Question: I have skills in photography, programming, music, fish farming, arts and design; and I have passion for almost all of them. How do I know which one I should really chase?

Answer: We all want to do something we love for a living, but how do we determine which of our passions can become a successful business? Fortunately, there is a formula for determining if an idea is a viable opportunity.

It is a two-step process. First you look at the idea itself and see if it meets the criteria for success. Second you examine the industry to see if it is an attractive field for launching a new business. If you launch a true opportunity in an attractive industry, your chances of turning a passion into a viable business go up dramatically.

A Skill/Passion With A True Business Opportunity
Most of us have several things we are passionate about. The trick is to pursue the one that has the strongest probability for success. Start by evaluating each of your passions against the criteria for a true business opportunity. Here are the critical components:

Need/Solution – You have to obtain first hand evidence that people really need your product or service. That is, your passion/skill will be a viable business if it's coming into the market to solve a dire problem being faced by people.

Experience and Knowledge – You need to understand the industry from working in it or from regularly using the products.

Resources/Capital – you have to cobble together the resources to create an initial prototype of your product or service. This may include working space, equipment, some working capital, etc.

Customers – you have to find customers who are ready to buy your product as soon as you launch your venture. This simply means that you should embark on simple marketing campaigns to test if buyers/users are indeed interested in the solution that your passion/skill is bringing to them.

Model – you need a sound business model where pricing, costs and margins allow you to make a profit.

Conclusion
Your idea, skill and passion should be so valuable that it will meet people's need and you too can earn from it. Don't forget the story told in part one.

Thanks for reading.


OWOFEM.

Valid. Look before you leap.

Some skills are not profitable again, especially in this modern and digital age. If you have passion for old-fashioned skills and business adventures, it is not too late to be flexible and switch to a more needed and profitable passion now.

Passion alone is not enough; value is key!

Exactly.