You can look at it as a hobby and some people see it that way, but again my opinion on that is, if you look at it as a hobby you aren't motivated to succeed. It's just something you can lay down and come back too when ever you feel like it, which goes against being a fast lane.

I believe it's just your perspective. There are many that have reached fast lane through both ways. All you have to do is look at famous people and their life stories. All they may have had was a paint brush and canvas, or white paper and ink pen, or even a handmade golf club and swung through laundry, traffic, and what ever else was in the way.

Asking a question like this is really asking someone else to create your reality for you. Whatever boxes and limits you put in front of you is what stops you from succeeding. What ever emotions, feelings, beliefs, and mindset you hold. If anything you have to be a problem solver and step out of everyone else's reality.

 

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[Deleted20833]

@Mattie That was deep, thanks

 

[RogueInnovation]

Asking a question like this is really asking someone else to create your reality for you. Whatever boxes and limits you put in front of you is what stops you from succeeding. What ever emotions, feelings, beliefs, and mindset you hold. If anything you have to be a problem solver and step out of everyone else's reality.

If it bores you to tears you aren't doing it right.

Plus, you'll realize that the dating thing is really not that complicated and can be summed up in a 20 page booklet. Then you will have to sellout and create new products that you are making complex just to justify their existence, but deep down you'll feel shitty too, because it's not that complicated.

Three great answers right here, the first is about the core problem you are facing, the second is what experience tells you about ALL businesses (don't be just a farm boy, broaden what you like), the third is about how the dating scene isn't a home run anyways so stop being a p#ssy about business and realise that if you are going to get something to work, you need to look around.


No one REALLY appreciates advice. I've learnt that recently. We are all to tied up in our own BS.
So while I would give you further advice, I'm going to stop here.
Look at my avatar.

What does it say?

It says let go, and trust.


You have no trust. You are latching onto things like a wet kitten.
Ball up, take some responsibility, put some elbow grease into physical products like a real man/woman. Learn something.

It isn't likely that you actually give a darn about teaching people how to date anyways. In what world are we passionate about getting others action?

What you are passionate about is probably bragging.


So like I said, man the f#ck up.

 

[Mike Kavanagh]

No one REALLY appreciates advice unless they pay a lot of money for it.

Fixed that for you

 

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[RogueInnovation]

Fixed that for you

Ha, well I'll raise my prices then

 

[Mattie]

hmm...yes that would be a good idea. From my own experience the last year, I learned that when you don't give advice free you make the clients raise their own mindset whether they feel they are investment to make in themselves. At first, I thought some of them I did free, I was helping, and maybe so, but at the same time, they have to get out of the lack of money mentality, just like we do. So, I suppose than you could say you're drawing clients towards you that are a higher level of helping themselves, and you are also helping yourself know you are worthy of being paid for your services.

 

[Foogaler]

In my opinion the "do the thing you love" mentality isn't very conducive to entrepreneurship. For an entrepreneur the love is in the entrepreneurship itself. The passion is in the process of creating a successful business, whatever that may be. You find a way to create some kind of value to a demographic of people, whether you solve a problem or make them feel how they want to feel, and then you get it to the people and convince them it will benefit them. You can be passionate about any business, whether it be as exciting as a racecar business, or as banal as selling an obscure, niche piece of software. Don't get hung up on trying to warp something you love into a business, look for opportunities, it's about fulfilling the need that a group of people share.

That isn't to say you can't try to sell something you're passionate about. But in my opinion, when you get down to it, the point of a business is to earn you money. I may love lifting weights, but that is a hobby. If I can't effectively monetize that then I shouldn't try to force it or pretend there is a market for what I offer. At the end of the day no one cares about what you love; they care about how you can help them. Let the business make you money, and let the hobby be something you do that you're passionate about.

 

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[Deleted20833]

Don't agree with Elliot's answer. That "slavery" could be the thing that sets you free from everything in a couple years.

His philosophy from what I understand is...instead of working FOR freedom...work were you wouldn't want freedom FROM

 

[FastlaneTiger]

Powerful answer from Elliott Hulse

Depends on the amount of money.

 

[Shdreams]

The outgoing CEO of Enterprise Rent-A-Car did not have a job that lent itself to the sidewalk dream life. He did not ride in Ferraris and drink with socialites at work. He probably went to a crapload of boring meetings with spreadsheets and graphs and presentations. He has to give pep talks and answer questions for blog articles few people will read. His company rents the worlds cheapest, least exciting cars, Kias and Fords and Chevys and Toyotas, always in beige or white or some other boring color, to boring middle and lower middle class clients doing boring things on boring, normal vacations.

His net worth? 14.2 Billion.

I don't know if he even likes cars or not, but if he does, do you think the best exotic he could afford would be a Ferrari 360? Maybe as a winter beater when the CCX, Veyron SS and P1 are in storage. Assuming he even cares what he drives, do you think he'd be caught dead in a 14 year old Corvette?

Awesome Post! Makes perfect sense. I Like your style man.

 

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[biophase]

Scale the business that is making money.