Here are some reasons why you should treat your company like a business rather than a hobby:
A STRONG PASTIME INTEREST
A hobby is something you do in your spare time, and doing business only in your spare time can have serious consequences. For example, you may lose your money, and if you have employees, their jobs, and thus their lives, may be jeopardized. If you provide items or services on which people rely, you risk failing to deliver, leaving your hard-to-find clients and customers hanging.
A hobby is also entirely subjective. No business is entirely private because it affects the lives of many people who rely on it, both directly and indirectly. Finally, while a company can be considered a hobby until it generates significant revenue and has the potential or real impact on others, a business must then be considered a business and not a hobby.
EMOTION OVER LOGIC
The majority of people’s hobbies are motivated by a passion for something rather than a desire to make money. A hobby’s purpose is to shape your emotions or abilities. A company, on the other hand, can be founded on a single or a group of emotions, but it can never be managed or run emotionally. That is, if you think of your business as a hobby or an emotional endeavor, you will never have a pragmatic view of it.
When you own a business, you cannot afford to procrastinate because there are deadlines, bottom lines, and real money at stake. That is why treating your business as a hobby is a bad idea. A hobby is primarily about personal fulfillment, whereas a business is not, which means that your business will cease to exist or become unsustainable sooner or later.
Click Here to access the Spero Startup Checklist for a quick checklist to help you run your business.
© Spero Services. All Rights Reserved.