Blog

Hobbyist vs. Business Owner – Understanding the Distinction

by: Melinda Cohan, Jul 25th, 2016

Are you a Hobbyist, or a Business Owner?

Understanding the distinction is a crucial step in your entrepreneurial journey. This single insight can seriously impact the level of success you experience in your business, and with your coaching.

Failing to understand it may cause you to hit the upper limits of your success without your even realizing it … and no matter how great your efforts, you will not see the results you desire.

Over the past two weeks, I published a 2-part series on The Evolutionary Scale of an Entrepreneur, in which I described the following 5 rungs on the ladder:

  1. Technician
  2. Hobbyist
  3. Business Owner
  4. CEO
  5. Shareholder

In case you missed those posts, a Technician is typically someone who secures a job doing something she’s really good at, and that she truly enjoys doing.

Most coaches/entrepreneurs have the courage to move beyond Technician, and become Hobbyists … and that’s where they often get stuck. They fail to move on to the next rung: Business Owner.

Why?

Because while they set goals and intentions as Business Owners, they operate from the mindset and commitment levels of Hobbyists.

Here’s the great news:

When you can bring your mindset and actions into alignment with your goals and intentions, you can finally move from Hobbyist to Business Owner … and reap the rewards, which include increased cash flow, greater fulfillment, and more FUN!

As a quick note, neither Hobbyist nor Business owner is good or bad, right or wrong. They’re just 2 different ways of running a business. The point here is that to achieve the level of success you desire, your mindset must align with your goals and intentions. When you create this alignment, you experience peace, results, and happiness.

Take a look at the following chart, which outlines the distinction between Hobbyist and Business Owner in several key areas of a business.

 

business-vs-hobbylist-Long-version

Thanks to all of the above, Business Owners coach more clients, make more money, and make a far greater difference in the world.

Now, both Hobbyists and Business Owners can be great coaches.

They just have different mindsets, actions and goals for their business.

So let me ask you an important question:

Are you reaching the level of success you desire? Are you making the impact you want to make?

If you are, then exactly where you are is perfect, whether you’re a Hobbyist or a Business Owner.

If you’re not, take a closer look at the distinction between Hobbyist and Business Owner to identify where you are and where you want to be.

Then, place your attention on closing that gap, and as you move up to the next rung of the ladder on the entrepreneurial scale, you’ll start experiencing the level of success you envision for yourself, while having the desired impact you wish to have on this world.

Stay tuned for next week’s article, in which I discuss the truth about defining your niche. Here’s a hint: your niche is not a person! (Gasp! I know – and I can’t wait to share this information with you!)

Why is this an important part of this 5-part series? Well, when you move to the Business Owner rung of the ladder on the entrepreneurial scale, you absolutely must create a clear foundation for your marketing, just as you do in the back end of your business. Nailing your niche is critical, before you can even begin getting “out there” and landing clients.

Meanwhile, if you are ready to be the Business Owner you know you can be, so your business can make its biggest impact, start by pinpointing critical issues and identifying steps you can take NOW to feel more confident about setting up and succeeding with your coaching business! Take our free Business Confidence Quiz now.

The quiz delves into the 5 critical keys to a successful coaching business: attract, convert, engage, support, and refer, and when you complete it, you’ll receive personalized tips to help you become super-confident, organized, and professional in your coaching business. It takes just a few minutes, and it’s free. Take the Quiz here, now.

Posted in: Professional Development

Leave a Comment: (3) →

1 Comment

  1. Barbara Zeigler July 29, 2016

    Excellent outline of the progress from hobbyist to business owner. Information that the hobbyist, who may have only been an employee, have never been exposed to is what’s needed. The right information at the right time usually also changes the mindset.

    Michael Gerber’s book “The EMyth Revisited” is an easy read and gives additional insight into this important issue.

    reply

Leave a Comment