How to identify profitable business ideas by data-mining your passions.

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Your Profitable Business Ideas are Often the Result of your Identified Passions

It seems that people are always saying “follow your passion” when it comes to deciding what career to enter or what business to start. I am definitely one of those people that give the advice “do what you love”. The reason why this is the most shared guidance is that passion is extremely important when it comes to achieving business success. It makes sense, doesn’t it? When you are passionate about what you do, you are more willing to devote yourself to it and work through the inevitable obstacles.

Unfortunately, for some people, it can be a little difficult to determine their true passion. There are probably many things that you enjoy doing, but not all of them make for a great business idea. However, upon review, there may be some activities or passions that you simply adore that could turn out to be profitable business ideas. The following are a couple of suggestions you could use to uncover your passions that may one day turn you into a successful business owner.

1. Identify business ideas by looking into your past

Over the course of your life, you have probably picked up and put down dozens of hobbies and interests. I am sure that there of many you that have sports equipment, dance shoes, cooking gadgets, etc. hiding in yours or your parents’ garage or attic collecting extreme amounts of dust. Am I, right? Nevertheless, there are always those hobbies or activities that are extremely sticky and that you have always adored, even as a young child. Look back to your childhood, your teenage years, college years and so on. What things did you do simply because you loved doing them? What classes did you take as an elective that had absolutely nothing to do with your intended degree, you simply took them because you were interested? What books or television shows appeal to you? What were/are you hungry to learn more about. Write down any ideas that come to mind. If you are experiencing a blank when it comes to answering this question, no worries. Simply get your parent or sibling on the phone and ask them the question, “what do you think I’m passionate about” or “what did I appear to love doing when I was younger”.

2. Look into your “bucket list” for a business idea

There are many activities that we put off for later (hopefully before we die) and we usually label that “later category” as a “kick the bucket” list. Most people place their hopes, desires, and passions into this bucket, to the point that once we hit the middle of life the bucket is practically overflowing with things that we have always wanted to do. It may include that novel that you’ve always wanted to write or even something as wild as skydiving.

The great thing about reviewing what’s on your bucket list is that it will help you to discover potential business ideas and have been masked as a passion. You should turn over your bucket and uncover those passions. Closely examine your list of “one day I will…” and “I wish that I could”; you may find a passion that could turn out to be a business idea that’s worthy of further research. For example, have you had been putting off that trip to Europe in search of great wines? That could actually be a business idea based on selling travel and/or wine!

3. There may be a business in what you already do

Finally, the best indicator of what you are passionate about would be the review of what you are currently doing. What do you do in your everyday life that brings you joy and passion? For instance, my brother absolutely loves the game of basketball. His love of basketball has led him to be a coach at high schools, colleges, and AAU teams. He also owns a business in basketball skill development. He has managed to take his passion and turn it profit via both a career and a small business.

Identifying your passion and turning it into a business idea is not as difficult as it may appear. To begin the process, simply start by setting aside time to remember the passions of your past, explore your present, and analyze the desires of your future. There is quite a likelihood that you will be able to identify and develop profitable business idea right from your own passions and interests.

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