The Cost of Turning Your Passion Into Your Business
THE COST OF TURNING YOUR PASSION INTO YOUR BUSINESS
EPISODE 029 | APPLE PODCASTS | SPOTIFY
A huge welcome, in today's episode we’re exploring a critical transition: shifting from seeing our ventures as mere hobbies to treating them as real, profitable businesses.
This shift is not just about changing how we spend our time; it's about evolving our mindset, focusing our efforts, and aligning our daily actions with our deepest values.
We'll dissect the psychological hurdles that come with this transition and I’ll provide you with practical tools to manage your time more effectively, ensuring that your business activities are in perfect harmony with your personal values and professional goals.
From understanding why so many passionate ventures falter, to adopting a time management strategy that champions focus and intention, we'll cover a series of key methods to empower you to make the most of your time.
“So, whether you’re struggling to balance your business with your personal life, seeking to enhance your productivity without sacrificing your values, or simply looking for a community that understands and supports your ambitions, you’re in the right place.”
THE PSYCHOLOGICAL LEAP FROM HOBBY TO BUSINESS
From taking your idea and passion from a hobby to bona fide business, one of the first hurdles we encounter is the 'psychological cost' of making this transition. It's a term that encompasses the emotional and mental investment required to shift our mindset from seeing our ventures as just a passion project to treating them as a serious, profit-generating business.
This psychological leap is significant because, for many of us, our hobbies are sources of joy and relaxation. They're where we turn to escape the pressures of the day-to-day. But when we start to depend on these passions for income, the stakes change. Suddenly, there's pressure to succeed, to earn, and to grow. This shift can weigh heavily on us, introducing stress into what was once perhaps a stress-reliever.
I remember this so well in the steps I took, whist not starting from a hobby, my business idea originated from spotting a gap in the market at the time and it was something I was deeply passionate about. And it came from a desire to bring creativity into my work—a stark contrast to the rigid structure of my previous corporate role.
Initially, assigning a value to my creativity proved to be both challenging and stressful. As a solopreneur, many aspects of my role lacked the creative outlet I yearned for. However, over time, I've learned to tailor my daily activities to increasingly incorporate creativity, focusing on tasks that highlight my unique skills. This shift has not only been immensely fulfilling but it has also been strategically beneficial for my business. It underscores the importance of aligning tasks with the strengths of individuals, especially for key positions within the company, from the founders to directors. This alignment ensures that everyone is operating in their zone of genius, driving both personal satisfaction and business success.
“You might well be similar to me, with a team around you, or earlier in your journey juggling multiple roles, or perhaps you are at the exciting idea stage, as yet to launch your brand, in all cases, I have been there and I know exactly what you feel like in this moment.”
A key aspect of this psychological cost is the challenge of engaging with tasks that we might not enjoy. When it's just a hobby, we can pick and choose the parts we love. But in a business? Every aspect, from accounting to marketing, demands our attention, whether we enjoy it or not.
This necessity to engage in less enjoyable tasks can be a significant barrier to success. It's not the lack of opportunity or potential that causes many ventures to falter; rather, it's the difficulty in maintaining persistence and motivation when the going gets tough.
So why do so many passionate ventures fail? It's not always due to a lack of skill or a bad business idea. Often, it's because the transition from hobby to business requires a level of discipline and a shift in mindset that many aren't prepared for. The reality is, to succeed, we need to push through tasks that we don't necessarily love, manage our time efficiently, and focus on the long-term goals, not just the immediate pleasures.
“Understanding this psychological cost is crucial. It prepares us for the road ahead and equips us with the mindset needed to overcome these challenges. As we delve deeper into today’s conversation, remember, recognising and addressing the psychological hurdles is the first step towards successfully transitioning a hobby and a passion into a thriving business.”
NIR EYAL’S FRAMEWORK FOR BECOMING WHO YOU WANT TO BE
As we begin to transform our ideas into thriving businesses, aligning our daily activities with our core values is crucial. This alignment ensures that our work doesn’t only bring us success but also fulfilment and balance.
One insightful approach to achieving this harmony comes from Nir Eyal … (near ayal) who presents a compelling framework for embedding our values within the fabric of our lives and businesses.
Nir is a renowned author, lecturer, and expert in the fields of behavioural design and habit formation. His work primarily focuses on the intersection of psychology, technology, and business, making him a leading figure in understanding how to harness habits and technology to enhance productivity and well-being. I first came across Nir during an online Google forum and latterly from his best-selling book, "Hooked: How to Build Habit-Forming Products," which provides insights into how products can captivate users, and his follow-up book, "Indistractable: How to Control Your Attention and Choose Your Life," offers ground-breaking perspectives on achieving focus, particularly in our age of constant distraction.
His framework – the one we are about to explore in a little more detail today - for aligning values with life's domains offers a practical approach to balancing personal well-being, relationships, and professional success, making his insights particularly relevant for us entrepreneurs looking to navigate the complexities of starting and growing a business.
“Through his framework, Nir Eyal (near ayal) introduces the concept of managing our lives across three critical domains: Life, Relationships, and Work.”
To help bring this to life, I would love you to join me in a mental exercise that Nir shares. Picture three concentric circles. You are at the centre of these circles, the heart and focal point from which everything radiates. The innermost circle represents 'Life,' encompassing your personal well-being, health, and hobbies. The next circle stands for 'Relationships,' highlighting the importance of friends, family, and professional connections. The outermost circle is 'Work,' which includes not just your business or career but your broader contributions to the world.
This visualisation, albeit an abstract concept, is a tool for reflection and planning. It prompts us to ask ourselves: How do our daily activities and time investments align with these domains? Are we nurturing each area appropriately, or is one domain consuming our attention at the expense of the others?
Here's where the practical guidance comes into play. Looking ahead to the upcoming week, consider how you can allocate your time across these three domains. Start by ensuring that 'Life,' your innermost circle, receives the attention it deserves. This might mean scheduling time for exercise, meditation, or hobbies right into your calendar, treating these activities with the same importance as a business meeting.
“I have recently started to include blocks of time for exercise and learning outside of work. A few months ago, I found that the amount of time I was spending exercising was slipping and becoming less and less, and this was definitely having a negative impact on my productivity, but also more importantly, my general happiness, so these key non negotiables went into my schedule, including a walk in the morning and then either a run, yoga or weights later in the day. Seeing them in my schedule helped hugely and they became far more likely to happen.”
Next, move to the 'Relationships' domain. Plan quality time with loved ones, reach out to a friend you haven't spoken to in a while, or schedule a networking coffee with a colleague. These actions strengthen your support network, vital for personal and professional growth. For me, this has recently included time away with girlfriends, specifically hiking, which has been amazing – combining exercise with proper time to catch up, and minimal chance of being disturbed by messages and emails, has helped us all the ensure we are really in the moment, and getting the very most from our time together.
Finally, assess the 'Work' domain. As entrepreneurs, we often let this area dominate our lives. Whilst dedication is necessary, of course, balance here is key. Ensure your work aligns with your values and contributes positively to your life and relationships. This might involve setting clear goals for your business activities, focusing on tasks that move you closer to your vision, and saying no to projects that don't align with your broader objectives.
“By intentionally planning your week around these three domains, you create a balanced and values-driven schedule. This approach not only increases your effectiveness as an entrepreneur but also enhances your overall life satisfaction.”
Building on the insights from Nir Eyal’s (near ayal) framework, let's now delve into a practical strategy that can revolutionise how we manage our time. This strategy is particularly useful in translating the balanced approach we've discussed into everyday productivity. I'm talking about the concept of time boxing versus the traditional use of to-do lists.
Many of us rely on to-do lists as our primary method to manage tasks. While to-do lists can be helpful in remembering what we need to do, they often fall short in prioritising our time effectively. The list keeps growing, and it can be overwhelming to decide what to tackle next. More critically, to-do lists don't account for the time it takes to complete these tasks, leading to a disconnect between our intentions and what we can realistically achieve in a day.
This is where time boxing comes into play, offering a powerful alternative. Time boxing involves allocating a fixed amount of time to each task or activity in advance and treating these time blocks as non-negotiable appointments with yourself.
This method not only helps in managing our tasks more efficiently but also ensures we dedicate time to each of the life domains Nir talks about, thus maintaining a healthy balance.
STEP-BY-STEP GUIDE TO CREATING A TIME-BOXED CALENDAR
Reflect on Your Priorities: Start by reflecting on your values and priorities across the Life, Relationships, and Work domains. What activities truly matter to you and contribute to your goals?
Allocate Time Blocks: Based on your priorities, begin to allocate time blocks for each category of activity. For example, set aside time for focused work tasks, but also ensure you have time for exercise, relaxation, and connecting with loved ones.
Plan for Both Reactive and Reflective Work: It's essential to allocate time for reactive tasks (like responding to emails or handling customer inquiries) and reflective work (such as strategizing or learning new skills). Reflective work, often neglected, is crucial for long-term success and personal growth.
Use a Digital Calendar or Planner: A digital calendar is particularly useful for time boxing as it allows you to set reminders and adjust your time blocks as needed. However, a paper planner can also work if you prefer a physical tool.
Review and Adjust: Your time-boxed schedule should be flexible. Review it regularly to adjust time blocks as your priorities or tasks change. This ensures your schedule remains aligned with your goals and values.
“By shifting our mindset from being outcome-focused to input-focused, we start to see time as a finite resource that needs to be allocated wisely. This doesn’t mean we become rigid; rather, we become intentional about how we spend our time, ensuring that we’re making progress in all aspects of our lives, not just in our work.”
TIME BOXING VS. TO-DO LISTS
As we’ve equipped ourselves with the time boxing strategy to align our daily actions with our core values across Life, Relationships, and Work, there's another crucial aspect of productivity we must address: maintaining focus amidst a world full of distractions.
For entrepreneurs, the ability to focus is not just a nice-to-have; it's a critical skill for success. In the digital age, distractions are more rampant than ever, with social media, emails, instant messaging, and the endless allure of the internet pulling us away from our work.
The reality is that these distractions are not just minor nuisances; they can significantly derail our productivity and, more importantly, our ability to make thoughtful, strategic decisions for our businesses. The constant barrage of notifications and the temptation to check our devices can fragment our attention, making it harder to engage deeply with our work or to spend quality time in the Life and Relationships domains we value.
PRACTICAL TIPS FOR ENHANCING FOCUS & MANAGING DIGITAL DISTRACTIONS
Start Your Day with Intention: Before you dive into your emails or social media feeds, take a moment to set your intentions for the day. What are the top three priorities you want to accomplish? Align these with your personal and professional goals.
Practice Digital Minimalism: Be selective about the notifications you allow on your phone and computer. Turn off non-essential alerts, and designate specific times to check emails and social media, rather than allowing them to interrupt your focus throughout the day.
Create Technology-Free Zones: Establish areas in your home or office where technology is not permitted, especially during times dedicated to deep work or connecting with loved ones. This helps create boundaries that protect your focus and attention.
Embrace Morning and Evening Routines: Develop routines that bookend your day with technology-free activities. Starting the day with meditation, exercise, or reading can prime your mind for focused work, while a calming evening routine can help you unwind and ensure technology doesn't disrupt your sleep.
Use Technology to Your Advantage: While technology can be a source of distraction, it can also support your focus. Apps that block distracting websites, timers for the Pomodoro technique, or even simple white noise apps can enhance your ability to concentrate on the tasks at hand.
“For me, the first point is absolutely crucial. I ensure that at the start of every day, I’m clear on what lies ahead. This approach saves significant time and eliminates the need to figure out which tasks to prioritise. My schedule is planned weeks in advance, and before the end of each day, I review what’s on the agenda for the next day, making any necessary adjustments based on the day’s outcomes. This level of organisation removes any guesswork at the start of the day, boosting my productivity and excitement. Knowing what to expect means I’m ready to dive in immediately. Adopting this method several years ago has had a profoundly positive impact on my overall productivity.”
By cultivating these habits, you not only reclaim control over your attention and agenda but also create space for the work that truly matters. It’s key for all of us to remember, every moment spent lost in distraction is a moment not spent on building your dream, nurturing relationships, or caring for your well-being.
“As we wrap up this episode on aligning our actions with our values, managing our time effectively, and maintaining focus amidst distractions, I want to encourage each you to take a step towards integrating these insights into your life.”
Start with a small, manageable change to your weekly planning. Perhaps, try time boxing a single day this week or turning off notifications for a set period to focus on deep work. Remember, the journey to mastering your time and aligning your efforts with your values is a series of small steps, not a giant leap. If you would love to learn more about the power behind small steps, you will find episode 020 hugely helpful, the brilliance of consistency, where we look at the amazing 2% rule, the quite power behind any change.
Today, we've delved into the crucial aspects of entrepreneurship that go beyond just business strategies – the personal journey of aligning our day-to-day actions with our deepest values, the importance of managing our time through time boxing, and the critical skill of maintaining focus in a world filled with distractions. These elements are foundational to not only building a successful business but also leading a balanced and fulfilling life.
As we close, I would love to remind you of the power of empowerment through knowledge, the virtue of pursuing success with integrity, and the importance of maintaining balance and fostering a supportive community. These are the pillars that can guide us towards not just being successful entrepreneurs, but also fulfilled individuals.
Before you go, if you haven’t done so already and would love to hear more from me, sign up to receive our Thursday newsletter. It's packed with additional insights, resources, and updates designed to support you further on your entrepreneurial path.
And, if you have any feedback, questions, or stories you’d like to share, you can contact me directly on Instagram and again I’ll leave a link in the show notes. I would love to hear from you and continue the conversation beyond this podcast.
Philippa x