How to choose your business niche - Learn Online

How to choose a niche method 1

Lesson Details:
November 25, 2020

Video Transcription: When you're choosing a niche or starting a business may be the most common advice you ever hear is follow your passion  This video is brought to you by Appy Pie Academy. and a lot of people hate this advice a lot of people love this advice is this advice true let's evaluate it for what it is it sounds fantastic right but we don't want to be literal because when we believe in literal things it's really easy for us to get misled and miss things so what's really going on here when you follow your passion passion is another way to maybe say something like your intrinsic motivation there are two kinds of motivation intrinsic and extrinsic intrinsic motivation means it's motivation that comes from inside of you it's long-lasting motivation it's something like when you wake up your you want to do it extrinsic motivation comes externally it's usually intense but short-lived for example if you listen to a fantastic energetic song or reward yourself with a treat or snack those motivators they're very good today maybe in the next few minutes but then their benefit dissipate and they're no longer there and to rekindle that motivation you have to keep doing that more and more and more and you have to consume more of that motivator it's just it's good to get you going it's not good to sustain you to sustain you you need passion or in other words you need intrinsic motivation you can sustain yourself with discipline but discipline is not something most people have the typical experience that entrepreneurs have very early in the process of starting a business especially first-time entrepreneurs is they get very excited in other words they get externally motivated by something some idea whatever they start working on it most people don't even get started but the people who get started typically business is full of early failure so they fail early they get discouraged they lose confidence they lose momentum and because they have no consistent inner voice pushing them they don't have that intrinsic passion intrinsic motivation they just quit that's why it does help to have that intrinsic motivation so when you're thinking about your business think about what do you want to do long term and do you want to do this long term but keep in mind also that boring businesses make mining a lot of boring businesses services it's not something you like might love to do cleaning home repair but you know what they do make a lot of money and consistently and they're needed so that's just an example like and maybe working in technology yeah sounds cool and sexy but programming is actually hard and boring and frustrating too so things that make money are often not that fun precisely because not a lot of people want to do a lot of things because guess what passion businesses music travel related car related fashion related things that are really fun and people love while they're super super super competitive because everyone is trying to be in them so there's a balance there that yeah it's good if you can do something to tap into your long-term motivation and passion but it's not the only way to go in fact sometimes it's not the only thing is you should want to be in this business you shouldn't hate it you shouldn't dislike it because if you build a successful business and you're really miserable in it well what was the point of building it anyway he could have just gotten a job that you didn't like in the first place and skipped all that struggle so the point of a business is to give you a little more freedom a little more flexibility in working on what makes you happy so there's there has to be that balance of yes a little of passion or hopefully if you're lucky a lot of passion but at least a little bit of passion and interest and practicality it has to be practical so we're gonna circle around all these ideas throughout that course. 

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