Business vs Hobby

I turned on the television one night, and Shark Tank was on. I don't remember ever watching it, when it was big. I never got into most of the reality or reality-type shows that people later found out were heavily scripted and not so real. One I did watch when it first aired was the Joe Shmoe Show, IMDB entry here. It was different than the others. Everyone on the show knew it was fake except one guy. He was the only non-actor on the show. If you like things that play with perceptions of reality, it might be worth a look. The original one, I mean. I never saw the later one.

Nevertheless, Shark Tank seemed interesting and isn't really a reality show like the garbage ones. If you haven't seen it, it's about people making pitches to investors to raise capital for their businesses. The investors are the "sharks". They either invest or don't while giving reasons why or why not. Since I've been looking at starting a business, I decided to leave it on in the background. Some of the advice is quite good. Mark Cuban gives some very insightful comments. I wish he was allowed to go further in depth. The show feels heavily edited for time. The flow was smooth, but I have the impression the pitches last a lot longer than what's aired.

One of the sharks is the "mean" one. He told one of the businessmen that if he wasn't making a profit after three years it wasn't a business; it was a hobby. At first I thought he was being mean for the show, but my first thought was of a company I know that's been around well longer than three years and has never had a profit. I realized one day that it wasn't a business. It was a hobby. What the shark said only confirms that assessment. So, I pondered that and my own efforts in life.

Instead of being mean, what I think he was saying is something like this. In three years an entrepreneur will find a way to make a business work. Three years will show whether the businessperson is truly dedicated and determined to succeed. There has to be a drive there that pushes someone to overcome all the obstacles and pushes him or her toward success. Within that time frame any flaws in the business model will become apparent. Whether changes need to be made will be apparent. The good things and bad will be exposed. If things aren't working after three years, there's a fundamental problem that needs to be fixed. An entrepreneur will find a way to fix the problems or move on to something that will actually succeed.

As I keep researching for my own business attempt, something I've kept in mind is whether I have the right mindset and drive for success. I've been looking at various options. Once started, will I have the determination to push through to the end? I have to choose the right path. Shark Tank is interesting. It gives me more things to think about.

I may have the business idea narrowed down to two concepts. I'm leaning toward one of them more than the other, but the risk is higher. Financially, I think I might be ready for something between January and March, assuming all goes well.

Have a great weekend.