Why Passion Isn’t Enough to Pay the Bills
By: A Staff Writer
Updated on: Sep 02, 2024
Why Passion Isn’t Enough to Pay the Bills
So many entrepreneurs are amazing at what they DO, but clueless about building a sustainable business around it. This leads to burnout or bankruptcy.
We assume if we’re good at our craft, the money side will figure itself out. Or worse, we think knowing our business is “boring”.
- Profit is not a dirty word: It’s what keeps the lights on, and lets you impact more people…which was likely your goal!
- Prevents costly mistakes: A basic grasp of financials saves you from being taken advantage of, or making bad investments.
- Clearer decision-making: Should I hire that person? Gut feeling is unreliable, data gives you more confidence.
- Attracts investors, partners, etc.: Being able to articulate your business model shows you’re serious, not just a hobbyist
- Scalability requires systems: You can’t hustle your way to 7-figures. Business acumen tells you where to automate, delegate, etc.
- It’s learnable (even if you hate math): Many entrepreneurs were creatives who thought they’d be terrible at this, then realized it’s not that complex.
What’s the most intimidating thing about the “business side” of your business?
Track your income and expenses for ONE week, even just in a note on your phone. Any surprises?