#5: Is My Idea a Passion or Potential Business?

Not everyone is cut out to be an entrepreneur, but you might be. If you're a great technician and want to start a business, you will have to become a good manager and owner to run a successful business.  

Passion Project or Potential Business: Master Your Craft

Matt and Chris stress that in order to run a successful business, you have to learn how to manage and own that business. First things first, though. Do you have a great product or service? You have to be a great technician.  

You may be an electrician, cook, coach, developer. If you start your own business, you own the business and you manage the business.  

Before this, though, you need to master your craft.  

This does not mean you're world class, but you have to have a solid understanding of the technical aspects of the business. This foundation helps you become a better manager and owner.  

Passion Project or Potential Business: Technician to Manager  

MBAs usually make bad managers. You want an A player who is a good technician who shows the potential and desire to manage other technicians.

As a manager, you are leading technicians. You help make them more effective, get them resources they need, and train them.

Eventually, you are training and identifying potential managers and training them.

This is a hard skill that Matt and Chris think no one has innately. It is important, however, if you own your business to be a good manager.

Passion Project or Potential Business: Owning Your Business

Being a good owner means working on the business, not in the business.

Working in the business is being driven by day-to-day urgent tasks. Ultimately, you're not free, but chained to the needs of the business. You do not own the business, the business owns you.

You have to be thinking of how the business can become better, more profitable. This means understanding business trends, looking into the future, casting a vision, and communicating your ideas to your employees.

At first, you're the only employee. You still have to do this, or your business will fail.

Do you have a passion project or potential business!? It could be, but the hard-earned wisdom of Matt and Chris can help you make a better decision and execute that decision better.

PS -  Coach Smarter, Earn More: https://bit.ly/3X4ixOX Matt's Links Website: https://ryanmattreynolds.com/ Instagram: https://www.instagram.com/reynoldsstrong/?hl=en Chris's Links: LinkedIn: https://www.linkedin.com/in/chrismreynolds/  

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