The Big Question:
What Is the Key to Successfully Commercializing Your Passion into a Business?
(Post your answers in the Comments section below)
Here’s what I’ve been thinking about:
You’ve worked for someone all your life. You’ve been successful both professionally and financially. Now, however, you’ve been forced out of that career for whatever reason and you’re not happy continually trying to shoehorn yourself back into it. What do you do? Changing careers when it’s a personal choice can be energizing and exciting. Changing careers out of necessity can be daunting, scary, and a constant source of anxiety. Everyone tells you to look at it as an opportunity to pursue something you’ve always wanted to do. But you were doing what you wanted to do and now who you were doing it for isn’t interested in having you to it for them anymore.
Where is the lemonade in this lemon?
One option might be entrepreneurship. Is it possible for you to offer a product or service related to what you’re good at, what your passion is, or what you are passionately interested in? And if that is a possibility, then will you be able to make money at it? How do you commercialize or monetize your passion? How do you make your personal reinvention a commercial success?
Here is an inspiring story from John Tarnoff with the Huffington Post about a former career officer with the Royal Canadian Mounted Police who successfully reinvented himself. He was diligent, tenacious, resourceful, and disciplined in his approach. Is that enough to mastermind a successful reinvention? Is luck a factor? Knowing the right people? I pose the question in my comment/response to this post:
“Without the ability to COMMERCIALIZE an invention…” This is the single most important factor for most of us who reinvent ourselves around a driving passion. It is one thing to be really good at something that you’ve proven people need, but it is another to make that something into a prosperous business, i.e. “commercializing the invention.”
Some people stumble on the key to commercializing their new business and move forward; others seem to have a good handle on how to do it from the get-go; and then there are those who flounder for years, diligent and persistent in their efforts, but somehow never actually successful at cracking the code of commercialization.
So my question is, are those who fail to crack the code doomed? Or is there some sort of formula that would make it possible for anyone who followed the steps to get it right? Or perhaps a support or mastermind group is the key? Or maybe it’s just simply a matter of hiring the right expert?
Thoughts on this anyone???
What do you think about this? What is the code? Is monetizing or commercializing your passion actually the biggest hurdle?