Is Turning Your Hobby To A Business A Good Idea ?

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Are you passionate about a particular activity? Do you want to turn your hobby in to a long term career? Well, it can be certainly an amazing idea to start your dream career by transforming your passion in to a lucrative business.

Turning hobby into business

Many of us dream of taking something we are good at doing in our leisure time and converting in to our main business focus. However, it can be easier said than done. Although there are numerous entrepreneurs who have achieved success by turning their passion in to business, the fact remains there are many more who will regret the decision throughout their life. So if you are planning to start a business from your hobby, then you need to think it through, else might not only lose your current job, but it may adversely affect your entire career and life.

Arthur Lucas, owner of Charleston Freehouse Brewery based in South Carolina, said he does not regret the decision of becoming a professional after years of being a home brewer.

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The former management consultant said “It's more a vocation. I don't really feel like it's a job. It's an over-expanded, all-encompassing hobby now. Everything has challenges—and I prefer these challenges. I'm allowed to do my own thing, even if it's hard, as opposed to being what someone else is looking for. That takes a huge weight off my shoulders.”

Making money from your passion

Want to convert your passion project into a lucrative career? Then you should be ready to face a lot of challenges. Most new entrepreneurs soon realise that running a business on a daily basis can be much more difficult than they had planned. Jay Adan, co-owner of Greenfield Games, had such an experience after starting his business. He opened Greenfield, currently the largest game store in Western Massachusetts, after leaving his career in public relations, with his partners Dave Fifield and  Seth Lustig.

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Jay Adan said “It was a critical time. None of us had ever run a retail store before. There really wasn't a full-time business person.”

So he and his partners took help from a former business associate, Joe Minton, to put the business in track.

Adan added “There's always stuff to learn. Passion can only take you so far. I know a lot about games and how they work, but that doesn't translate into how you run a successful business.”

Get ready for challenges

However, the risks of transforming your hobbies and passions in to a livelihood are not limited to economic challenges.

Hugh MacLeod, author of Ignore Everybody: And 39 Other Keys to Creativity, said “When your dreams become reality, they are no longer your dreams. When its a hobby, you're doing it for yourself, on your own time. But when you're doing it for a job, it doesn't feel like that. What happens is, your hobby, all of a sudden, is a source of major anxiety because you still have bills to pay.”

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Hence, the pleasant activities which could previously act as stress relief will soon turn in to anxiety-inducers when you start to make it a career. This can encourage you to pursue other hobbies and eventually lose interest in the original hobby, said MacLeod.

Although starting a business and making a career from your hobbies may sound conceptually great, You must make sure to take all the necessary steps to move through the difficulties, else you might fall flat on your face. You will need to have the right skills, knowledge, passion and determination to actually run your business successfully in the long run.

What do you think? Share your views and experiences with us by commenting below.

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Business Studies- An Investment for Your future

Wondering about why you should pursue Business Studies? Then read on...

Want to earn a rewarding salary and achieve professional success? Then a degree/diploma in Business Education is the perfect way to achieve your dreams. Currently there is a high demand for business graduates across the globe. The skills you will learn in business Schools will that help you to succeed in every field.

What are the Different Types of Business Degrees?

With the growth of globalised business and trade, the demand for skilled and trained executives and managers have increased manifold. You need to gain specialised skills and knowledge to get an edge over your competition. 

But Why Should You Study Business?

• 
  
• Earn High Salary and Get Loaded...

If you are looking forward to a career that offers an attractive salary with great future prospects, then a business degree/diploma would be an excellent option for you. 

According to the US 2013-14 PayScale College Salary Report, the average starting salary for business graduates is US$43,500 and the average mid-career salary is US$71,000. 

• 
  
• Salary for Different Specialisations:

                                                     Average Starting Salary (US$)    Average Mid-Career Salary (US$)

Finance                                                          $49,200                                 $87,100

Accounting                                                     $45,300                                 $74,900

Marketing Management                                 $42,100                                 $80,200

International Business                                    $43,800                                 $83,700

Human Resources                                           $38,000                                 $63,900

Organizational Management                          $41,900                                 $60,300



According to the TopMBA.com Jobs & Salary Trends Report, the average salary for MBA graduates is almost US$109,200 in the US and Canada. In Australia, as an MBA graduate you can expect an average salary of US$117,800.

• Outstanding Career Prospects...

There is a high demand for business graduates across industries worldwide. 9 out of every 10 business graduates in 2013 were employed within 6 months of completing their graduation.







According to the Graduate Management Admission Council, the employment rate for MBAs -

Year                                       Percentage

Class of 2013                          92

Class of 2012                          90

Class of 2009                          85

• Explore Wide Range of Job Opportunities...

A business management degree will enable you to explore various job opportunities and work in your preferred industry. You can easily get hired in different managerial positions in various sectors like banking, insurance, media, medicine etc.

• Prepare to Start Your Own Business...

Business studies can teach you the right skills and provide you the tools that you will need to begin your own business venture. You will learn to manage finance, operations and marketing of your business. 

Having a business degree will also increase your chances of attracting investors and funding.

• Cash-in on Excellent Networking Opportunities...

Business studies provide you excellent opportunities for expanding your network and connect with various professors and professionals. This opens up new avenues for business partnerships and connections.

Established businesses claim that 47% of their business is generated through effective networking.

• Expand Your Business Skills...

Having formal business training will improve your abilities so that you can manage operations, create business plans, control costs, analyze data and make effective strategic decisions for future growth.

• Learn to Manage People Effectively...

A business management degree/diploma will enable you to supervise and manage your staff and employees efficiently. You will learn how to motivate them and deal with employee grievances efficiently.

• Great Scope for Your Personal Development...

Business education also helps you in your personal growth and development. You will be able to -

• Exercise Leadership in Communities
• Improve Your Analytical and Creative Thinking
• Improve Oral and Written Communication Skills
• Develop Interpersonal Communication Skills
• Analyse Problems and Find Solutions
• Make Better Decisions
• Identify and Deal with Ethical Issues
• Easily Adapt To Ambiguity, Complexity and Uncertainty 

• Strengthen Your Future with Further Education...

After you business studies, you can opt for further education in different disciplines like Finance, Marketing, Human Resources, International Business and Computing/ICT. If you are an undergrad, then you can opt to study MBA to improve your expertise in specific business areas.

Some professional qualifications you may pursue-

• Chartered Institute of Management Accountants (CIMA)  
• Association of Chartered Certified Accountants (ACCA)   
• Chartered Institute of Personnel and Development (CIPD)  
• Chartered Institute of Marketing (CIM)  
• Chartered Management Institute (CMI)  
• Common Professional Examination (CPE) 
• Graduate Diploma in Law (GDL) 

• So...What Can You Do as a Business Graduate?

Around 75% of all business graduates get employed within 6 months of graduating. 

Almost a 5th among them are employed as finance, HR and business professionals in fields like insurance, human resources, banking, business consultancy, chartered accountancy, tax, marketing etc.

Over 12% of business graduates opt for higher studies or balance work and education at the same time.

• Destinations for Business Graduates-

                                                                Percentage

Employed                                                   73.4

Further study                                              6.6

Working and studying                                5.1

Unemployed                                              10

Other                                                         4.8

Still Wondering about Why You Should Pursue Business Studies? Don’t! 

With your business degree, you will develop comprehensive knowledge of business management and operations and acquire essential skills for your targeted field.

You will get the opportunity to explore different fields in a global context and gain various valuable transferable skills during the process.

Is an MBA Degree Crucial for Becoming a Successful Entrepreneur?

With a number of people inclined towards business sector, entrepreneurship today has become a highly popular MBA specialisation. However, pursuing entrepreneurship degree alone does not guarantee you of roaring success.

Today, the academic circle is hotly debating about the importance of an MBA degree for a career in entrepreneurship. In sharp contrast, it is also a fact that lots of thriving entrepreneurs observably do not have MBAs. Almost each MBA programme cost approximately £50,000 a year, and it would not be wise as an entrepreneur to burden yourself with debt before you have even started. Most times, they think that money invested in MBAs could be better spent hiring office space or building a trial product.

Nevertheless, MBA students are more and more showing inclination towards entrepreneurship. According to a recent survey conducted by Graduate Management Admissions Council, almost 11 percent of MBA alumni having graduated between 1959 and 2013 currently run their own businesses. And, most top business schools have tailored MBA programmes to make sure they instil the required skills crucial to set off own company. “Schools now offer many more organised extra-curricular options, including entrepreneurship clubs, venture clubs and pitching competitions,” says Aled Owens of QS Top MBA.

MBA programmes attracting the top talent

London Business School offers a wide portfolio of eight different programmes meant to educate students about everything associated with the life-cycle of a start-up. The Centre for Entrepreneurship of Cass Business School provides their recent alumni access to a venture fund, which already has invested in seven start-ups, the biggest of which is Alva with annual turnover of £2m and employs 25 staff.

But the MBA programmes itself are not the sole reason to pursue the MBA courses. These courses have attracted the top talent of the world with an acceptance rate of less than 10 percent for top 10 programmes. Who knows if the fellow students become your future business partners or prove crucial as your future go-to network? Jim Hall, Executive Director, Entrepreneurship Centre at Said Business School, says, “this is where entrepreneurship happens.’

Some people even argue that these business schools should not be considered as substitute for the school of life, but the truth is that many business schools like Warwick bring in faculty with real-life entrepreneurial experience for delivering their knowledge to prospective entrepreneurs.

The early spark matters

However, Taavet Hinrikus, Skype’s first employee and co-founder of peer-to-peer money transfer business TransferWise, and Insead alumnus seems less convinced as he says, “People skills are critical when working in a start-up. Yet the classes at the typical school do not teach enough of them, instead setting team projects and tasks that merely allow natural interpersonal skills to flourish.”

Even faculty at business schools accept that no lecture or workshop could offer a student eureka moment. Nick Badman of Cass says, “You have to have a basic itch or spark that needs to be ignited.” But, if are inspired, business schools can enhance your chances of success by instilling key skills, such as time management, innovation and design, entrepreneurial finance, required to begin your own venture and equip you with the confidence to make use of better ideas.

Basically, MBA degrees are broad and teach you the fundamentals of everything from marketing, finance and law to taking risk. So, even if you are planning to work for a big business house, the MBA course will offer you up to two safe years. The worst outcome could be that you graduate with an MBA degree and obtain a good job.