Episode 4 – Why Purpose Trumps Opportunity with Chin Hing Chang
3 Key Takeaways
1. Starting a business isn’t what you think it is
Our society glamorizes the idea of being an entrepreneur. When we think entrepreneurship, we automatically have images and symbols of independence, the life of not being beholden to anyone or the freedom to create our own schedules, but Chin says, this is false thinking, as a business owner, you are obligated to your investors, your customers, your employees and it’s extremely likely that you’ll work a lot more than you expect. Which leads to idea number 2, Chin recommends that you….
2. Evaluate your values and purpose before starting a business, thus you can build your business around you as an entrepreneur, not the other way around, and therefore you will not only enjoy the process more, but you’ll have a lot higher chance of success
How? Chin describes that when running a startup you need resilience and perseverance more than anything else. He describes that most businesses fail not because the business itself fails, but because the owner quits and finds a job.
He notes that most businesses will solve their problems if given enough time. And to have persistence, you need to start with your values and purpose, and build a business that suits it. This will give you so much more motivation and determination, he says.
3. One way of evaluating whether your business suits your values is categorizing them as “opportunistic” or “values-based”
Say, you have a business idea, is it interesting to you because nobody else is doing it? And that you can innovate on it? Then it’s likely you are being opportunistic and doing it for the money, which is not a bad thing, but Chin notes it’s going to be vastly more challenging.
Instead Chin says to build purpose first, then build a business around that, and think about how the business can serve your values
Chin’s #1 Tip for The Side Hustle Activator Community
Evaluate your values and purpose before starting a business and build your business around you.
Resources and Tools From This Episode
Luis Contreras is a Composer & Audio Engineer for Film and Tv Advertisement. He has 17+ years of experience in the field of Composing, Recording and Mixing original Music content for different media as Film, Tv, Radio, and Internet. Luis does the professional editing for the Side Hustle Activator Show. He’s really easy to work with and provides great feedback/suggestions.
Udemy is the world’s #1 online platform where you can learn any skill that you want to help you with your side hustle, personal development or career. Through out my entrepreneurial journey I’ve taken courses such as Shani Raja’s “Ninja Writing”, Kain Ramsey’s “Life Coaching” and Colt Steele’s “The Web Developer Bootcamp” I couldn’t recommend each of these course enough.