Entrepreneurs, let’s not fool ourselves with all this talk of doing what we love and the money will, um, fund an early retirement.
I’m all for doing what you love, believe me, I just don’t want you to think you have a business when what you really have is a fine-tuned, fully operational hobby.
Here’s a quick gut-check on the realities of a business vs. a hobby:
1. You’re making money. This may sound obvious, but do you know how many people send out a press release after they’ve put up a website? Me either, but I know it happens every day. These so-called businesses are trying to get attention for their great idea before they even figure out how and where they’re going to monetize. What good are spectators if you have no reason for them to become customers or sponsors.
2. You have a business model. I’m not …