We’ve all heard the famous saying “Choose a job you love, and you will never have to work a day in your life.” But, as the lines increasingly blur between doing what we love and making a living, this may be easier said than done. With many people seeking ways to turn their hobbies and passion projects into profitable careers, the phenomenon of “hobby entrepreneurship” illustrates this notion well.
Work and hobbies naturally lie at opposite ends of the motivational spectrum. By definition, we go to work to earn a living and practice hobbies in our leisure time, primarily for intrinsic enjoyment. Yet, examining the Panel Study of Entrepreneurial Dynamics II — a nationally representative sample of nascent entrepreneurs in the United States — tells us that nearly 26 percent of budding U.S. entrepreneurs started businesses that grew out of a hobby.
Related: Is It a Hobby or a Business? 5 Things You Need to Know to Monetize Your Hobby.
Many of the world’s most admired companies began with passion for a hobby. Microsoft co-founder Bill Gates — the richest man in the world today — developed a fascination with computer programming at age 13 when he wrote his first computer program, a tic-tac-toe game. Apple co-founders Steve Jobs and Steve Wozniak bonded over their love for technology as members of the “Homebrew Computer Club,” with their first two computers, the Apple I and Apple II, initially designed as a hobby and without intent for profit. Clearly, these notable examples of entrepreneurs who successfully monetized their hobbies are the exception rather than the rule.
Oftentimes, hobbyists turn to entrepreneurship not because they want to be entrepreneurs, but because it’s a vehicle for them to pursue their passion. The etymology of “passion” is rooted in the Latin word pati, or “to suffer.” Although hobbyists who become entrepreneurs would seem to reap the benefits of combining work and leisure, such a career path often entails significant sacrifice. With this in mind, aspiring hobby entrepreneurs…