Why having a hobby is the fastest way to become rich

By M.Farouk Radwan, MSc.

Can a hobby make someone rich?

Can my hobby make me rich?

There is no doubt that entrepreneurs who create successful companies become much richer than most of their employee friends. Yes you can get a great job, move up in ranks but you will never come close to the amount the company you work for makes. Now here is the shocking fact: People who have certain hobbies that they practice often are much more likely to start successful companies!

But what does having a hobby have to do with starting a business?
Most business owners will agree that two of the most important factors that lead to creating a successful business are:

  • 1) Very strong market need: For example here in Egypt we had frequent power outages as a result of problems with the infrastructure of our power stations. During the same year businesses that sold generators boomed because there was a strong need for an alternative source of power
  • 2) Very accurate research: Do you know why so many start-ups fail? It's because they haven't studied the market so well then came across some surprising facts after launching their products.

Why having a hobby is the fastest way to become rich

Now back to people who have certain hobbies. A person who has a certain hobby usually does it consistently throughout the week. As that person keeps practicing his hobby day by day it becomes very clear to him that there are certain problems that face those who practice this hobby.

In other words a person who immerses himself in a hobby usually discovers all the strong market needs related to his hobby. Because that person also spends hours and hours practicing his hobby he finds information that most researchers won't come up with easily.

In other words a person who practices a hobby makes a solid research without actually realizing that he is doing so. Now the moment that person decides to use his findings to start a business his chances of success becomes very high.

Real life example

Years ago i was passionate about psychology but i never thought i could make any money out of my reading hobby. I just used to read everyday for hours. But as i kept reading more and more i discovered that Google results never contained the answers to vital life questions that could be answered using psychology. Yes there were some answers but they were too superficial to satisfy people's need for real knowledge.

Based on these findings i decided to start 2knowmyself and shortly it became a successful online business selling books and products to people around the world (see my book From 0 to 1 million dollars)

In other words my hobby allowed me to make an intensive research without even realizing that i was doing so.

Why you need to be passionate about your hobby in order to be rich

Imagine i hated psychology and i used to read just to find quick answers. If that was the case i would have never been able to read for hours and hours and thus i would have never been able to spot the market need that led to the creation of my business.

This is why you need a hobby that you are truly passionate about and not just a hobby that you are doing in order to be doing something useful. My best friend, who is not a teen, was passionate about skateboarding. I never thought anything useful could be discovered through this hobby until i knew that my friend had a successful company that sells the parts that wear out as people skate.

Because he used to skate everyday he discovered that some skate parts wear out and that there were no easy way to obtain them so he stared a business and became successful.

still wondering how your hobby can make you rich?

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