Show Notes:
In this episode of the Grow Business Podcast, host Cory Mosley and co-host Kerry James discuss the importance of aligning passion with business opportunities.
They caution against pursuing ventures solely for the purpose of making money and emphasize the need for authenticity and expertise in chosen fields.
Cory shares personal anecdotes and lessons learned from their own experiences in business.
They encourage listeners to carefully evaluate potential opportunities, develop a checklist for evaluation, and seek guidance from experts.
Remember to follow your passion as long as it pays!
Time Stamps:
- The pursuit of business based on making money [00:04:59]
- Diversifying business too early [00:06:19]
- The importance of passion and monetization [00:08:39]
- The risk of leaving the retail business [00:09:27]
- Combining passion and income in business [00:12:06]
- The misconception of easy house flipping [00:12:46]
- The passion for restoring land rovers turned into a significant business [00:18:32]
- Developing a checklist and examining knowledge base for a new business [00:21:32]
- Combining authenticity and passion with business opportunities [00:27:01]
- The skill set and passion [00:28:56]
- Opportunity in the spa industry [00:30:04]
- Examining the idea and authenticity [00:37:10]
- The failed chat business venture [00:40:09]
- Lessons learned at the plastic surgery conference [00:42:30]
- The pricing dilemma [00:46:08]
- The importance of knowing the market [00:47:53]
- The value of acquiring knowledge [00:48:30]
- The danger of chasing money [00:51:36]
- The importance of reviews and feedback [00:56:09]
- Commitment to helping businesses grow [00:56:09]
- Conclusion of the episode [00:56:35]
The Pursuit of Profit: A Cautionary Tale
Cory and Kerry discuss the idea of pursuing a business solely for the purpose of making money. Cory confesses, that he has been guilty of this opportunistic mindset in the past. However, he learned that it’s crucial to question whether a business opportunity is truly right for you, rather than just chasing money.
Cory cautions against the trend of constantly seeking the next big thing without stabilizing and maximizing the potential of your current business. Did you know that less than 9% of small businesses reach $1 million in revenue? This statistic underscores the importance of focusing on stability and growth before jumping into new ventures.
The Importance of Expertise and Passion
Cory reflects on his experience in the automotive industry, he has seen people leave the retail business to start their own consultancies, only to return shortly after. Many believed their skills were transferable, without realizing the challenges of selling and navigating the business on their own.
Cory remembesr a conversation with his neighbor who worked for Bloomberg. He admired Cory’s ability to take risks and be independent, while he respected his contentment as an employee. This conversation highlighted the importance of combining passion and a business model that can generate income, rather than solely following one’s passion or pursuing a seemingly profitable business idea without considering personal skill sets.
The Right Business Opportunity: Aligning Skills and Passions
Cory and Kerry emphasize the importance of finding the right business opportunity that aligns with your existing skills and passions. Cory shared an example of a friend who built a successful agency by following his passion for marketing and creative ideas, but then discovered a new passion for restoring Land Rovers. He turned his hobby into a thriving business, leveraging his marketing skills and business sense.
The Need for Authenticity and Preparation
Cory encourages listeners to develop a checklist and criteria for evaluating potential business ventures. Authenticity and passion should be at the forefront of your considerations. Passion doesn’t necessarily have to be tied to a specific product or service, as some individuals may find their passion in the technical aspects of running and improving businesses.
Learning from Past Mistakes: Cory Mosley’s Experience
Cory shares his experience with a business venture he took a loss on. He saw an opportunity to apply live chat services to the cosmetic surgery industry and created a program called Live Chat Solutions. However, he didn’t fully consider what he didn’t know about the industry.
Cory’s experience at a plastic surgery conference in Las Vegas was a wake-up call. He realized that office managers, not the doctors themselves, made the decisions. He also encountered resistance from some doctors who didn’t understand the value of having live chat on their websites. Additionally, he discovered that the price point he had set was considered too high by many in the industry.
The Takeaway: Follow Your Passion, But Make Sure It Pays
Cory’s story serves as a reminder to not rush into business opportunities without fully understanding the market or seeking advice from experts in the industry. It’s crucial to be driven by a genuine passion for the industry and not just the potential for profit.
Bullet Points:
- Discussion on the five pillars of business growth: mindset, sales, marketing, operations, and people.
- Importance of questioning business opportunities and not solely pursuing money.
- Caution against constantly seeking the next big thing without maximizing current business potential.
- Cory’s experience in the automotive industry and the challenges of starting a consultancy.
- Importance of combining passion and a business model that generates income.
- Importance of finding the right business opportunity that aligns with skills and passions.
- Need for a solid knowledge base and continuous learning in chosen field.
- Importance of authenticity and thorough preparation in evaluating potential business ventures.
- Importance of passion and deep understanding of the industry in pursuing business ideas.
- Kerry’s experience in the cosmetic surgery industry and lessons learned from a failed venture.
- Importance of being a student and acquiring knowledge before diving into a new venture.
- Caution against chasing business solely for money and the importance of aligning passion with a monetization strategy.
- Gratitude to listeners and encouragement to share the podcast and leave positive reviews.
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