Choosing between passion and paycheck is a dilemma that many face. It's a decision that can shape your life's trajectory, and it's not one to be taken lightly. Let's delve into the complexities of this choice and explore potential paths.
When are people most likely to quit their job?
About a year after they start
- Job hunting spikes on work anniversaries
- Researchers believe this happens because what we consider “the end of an era” or “a momentous life event” inspires us to reevaluate our present situation and consider a fresh start.
- If you’re stuck in a job, should you stay simply because you’re lucky to have one or take a risk on your passion project?
Have I reached at least 1,000 customers? Can I?
Aim for direct connection with a thousand true fans.
- Get people to pay for your product by obsessively focusing on the community experience. If people feel connected with how you are delivering on your mission, they are more likely to place their faith in you.
Do I really have the skills and resources required to manage a business right now?
Risk-taking is often glamorized by touting isolated examples of moonshot successes, but the best entrepreneurs are able to figure out the optimum risk-reward ratio that works for them
- You don’t need to possess all the skills required to run a business, but you need to be able to find people with skills that complement your own to help you realize your dream
Is my passion project solving a problem?
If you have a business idea in mind but you aren’t sure that it’s addressing a real problem, you might end up spending your time and energy building the wrong thing
- Great businesses are built on deep insights
- Consider if you truly understand the unmet needs of the customers you are serving and if you have enough data to validate your idea
Does my product actually work?
Test your minimum viable product (MVP)
- Build something that your customer can actually use so that they can give you critical feedback
- Use this stage of product development to build a community interested in what you have to offer and figure out a business model that serves their needs based on their feedback
