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F#$K The Quick Buck

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by David Garland in David's Blog

How long does it take to monetize your passion? Make money from your new venture? Build a brand?

My grandpa used to say to me all the time when I was getting going in business: Remember there is a difference between a BUSINESS and a HOBBY. One makes money and the other one doesn’t.

Simple. To the point. Extremely true.

Here is the kicker: Never has there been a better opportunity to start a business and build a brand around your passion. Unless you are trying to start an oil company (zing!) or a create a new electric car, the money needed to start a new venture is far less (thank you Internet!).

That being said, BECAUSE the barrier of entry is so low, *anyone can start*. But, who succeeds? It used to be folks with the most money would succeed. You had to raise a ton from poor Uncle Chuck or Bank Or Ridiculous. Then go on a shopping spree, hire, hire, hire and magically end up with a business and go public. Hooray. You had to RISK it all. Like in poker, you had to go “all in” every time.

Not the case anymore. Now it takes more drive, more passion and more creativity. Sounds like three things you already have, don’t you?

The funny thing is money just seems to sniff out passion and not the other way around.

The world would be a better place if more people turned their passions into businesses and were in it for the long run as opposed to the quick buck or the build and flip.

YES, that is me in the middle circa 2005

Case in point: Gary Vaynerchuk had a great video last week about how a couple of years ago he mentioned during one of his famous speeches that people can start a business around something they are passionate and knowledgeable about. The random (and now famous) example is when he said that if you love smurfs you have to “smurf it up” and start a smurf blog or show…and you could make money from it. Now, fast-forward and The Smurfs is getting made into a movie. Gary claims that if you created a smurf online community and grew it, you could now monetize it because Hollywood would be looking to you to market and promote the movie.

Now, could someone make money this way (meaning creating a community and then selling sponsorships/advertising)? Absolutely. In fact, that is a huge revenue generator at RISE.

But realize, the money will go to the person that is the best. The most unique. The most passionate. The most knowledgeable. The person that lives it and breathes smurfs. The person that worked their ASS off for years building a community. The one who goes out there and is aggressive, making connections in the industry and focusing on relationships.  Not the people that threw up the “Smurf Blog” BECAUSE they thought they could make money from it without having the passion.

The people looking for the quick buck (which is of course NOT you) are going to fail. This is a big problem. Too many people looking for the quick sale without focusing on building a foundation based on trust, knowledge, relationships and good content. The problem with the quick sale is there isn’t any longevity. Think about those people that leave you with the “ewwwwwwwwwwwww” feeling when you see their website or latest half-assed product. Why does it come across that way? Is it because they don’t seem to be passionate about it? Manipulative? Sketchy? Do you trust them?

Building a business takes time, effort and hustle. And with all things being equal, the people with the MOST drive, passion and creativity are going to win. Every time. Why? Because passion keeps you up at night, it gets you through tough times. Call it a dip, call it the dark ages, whatever you want to call it…there will be tough times. And the combo of passion, drive and creativity mixed with patience and perseverance will get you out of the hole.

The new breed of smarter, faster, cheaper entrepreneurs want it. They will go out to events in their niche, hang out with people, make connections, work on business deals. Why? Because they love it. They work hard.

Here is my point: It may take awhile for you to cash in on your passion, but you will be better for it in the long run. And, to make money now you might have to do things that you phase out in the future. It might be a day job. It might be your savings. It might be some side work. Passion will make you do whatever it takes.

Do you have the patience to skip the quick buck and build a long term brand?

This doesn’t mean NOT to charge for something right away. It doesn’t mean you have to be afraid of the sale. It doesn’t mean not to have a strategy to make money. It just means that building a brand for the long run has a different mindset: Acting smarter, faster, cheaper while at the same time having patience.

The funny thing is “awhile” is becoming shorter by the day for the ones that want it. Big Goliath companies took forever to turn a profit even with lots of revenue coming in the door (do to massive overheard and other crap). CNN, for example, didn’t make money for 10 years. A decade of losses. That is dumber, slower expensive. The Rise To The Top, on the other hand, took just a little over two years to become profitable.

There an incredible opportunity to build a great business and long-lasting brand now…maybe more than anytime in the past. The question is: Do you have the patience and passion to succeed?

RISE Sponsors ROCK: Sorry For Cursing In This Post, Hehe 🙂

Johnny Londoff Chevrolet: You know the deal. Just mention RISE when you walk in, call in or click in and you get supplier pricing. No haggling (and you don’t need to just be in St. Louis for this dea

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8 Steps to Turning What You Already Know into a Successful Online Course

The 8 step process to the successful with online courses + free gifts for attending!

Unlock the Offer!