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How Do You Decide On New Opportunities and Projects? (Money or Passion or Both?)

Profile photo of Dani Schenker Submitted by Dani Schenker April 14, 2016

Internet Marketing is without a doubt one of the fastest changing businesses ever. As a result we are faced with new opportunities all the time. A new social network emerges and ads are cheap, a new method is discovered, maybe a loophole or you get a chance to work with someone…

But most of us don’t have a huge team and the possibility to pursue every idea, trend or opportunity…

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So, how do you decide which project to start or what opportunity to pursue?

Do you look only at the financial possibilities?

How much does your passion play into it?

Do you choose only the projects that really interest you personally?

 

I am interested to find out how you decide! Please share your thoughts in the comments below.


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44 Responses to “ How Do You Decide On New Opportunities and Projects? (Money or Passion or Both?)” Leave a reply ›

  • Profile photo of Sunday William Profile

    Hey Dani,
    This is a good question and one that can influence the motives for choosing a project.

    For me, new opportunities means new ways to make money and I always go the business benefits.

    I know that choosing a project because of financial benefits alone is not always best, hence I must seek to know the feasibility of such project.

    Therefore, at the end, a combination of both passion and money will drive me.

    The financial benefits remains the focus while the passion makes it easy to accomplish the required tasks to accomplish the desired benefits.
    Sunday William recently posted…What are the WARNING SIGNS That a Freelance Writer is a FRAUD?My Profile

  • Profile photo of redtiger Profile
    12

    Hi Dani

    Interesting question.

    I think as a newbie the financial possibilities is a strong factor. You soon learn however that every product promises you the pot of gold at the end of the rainbow. Over time and after spending many dollars the penny drops and many potential marketers realize they were chasing empty promises. They may develop a resistance against a promise of big money in a short time.

    How much does your passion play into it? This is closely linked to the first point. The promise of money teases the emotions and because passion is an emotion you sit up and listen. If the message is emotionally strong enough it may spur you into action. However even the appeal of a strong message can fade over time after you have burnt your fingers.

    For me the deal-clincher is in your third point. More and more marketers are beginning to realize the power contained in the word interest.

    When does a product spark my interest? When it addresses a pain point. If I cannot write, I would be more interested in a product that will help me improve my writing that one that will help me build a website. Hang out the solution to my pain point as the carrot on the stick and I chase it.

    The ideal product should be the solution to a very specific problem. Don’t try to sell the farm if someone wants to buy a sheep. It is a question of demand and supply. If it is in demand then supply it.

    I believe right now to magic wand in Internet marketing is to find your target audience. Where do you find them? Look at the pain points in your niche. What is that that causes a problem for many people. What questions do they ask in forums? Identify a pain point and find a way to take the sting out of it. Soothe the pain and you are on to a winner.

    Thanks for posting
    redtiger recently posted…Affiliate Marketing ExplainedMy Profile

    • Profile photo of Dani Schenker Profile

      Your approach makes a lot of sense. But it does focus a lot more on analysis and opportunity than on your own passion (except for the fact that money and success in general is ones passion).

      My own focus is to create a business that I love, where I love the work and not only the outcome. I am very fortunate to be in a position right now, where I make enough money to make decisions not only on money but on what I really want. I am not a millionaire but I don’t care.

      I very interesting fact about the way I do things is: Looking back at all my projects I can say the following. I made some good money with opportunities connected to some trend or method. But long term speaking the projects that made me the most money are the ones I am really passionate about. Why? Because I never gave up on them and I was able to inspire other people!

    • Profile photo of admin Profile

      [Kingged.com has just bought redtiger yet another $5 glass of cold beer or hot coffee, to say THANKS, for this very helpful response]

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  • Profile photo of Luana Spinetti Profile

    Hi Dani!

    Good questions. :)

    I tend to start projects (either clients’ or my own) that interest me both personally and professionally, and especially projects I can have fun with.

    In the About page of my website I wrote that “Passion combined with Creativity is the fuel that drives me to work and makes me happy to be alive”, which pretty much describes me as a person and as a professional. :)

    In general, the first aspects I look into are the opportunity for personal growth and to add more clips/skills to my portfolio. After that, we talk money. Since last year, I no longer accept clients whose budget is below a certain minimum, so I know I’m never going to stress over low pay again. I only kept one old client who pays $10 a post and it’s because we are friends and I enjoy helping him; I don’t really have deadlines with him and I write anytime I have something to talk about. It’s been a win-win for both of us so far, and I even got some interesting leads from the posts I publish at his website.

    Another important aspect (that is a must and not an option) is that the client’s ethics and mine have to match somehow. I have compromised a bit in the past, until I realized some things were not good at all and I quit. I’m extra careful now when it comes to ethics.

    So, my decision to take up a certain project over another is a mix of all the above mentioned factors, plus fun, because if I’m not enjoying it, I’ll do anything in my power to quit working for that client as soon as I can!

    Hope I didn’t miss any, Dani. :) If you want to know more, ask me.

    Thanks for an interesting discussion!

    ~ Luana
    Luana Spinetti recently posted…How to Make the Most of Guest Blogging (eBook)My Profile

    • Profile photo of Dani Schenker Profile

      I love your answer, Luana! Thanks for that! It is great that you put your passion and also ethics before the money! Looking back I also had some rather questionable clients and projects and I would not do them anymore today (even with good pay). Other people are probably getting rich much faster than we ever will but I prefer to do it “the right way”.

      Cheers! :)

  • Profile photo of Sarah John Profile

    For any new project or opportunity, there are two sides to it – there is the aspect of interest or passion, and there is the aspect of financial benefits. Both are important for success!

    However, this discussion simply reminds me of the reason of choosing a niche for business. While some may be motivated by passion, others would be motivated by the financial benefit.

    If you ask me, I would say, passion should come first before money. My reason for this is that passion can make you learn and work to become an expert in the project. After this, it becomes easier to generate money from it!

    • Profile photo of Dani Schenker Profile

      Hi Sarah. Well, I have to disagree with what you are saying about “success”. If you measure success on passion and financial benefits then yes, you need those things to be successful.

      But success means to reach the goals. For example if your goal is to be a millionaire and you just follow the money without having fun, you still succeed. What I want to say is, that passion and financial benefits do not have to go together.

      But… of course it is much easier to reach a certain financial goal if you do something you are passionate about 😉

      And some even say that the financial success will follow “automatically” if you do something that is fun 😉

      Cheers

      • Profile photo of Sarah John Profile

        Hi Dani,
        Some how you just pin pointed what I am meant by passion coming before money:

        But… of course it is much easier to reach a certain financial goal if you do something you are passionate about 😉

        And some even say that the financial success will follow “automatically” if you do something that is fun 😉

        For the definition of success, it is subjective! passion and money can go together to define success with some!

  • Profile photo of Celine Profile

    Hey Dani,
    When it comes to pursuing new opportunities, it is often difficult to separate passion with finance. Both are needed for the success of the business.

    Since I am to choose and give reason for my choice, I would say that the financial motive will drive me more than passion.

    My choice is based on the perception that making money is the ultimate aim of a business and where this is lacking, the fire of passion would easily be put off!

    • Profile photo of Dani Schenker Profile

      Hi Celine,

      thanks for your answer. As you may know from my other responds I tend to focus more on what I enjoy working on (sometimes without even thinking about the outcome). This is my definition of “luxury”. Because it means that I have the freedom to work on something even if I don’t know if the money will follow.

      I still respect your way of doing things a lot! And yes, I did think about doing things this way as well with the idea that “I will then later be able to enjoy life more”.

      Ultimately there is no right or wrong here. Everybody has to find out what works for them. And how they will achieve their goals (or how fast).

      Cheers

      • Profile photo of Celine Profile

        Yes Dani, ultimately, it will boil down to personal choice. Everybody has to find what works for them. For some it could be finance and for others it is passion. There is still need for balancing of these twos when it comes to new opportunities future!

  • Profile photo of Paul Guzman Profile

    Outstanding question! I really look at helping others first. I’ve tried the money first route and it is a tuff road. I really believe that helping and teaching others what I have learned online works well. It is much easier to connect with your audience when you have something to give…and the outcome is always superior.
    Paul Guzman recently posted…How to set up a newsletter for your websiteMy Profile

    • Profile photo of Dani Schenker Profile

      Hey Paul!

      This as a very good approach as well. Especially in internet marketing where we have more than enough “bad products” (or not helpful products) that are still very tempting from the marketer’s perspective. Just think about all the big product launches. Many of these products are easy to sell even if they don’t work. “So why not do it?” is probably what you could say and then go and make some easy money. But like I said before, this is not for me. I definitely like it the way you do it 😉

      Cheers!

  • Profile photo of EltonCarr Profile

    Good discussion!

    I have been doing internet marketing for just about a year. I think you first have to have some sort of interest in the company you are going to represent. It just makes it easier to be excited about learning what you need to learn about that particular company.

    From a beginner’s stand point, you don’t have a lot of money to put in, so upfront cost is something consider. Plus the monthly fees following the upfront cost. And unless you get into the money real quickly, joining other companies may not be the best decision.

    I was fortunate enough to get into the money on the 84th day of a company that I joined. With that being said, my first three companies didn’t have a monthly fee. But when I started making money I decided to signed up for the higher level in one of the three companies which involved a monthly fee of just over $50.

    In any business you have to know the numbers. Big or small you got to know what money is coming in and going out.

    These days the owners reputation is another big factor for me. And the company has to have a Facebook group that openly talks about the company. People have to be active. Right now there is a company that just launched that I chose to sign up for but right now it has payment issues and because of that I will sit on the fence to see what will happen and until the payment issues are resolved. I won’t be doing much with it.

    Another factor that plays in my decision is how old has the website been registered and for how long. You can be easily find this out at Whois dot com. If it’s new and the owner only paid for a year, that tells me to proceed with caution. And when the owners name doesn’t match the so called CEO. I will most likely not join.

    Lastly, Being in the Biz-opt niche, and at the stage I am in. I seem to be asking myself this question, Does the company compete with any of the other companies I already represent? If so, I will most likely pass on it.

    Because at some point you have to stick and stay focus on a company that you believe in. There is an importance of having multiple streams of income but within reason. Being in a leader position people start feeling overwhelmed when they have to join a bunch of companies.

    Hope this was helpful! Enjoy your day,

    EltonCarr
    EltonCarr recently posted…The Key To Starting Your New Online BusinessMy Profile

    • Profile photo of Dani Schenker Profile

      Hi Elton. Thanks for your comment. Unfortunately I am not exactly sure what you are talking about… It sounds in some ways like multi level marketing when you talk about different “companies”. And I am also not sure if this answers the question I raised.

      • Profile photo of EltonCarr Profile

        Hey Dani,

        I was responding to the part of ” what opportunity to pursue?” I do represent MLM companies but I also do affiliate programs. May be I’m missing something here.
        EltonCarr recently posted…The Key To Starting Your New Online BusinessMy Profile

        • Profile photo of Dani Schenker Profile

          Hi Elton,

          Thanks for explaining. I guess you are right. If you are starting a project or starting to work for a new company (MLM in you case), the challenge is the same – can you benefit from it one way or an other?

          I was talking specifically about “projects” though because of the really endless possibilities when it comes to affiliate marketing, fiverr, niche sites, domain flipping, online courses, blogging, and so on. The difference to MLM being that their is just a number of MLM companies (big number, yes, but limited). But when it comes to your own online projects you have billions of possibilities.

          For example: If I sit down and do some 5 hours keyword research, I will probably end up with about 15 ideas for niche sites. But there is no way that I can set up 15 sites at a time (at least not if I want to do it right). So what should I do? How do I decide between these 15 opportunities? 😉

    • Profile photo of admin Profile

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  • Profile photo of Freedom Blogger Profile

    Hi Dani!

    Great questions man!

    Let me answer each of your questions here;

    * How do you decide which project to start or what opportunity to pursue?

    – I do my research. I take my time to do a great research to learn everything I can learn about the marketplace, industry, audience, products, profits, statistics, social proof, etc.

    Especially when it comes to a business opportunity that you might want to join and make money online with.

    * Do you look only at the financial possibilities?

    – No. But I would look at the financial possibilities – definitely!

    It is not the only thing I would look at, but it is one of the things to look out for.

    You want to make sure what you are spending time on, and perhaps money on, will be very profitable in the long term.

    * How much does your passion play into it?

    – A LOT!!

    You see, you need to be very passionate about what you do, in order to do a great job. Love what you do and you will accomplish a lot of greatness in your field.

    It is so important that you make sure you pursue what you are the most passionate about. Because, in order to be very successful at something, you must give it all of your energy. All of your best energy, that is.

    So, passion will help you generate that type of energy – all day long 😀

    * Do you choose only the projects that really interest you personally?

    – I would say so.

    Again, Passion plays a huge part in your success. If you are not very passionate about what you are working on, you are going to have a hard time getting the tasks done and eventually you might quit.

    Your personality is part of the passion that is within you. Your personality is merely the shaped form of your passion – we could put it that way if you will.

    When making a business decision, you must be well-educated on everything, if you want to make a smart and profitable decision, that is. It is important that you do all of the research you can, look at the possibilities, look at the statistics and the profitable opportunities, but never forget the passion you must have to fuel the engine that will make your decision work! 😉 ..you get what I mean?

    Great topic man!

    This is my 2cents here!

    Have an awesome weekend! 😀
    Freedom Blogger recently posted…How to Make Sure Your Website is Found On Google?My Profile

  • Profile photo of Janis Searcey-Griffin Profile

    Hi Dani,

    I love your questions. They seem to be reinforcing some of my regrets of buying into the wrong projects and products.

    When I first started with my intent to do internet marketing, I did feel that I had to learn as much as possible about different aspects of marketing. I felt then, and still do now, that I would not be a good internet marketer if I only learned one way of marketing. My decision to go this route was based more on passion to learn rather than money, even after spending more than I had hoped to.

    So I ate a lot of dirt and got some pretty crusty products. But I wasn’t one to bow down as I would quickly get a refund if it didn’t meet certain standards.

    Through this process, I feel that I learned quite a bit and have some great products and support that I feel good about. This process also helped me decide which marketing tactic I feel the most comfortable with and which one was going to make me the most money. That’s where I am right now, after buying into a rather agressive marketing program.

    Now the money is talking but I still have the passion. And I’m almost over buying all the shiney objects syndrome as I’ve settled into what I really want to do with internet marketing.

    Passion and money. What a great concept.

  • Profile photo of Yan Yan Chan Profile

    I am a fashion blogger from Australia.

    I blog for for the fun of it.

    In answer to your question, I blog for passion not money and am enjoying every minute of it.

    Passion guides my every blogging activity.
    Yan Yan Chan recently posted…Melbourne with MRPMy Profile

  • Profile photo of Ivan Bayross Profile

    Hi Dani,

    You’ve raised Four pertinent questions, which got me thinking.

    I loved the way Freddy (Freedom Blogger) responded. There is some terrific content in his answer.

    I’ve been in business for more than 32 years now. I’d like to share my thoughts on the questions you’ve raised.

    Q1. So, how do you decide which project to start or what opportunity to pursue?

    I set aside a fixed period of time, let’s say 15 days, and do a really thorough study on and offline to define the potential marketplace size for the products / services I’m interested in working with.

    Within this time line, I should be able to establish market size. If I cannot I do not pursue the business idea any further.

    If the market size is small or niche, the returns for the efforts put in to tap that market may be financially disappointing.

    Q2. Do you look only at the financial possibilities?

    Yes. (Although money is not the singular driver)

    The market size, customer demographics and Products / Services map must be large enough to sustain a 18 month to 24 month – steady Income window.

    If it cannot, my advice exit immediately.

    Normally, an 18month to 24month sustained income window works well to deliver attractive / acceptable, Return On Investment for most Internet driven businesses.

    After that the income stream may wane, but that’s okay.

    Q3. How much does your passion play into it?

    Ah! Passion.

    Honestly for me, when I see a steady sustainable income of between
    2000 USD/- to 3000 USD/- per month for a period of 18 to 24 months, per product / service.

    My Passion get TURNED ON and I salivate.

    This is a predictable, gross income, of around 24000 USD/- to 36000 USD/- per year.

    If one can identify 2 or 3 such lines of business (or one major one). You’re done. Trust me on this.

    Q4. Do you choose only the projects that really interest you personally?

    NO!

    I choose project that I’m positive – Interest the customer demographic and market size – I want to work with.

    A very strong driver for me is business income sustainability.

    After all, at the end of the day, bills have to be paid, school / college fees have to be planned for, the wife’s trips to Europe have to be funded sufficiently, (or you’re cooked) and tons of other mundane (life’s stuff) have to be catered to.

    I hope I make sense.

    Really enjoyed the read, Dani thanks so much for sharing.

    Warmly,

    Ivan Bayross
    Ivan Bayross recently posted…Try Not To Gasp When You Read These 20 Ways To Stay A Mediocre Blogger – Part 3My Profile

  • Profile photo of Ivan Bayross Profile

    Hi Kingsley,

    I think I’ve finally got my Login issues resolved :-).

    Thank you for the 7 USD/- cash back rebate really appreciate that.

    Have a great day ahead.

    Warmly,

    Ivan Bayross
    Ivan Bayross recently posted…Try Not To Gasp When You Read These 20 Ways To Stay A Mediocre Blogger – Part 2My Profile

  • Profile photo of Sherman Smith Profile

    Hey Dani,

    This is a great question!

    I first ask the question “What would be my personal priority?”

    I look at what’s hindering me from progress and what I’ve been overlooking as far as project.

    Maybe I want to increase my subscriber rate for example.

    I could add more opt ins to other pages or get rid of some. Or maybe i can add content upgrades or look towards paid advertisements to direct traffic to a landing page.

    I also look towards what my audience responds well to.

    In this case I look at what type of people are coming to my website using google analytics and most popular blog posts.

    This will give me an outline of what I need to focus more on.
    Sherman Smith recently posted…Diversify Your Shares With The Social Warfare WordPress PluginMy Profile

  • Profile photo of Barbara George Profile

    Hello all,

    I have enjoyed lots of the responses here, and I learned a lot.

    Wow, so much to read :)

    For me, if I am not passionate about something, I don’t do it.

    Money is good and important but without passion how can we sustain what we do?
    Barbara George recently posted…7 Things I Can’t Live Without being a MumMy Profile

  • Profile photo of Alicia Thibadeau Profile

    These are really great questions Dani,

    For me, when starting a new opportunity it HAS to be 50/50.

    I have to enjoy what I’m going to be doing and it has to provide me an outcome=money.

    It’s best to start an opportunity that’s in line with what you’re currently trying to accomplish. For me, that is providing value to others and helping them make more money with there business.

    There are a lot of marketers (I was one of them) would jump to opportunity to opportunity without just sticking to one thing and making that work for them first before moving on to the next thing.

    It’s much better to stick to one thing at first and become your own expert and then venture out into new things to grow your main business even more.

    When you do venture out into a new opportunity, it should be something that you enjoy doing, otherwise you’re just working in a J.O.B.

    When you do something that you enjoy you tend to put more effort into making whatever it is the best it can be thus your creative juices start to flow when you put more effort into a project.
    Alicia Thibadeau recently posted…Getting High-Converting Copywriting That Sells Just Got A Whole Lot Easier!My Profile

  • Profile photo of darrellantonio Profile

    Hey Dani

    Great question

    The financial benefits remain my top priority as far as business but it’s of course even better if there’s passion for this opportunity.

    I’m aware that it’s not always cool to do things just for the money.

    Some other Kinggers may be in a better financial position to work only when they have a passion for the gig but I don’t have that option so if it’s a pay check I’m on it.
    darrellantonio recently posted…5 Things to Promote on Your Website!My Profile

  • Profile photo of Joseph Profile

    This is an easy question to answer for me.

    I have failed many times in the past creating sites I didn’t have passion on at all. Remember the days of adsense keywords riches where we built sites just to cash in on adsense. Google killed all that of course.

    Now it’s better working on new opportunities I have passion in, and which makes money.

  • Profile photo of James Ling Profile

    Hey Dani,

    It is true that we may have to pursue our passion when it comes to embracing new projects or opportunities.

    However, it must be emphasized that without money the passion will not be fulfilled.

    So, I tag along the ideas that both passion and money are necessary to pursue new opportunities and projects.

  • Profile photo of Amit Sharan Profile

    There is a thin line between money and passion when it comes to pursuing business opportunity. There is usually an overlap with these features.

    However, if you ask me, I would say that passion goes first then finance follows. If there is no strong passion, it would be a waste of resources when money is investment during the lull period.

    With passion, the business owner can hope for better future even without money!

    So, passion should drive new opportunities better than money!

  • Profile photo of Winford Moore Profile

    Basically, it is important to look at both financial opportunities and passion when following new business ideas.

    Doing one and leaving out the other is not always a perfect choice because there would be a missing link.

    If an idea is pursued because of interest alone then pecuniary purposes would be missing!

    Monetary gains is what the pursuit of an idea business!

  • Profile photo of Black Profile

    Hi Sunday,

    Deciding whether passion or money motivates me for a new opportunity will depend on what I want to achieve at the moment.

    There are projects I will like to embark on for the simple purpose of sharing social responsibility. In this case, passion would be the motivator.

    However, there are times when profit making would be the object and money would be the motivator.

    So, it depends on the objectives!

  • Profile photo of Carl Profile

    It is easy reading and jumping into new opportunities. To decide on the very best to follow, it is important to decide on which project makes a difference in the orientation of people’s lives.

    Passion and money can help one make the right decision in pursuing the most valuable opportunity!

  • Profile photo of Paul Profile

    Hi Dani,

    I decide on new projects based on money and passion. Money will make things works faster while passion will keep me going when things becomes difficult. These are realities that cannot be denied when it comes to making money online!

    By the way, thanks for bringing up this topic. The follow up comments are pretty revealing!

  • Profile photo of steven Profile

    For me, passion should trump money. Passion can make the individual to remain steadfast when things are not looking too bright.

    For every new opportunity or new idea, I would always prefer that passion guide my decision making instead of money!

  • Profile photo of Gavin McDonald Profile

    Hello Dani,

    You asked a very interesting question here.

    I will have to go with saying “both” money and passion.

    While money is very important consideration, without any passion on new opportunities and projects, it’s unlikely to succeed as it should.

    The reverse is also the case, passion alone is not enough, money is needed to bring the best out of one’s passion.

    Have a lovely day.

  • Profile photo of Jerry Chong Profile

    It’s an easy answer for me:

    BOTH :)

    Alicia, Gavin and others here said my mind in their comments:

    I have to enjoy what I’m going to be doing and it has to provide me an outcome=money

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