This is sound advice. The biggest questions are “what are you passionate about” and “what problems can you solve through this passion”.

Naturally, the third question is, with the solution that you can provide, what would a person reasonably be expected to pay for this solution.

Often we undervalue the solution that we can provide. For example. I realised today that I hadn’t changed the price of my service for 2 years. Therefore, I am losing out on a significant amount of money given that my competitors have all increased their pricing.

Going into business is hard. You really do need to be passionate about what you do.

The biggest risk is that your passion becomes a chore. For example, your passion might be baking cakes. How would you feel if your livelihood depended on how many cakes you can sell per day? Would you still be passionate about baking cakes if your income depended on it? Don’t ruin a passion if it’s best kept as a fun hobby.