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Side Hustle School

#1086 - Weekly Recap: Passion, Skills, and The Ideal Market

Side Hustle School

Chris Guillebeau

Business, Entrepreneurship, Small Business, Side Hustle, Entrepreneurship,, Careers

4.73.3K Ratings

🗓️ 22 December 2019

⏱️ 11 minutes

🧾️ Download transcript

Summary

In our PENULTIMATE recap of Season III, we'll highlight the lessons learned in this week. Also: an audio update from a previous case study!


Side Hustle School features a new story EVERY DAY of someone who started a hustle without quitting their job. You’ll learn how they got the idea, how they overcame challenges along the way, and what the results are. 

 

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Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.


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Transcript

Click on a timestamp to play from that location

0:00.0

What's up, hello greetings, happy holidays. We have just finished week number 51 of season 3. The final countdown continues.

0:17.0

There are only eight more shopping days, wait a second, shopping days, episodes.

0:22.0

There are only eight more episodes until the new year. 2020 everything's gonna change. We're calling it the year of interaction.

0:28.0

We have a great way to share it with you. Also, for everyone ready to get past the holiday craziness, my favorite holiday, return to sanity. It's just around the corner. Can't wait. Literally counting those days.

0:38.0

Now this week on the show, because you know the show goes on. This week featured musicians who produce classical music concerts for families with young children, a style blog for men of modest height and more.

0:51.0

I think I'll be thinking about this topic. I will call passion, the ideal market and business skills. What do I mean by this trifecta? Let us explore it briefly. I think it has an important lesson for someone out there.

1:02.0

So passion, ideal market, business skills. That episode on Monday about the two musicians in New York City producing classical music concerts for families with young kids.

1:11.0

This is a good little jumping up point for us because here you have a blend of passion and market fit, which I know I've talked about before. What I want to throw in here is this basic concept of learning some pretty basic business skills.

1:23.0

So think of these things as being connected. These three elements. You got your passion, the thing that you're excited about that leads to a market fit, something that people want, a true market desire. And then you improve, you tweak, you optimize, you do all kinds of stuff to review and regroup.

1:37.0

So it's all connected, but just imagine if any of these elements aren't present. Okay, short version is you're going to have a mismatch of some kind. Now, I know I've talked before about the necessity of both passion and market fit.

1:48.0

Okay, like that's pretty basic, but it's also really important. You can't just be passionate about something. You have to be passionate about something other people are passionate about. There has to truly be this gap in the marketplace. There has to be a need that you're meeting a solution you're providing.

2:01.0

It's not just about you and your passion. It's about other people's interests as well. So we talked about that. What I wanted to highlight here was how you can X factor those things, those two elements with the right business skills, which are not difficult to learn.

2:13.0

This is what I'm trying to teach people through SIDUSL school, you know, is first of all how to generate valuable ideas and then how to make those ideas happen.

2:20.0

And often there are multiple ways that you can bring an idea to life. And one way might be just fine. And there's nothing wrong with just fine.

2:28.0

Okay, but the other way is going to really like next level it as I said X factor it. So a couple of examples, you know, those music teachers went from passion to market and then improved.

2:37.0

Was it enough to just be excited about something that other people wanted? It could have been, but I don't think it would have grown the way it has the way it is growing.

2:46.0

The way it's really taking off and becoming sustainable without paying attention to data without really thinking through, you know, human resources that bringing on other performers and so on.

2:54.0

Maybe even better example is from episode one zero one seven one thousand seventeen newlyweds operate campground booking biz from RV.

3:03.0

It's essentially about a young couple, Heath and Alyssa who are really into RVing and they're like driving their RV around the country. They're camping and they encounter this problem with campgrounds.

3:13.0

And that you have to actually like show up at a campground to see if there is a space for you. It's really difficult to find out ahead of time.

3:19.0

So they go of course and create the solution for that and it first it works okay. Like it works okay, but it's kind of a manual process.

3:27.0

You know, and they're charging campgrounds or campsites to be listed. And again, it's fine. It's working there making a small amount of money.

...

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