From Passion to Profit in 8 steps!
Since August 2005, I've delivered workshops to help people find their "ideal career."
This ideal career journey is basically a self-development journey where people learn to create value from their passion. That's the only way to go from PASSION TO PROFIT.
But what is difficult is that people don't have a clear map or step-by-step process.
Indeed, nobody can go from passion to profit in ONE step (or leap).
So I thought a great deal about this, and created the following 8 steps.
These steps or phases are mutually exclusive and comprehensively exhaustive (MECE), a rigorous technique used by none other that world-famous consulting firm McKinsey.
"Mutually exclusive" means that if you're in ONE phase, you cannot possibly be in another phase.
And "comprehensively exhaustive" here means this process covers ALL the possibilities so that all 6.7 billion people can use this process.
For example, you can mentally apply this process to your friends and family. You will find that they ALL fit in one of the 8 phases.
So without further ado, here are the 8 phases that people go through, from their passion to (unlimited) profits.
It's important to know WHERE you are (and have someone validate that THAT is really where you are), and then learn WHAT to do to move to the next phase.
In other words, always ask yourself:
1. Where am I?
2. How do I know this?
3. What should I do next?
Please note that the following phases apply to the unemployed, the employee, the freelancer, and the entrepreneur or business owner.
DENIERS
Deny the magic and miracle of their being; too rational and restrictive in their philosophy of Life. They are losing big. Regrets and tears ahead.
Who can help: Nobody can help them until they show up at a learning event (keynote, workshop, seminar)
BELIEVERS
Believe they have a passion and that a career based on passion IS possible.
Who can help: Encouragement from friends and family.
SEEKERS
Exploring Life in order to discover their passion.
Who can help: Associations, clubs, schools.
BLOCKERS
Know what their passion is, but RESIST doing it. They are blocking their own desire.
Who can help: Vibrational coaches and teachers. Workshop leaders.
Note: "vibrational" is a fancy term for "belief-oriented." So coaches here can be spiritual advisors or emotional techniques seminar leaders helping people morph or modify their current beliefs. Remember, beliefs create realities. We first BELIEVE and then we SEE results/realities.
DOERS
Started doing their passion every day, consistently, out of unconditional self-love.
Basically, if you have a hobby that you indulge in weekly, then you belong here.
Who can help: Trainers, coaches, consultants.
EARNERS
Are making some money from their passion-based activities. Product/prototype experimental.
Examples: Many women have started baking cookies or cakes or any kind of food, and have begun selling to friends, family, acquaintances.
The goal here is NOT to make a profit, but to ascertain the extent to which people (preferrably a homogeneous and well defined mraket) actually WANT your product (and also if you can produce it cost effectively).
Often, we can find them on Etsy or other such sites selling small artworks and crafts.
For example, I'm earning some revenues from my calligraphy courses, but I don't think I'm doing it cost effectively. I'd need to partner with the Visual Arts Centre or Dawson College's arts department to efficiently deliver calligraphy workshops to groups of 20 people every week.
Who can help: Innovation consultants/trainers.
BREAKERS
Are breaking even (no profit, no loss). Are attracting /serving clients one at a time. No targeting of whole market.
I teach a teleseminar called Marketing Arithmetics and it's designed to help entrepreneurs figure out at which point they break even (this b/e point can be calculated even BEFORE you launch your business, and it works for both services-based businesses and product-based businesses).
The "breakers" are indeed experiencing a breakthrough, for it is not easy to calculate all your costs (both fixed and variable) and predict and then achieve profits.
Once you make a profit, then lenders and investors, including friends and family, are more likely to be interested in injecting capital into your business.
Please note that the main difference between "earners" and "breakers" is that the former can turn out GROSS profit, but after they take into account their fixed costs, they cannot turn out a NET profit. In fact, they incur a financial loss.
"Breakers" incur neither loss nor gain although, of course, they usually lose a little bit or make a small profit.
But the profit is not significant enough or consistent enough or reliable enough to put them in the next category of "profiters."
Who can help: Marketing/business consultants.
PROFITERS
Are making a profit from their passion-based activities. Usually freelancers and early-stage entrepreneurs.
Who can help: Scale-up business consultants, investors, venture capitalists, venture talentists.
MILLIONAIRES
Are making more and more profits for the foreseeable future through robust and reliable business structure.
Newsweek magazine conducted studies and discovered that statistically speaking, if you own a small business, you have a one chance in 1,000 of becoming a millionaire.
Of course, in your case, it could be 1 in 100, or 1 in 2,000. It all depends on whether your BUSINESS STRUCTURE is learning fast and you create COMPOUNDING VALUE over time.
Who can help: Infoproduct consultants, instructional design specialists.
So there you have it, the 8 steps from passion to profit!
This ideal career journey is basically a self-development journey where people learn to create value from their passion. That's the only way to go from PASSION TO PROFIT.
But what is difficult is that people don't have a clear map or step-by-step process.
Indeed, nobody can go from passion to profit in ONE step (or leap).
So I thought a great deal about this, and created the following 8 steps.
These steps or phases are mutually exclusive and comprehensively exhaustive (MECE), a rigorous technique used by none other that world-famous consulting firm McKinsey.
"Mutually exclusive" means that if you're in ONE phase, you cannot possibly be in another phase.
And "comprehensively exhaustive" here means this process covers ALL the possibilities so that all 6.7 billion people can use this process.
For example, you can mentally apply this process to your friends and family. You will find that they ALL fit in one of the 8 phases.
So without further ado, here are the 8 phases that people go through, from their passion to (unlimited) profits.
It's important to know WHERE you are (and have someone validate that THAT is really where you are), and then learn WHAT to do to move to the next phase.
In other words, always ask yourself:
1. Where am I?
2. How do I know this?
3. What should I do next?
Please note that the following phases apply to the unemployed, the employee, the freelancer, and the entrepreneur or business owner.
DENIERS
Deny the magic and miracle of their being; too rational and restrictive in their philosophy of Life. They are losing big. Regrets and tears ahead.
Who can help: Nobody can help them until they show up at a learning event (keynote, workshop, seminar)
BELIEVERS
Believe they have a passion and that a career based on passion IS possible.
Who can help: Encouragement from friends and family.
SEEKERS
Exploring Life in order to discover their passion.
Who can help: Associations, clubs, schools.
BLOCKERS
Know what their passion is, but RESIST doing it. They are blocking their own desire.
Who can help: Vibrational coaches and teachers. Workshop leaders.
Note: "vibrational" is a fancy term for "belief-oriented." So coaches here can be spiritual advisors or emotional techniques seminar leaders helping people morph or modify their current beliefs. Remember, beliefs create realities. We first BELIEVE and then we SEE results/realities.
DOERS
Started doing their passion every day, consistently, out of unconditional self-love.
Basically, if you have a hobby that you indulge in weekly, then you belong here.
Who can help: Trainers, coaches, consultants.
EARNERS
Are making some money from their passion-based activities. Product/prototype experimental.
Examples: Many women have started baking cookies or cakes or any kind of food, and have begun selling to friends, family, acquaintances.
The goal here is NOT to make a profit, but to ascertain the extent to which people (preferrably a homogeneous and well defined mraket) actually WANT your product (and also if you can produce it cost effectively).
Often, we can find them on Etsy or other such sites selling small artworks and crafts.
For example, I'm earning some revenues from my calligraphy courses, but I don't think I'm doing it cost effectively. I'd need to partner with the Visual Arts Centre or Dawson College's arts department to efficiently deliver calligraphy workshops to groups of 20 people every week.
Who can help: Innovation consultants/trainers.
BREAKERS
Are breaking even (no profit, no loss). Are attracting /serving clients one at a time. No targeting of whole market.
I teach a teleseminar called Marketing Arithmetics and it's designed to help entrepreneurs figure out at which point they break even (this b/e point can be calculated even BEFORE you launch your business, and it works for both services-based businesses and product-based businesses).
The "breakers" are indeed experiencing a breakthrough, for it is not easy to calculate all your costs (both fixed and variable) and predict and then achieve profits.
Once you make a profit, then lenders and investors, including friends and family, are more likely to be interested in injecting capital into your business.
Please note that the main difference between "earners" and "breakers" is that the former can turn out GROSS profit, but after they take into account their fixed costs, they cannot turn out a NET profit. In fact, they incur a financial loss.
"Breakers" incur neither loss nor gain although, of course, they usually lose a little bit or make a small profit.
But the profit is not significant enough or consistent enough or reliable enough to put them in the next category of "profiters."
Who can help: Marketing/business consultants.
PROFITERS
Are making a profit from their passion-based activities. Usually freelancers and early-stage entrepreneurs.
Who can help: Scale-up business consultants, investors, venture capitalists, venture talentists.
MILLIONAIRES
Are making more and more profits for the foreseeable future through robust and reliable business structure.
Newsweek magazine conducted studies and discovered that statistically speaking, if you own a small business, you have a one chance in 1,000 of becoming a millionaire.
Of course, in your case, it could be 1 in 100, or 1 in 2,000. It all depends on whether your BUSINESS STRUCTURE is learning fast and you create COMPOUNDING VALUE over time.
Who can help: Infoproduct consultants, instructional design specialists.
So there you have it, the 8 steps from passion to profit!
posted by Super Peter at 7:10 PM
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