The Truth Behind Multi-Passionate Entrepreneurs
Are we all masking our shiny penny syndrome by calling ourselves multi-passionate entrepreneurs? Are you ready for the dirty truth that could offend a lot of people? Oh well who cares we need a little dose of the truth from now-and-then. Let’s talk about multi-passionate entrepreneurship.
Of course we will need to define multi-passionate entrepreneurship and define shiny penny syndrome so we are all on the same page. But before that, we need to define what an entrepreneur is. According to google an entrepreneur is “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so”. Basically it is someone who starts a business and consumes most of the financial risk for the business. Now, a multi-passionate entrepreneur for this blog is defined as someone who has different passions within various industries and creates unique businesses pertaining to those passions. This means a multi-passionate entrepreneur is financing many different businesses that pertain to their passion.
What is shiny penny syndrome you ask? Well shiny penny syndrome is not an actual syndrome recognized by the medical community but it is a real side effect of modern society. I will define shiny penny syndrome as someone who consistently follows business ideas or trends that is easily distracted and influenced by others' success. The main difference between the two is what we are going to uncover today.
I have to be completely honest with you, I've suffered from the horrible shiny penny syndrome myself. I also consider myself to be a multi-passionate entrepreneur. So please know you are in good company even Mrs. Marie Forleo herself is a multi-passionate entrepreneur. Well honestly I think she has been credited to have coined the phrase “multi-passionate entrepreneur”.
As someone who has been 2 years sober from the shiny penny syndrome I would love to share with you my tips and tricks to figure out if an idea is something you should follow or if you are just chasing trends.
Step 1: Write it down
The first thing I like to do when I get inspired is to write it down in my idea book. When you write it down you give the idea the chance to breathe and live for a while. It is important that you give the idea some time and energy because if you are like me the idea will haunt you if you don’t. I like to give myself an hour or two to just jot down the whole idea and really let myself go there. Talk about what products or services I would provide, who it will serve and what price I should sell it at.
Once I give it a good hour of truly brainstorming and letting the idea live then I will put my notebook down and continue my day. By walking away from the idea for a bit you can see if it is something that resonated with you. If it is you will continuously think about it and want to work more on the idea. Now, if you gave it a week or two and you never thought of the business idea again then you know that it was just a trend you were following and it was actually not something you wanted.
Step 2: Research the Business Idea
If weeks have gone by and you are still excited and interested in the idea well maybe you are on to something. But, we still have to make sure this is something you really want to do. The best way to do this is to research the topic and truly find out what it takes to turn that idea into a successful business. I like to make a mock business plan. A business plan will guide you on the research you will need to be successful.
Once the business plan is completed and you are still interested and excited in the idea then it is time to look at your calendar. It is important that you can insure you will have the time to fulfill this business plan. The worst thing you want to do is spread yourself thin. Trust me it is not good for yourself, family, friends and let’s get real… your business.
Side note: The only real difference between a multi-passionate entrepreneur and someone with shiny penny syndrome is ACTION! The multi-passionate entrepreneur is someone who takes action on their ideas while shiny penny syndrome is just someone who talks.
Step 3: Alignment
To really put the cherry on top, I would take it one step further. I think to meditate on the idea and see if it aligns with where I see myself in ten years from now. If you can say that this idea aligns with your truest self and where you see yourself ten years from now then I say “GO FOR IT”.
Do not hold back and truly go for it. If you have done all work and this business idea is aligned with who you are then go for it. Remember action is the separator!