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What is most important in business? Passion or profit?

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According to Moore’s law, computer processing speed doubles every 18 months. Applying this law to technology in general, it is said that the rate of change in technology is constantly increasing.

New technologies coming to the market prove this to be true. From NFTs, Metaverse, 5G technology, AI, to blockchain and Bitcoin, the list goes on.

Thousands of entrepreneurs try to make a profit with every new technology. Stories of individuals who have made their fortunes in these new industries are inspiring and motivating.

Still, some people make money the old-fashioned way, according to a 1981 Smith Barney commercial. One Jason Koonce. OTIA Sports is his top broker of high-end sports cards, agents and athletes for public and private autographs and appearances.

Koonce’s story answers two age-old questions.

  1. Is doing what you love the key to running a successful business?
  2. Or is it about finding something trending and profitable?

Koonce’s love of sports cards began at a young age. He recalls buying and selling various sports cards and sports memorabilia at his shows. He grew his hobby into a profitable business and quit at the age of 23. “I decided to sell everything and move my savings into real estate.”

Many have made their fortunes in real estate, but not for Koonce. He lost everything he invested in his 2007 to his 2008 real estate crash. The failure may have been devastating, but Koons said it served as a reminder that “failure is part of success, and by failing you can learn something new.” I thought.

The lesson Koonce learned was to get back to what he did best with OTIA Sports. Within a few years, he had grown the business into a multi-million dollar company.

Koonce attributes his success to three leadership principles.

Find what you’re good at and stick to it

In a world where anything is possible, choose what you enjoy, especially as an entrepreneur. Business isn’t always easy, but doing what you love helps you stay focused. Koonce still has her fair share of failures, but her love of sports and her sports-related memorabilia allows her to push through even if she doesn’t succeed.

Don’t suffer from Shiny Object Syndrome

The decision to give up the business he knew and loved to pursue real estate interests didn’t go well for Koonce. Carnegie is often quoted as saying that 90% of billionaires are real estate investors, but that doesn’t mean real estate is for everyone. Many, including Koonce, put all their savings into real estate.

In today’s world as well, we see entrepreneurs chasing cryptocurrencies, stocks, and other investment returns. However, sometimes the way to make money is to “earn”. Many people make their fortunes by selling “lustery things” such as toilet paper, toothbrushes, and tea.

business must evolve

When Koonce started its first iteration of the business, the only way to sell cards was to buy shows or TV ads. “When I started, I would go to the post office every day after school and mail the exact change for my card, hoping I wouldn’t get scammed.” increase. This prompted him to grow his social media presence and build relationships to enter a larger market.

Is the key to running a successful business doing what you love or finding what makes money? Jason Koonce tells us that building a profitable business around what he loves is his sweet spot.

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