“The two are distinct. A hobby is an interest, or even a passion. And that can sometimes blind you. Your business should exist to help fund a great life for you (and your family), including professional fulfillment and financial peace of mind. But often people who turn their hobbies or causes into a business overly sacrifice. For example, they don’t charge enough for their service because they love what they do so much. In those cases, they end up giving so much to the business, but the business doesn’t give enough back to survive.””
Every month, some 543,000 new businesses are launched—but the hard truth is that only seven out of 10 survive the crucial first two years to stay in the game.