Several people have reached out to me wondering which business they should do. Some people want to know which business has the highest return with the lowest possible effort. My answer is usually standard and boring. I usually tell them to do things within their circle of competence. So if you’re a lawyer you should a law firm; an engineer should start a construction company, etc.
To extend this concept a bit further, everyone should strive to find their sweet spot. Your sweet spot occurs at the intersection of your passions, strengths, and available opportunities. You should do things which you enjoy doing, are good/skilled at, and there is some money to be made. Within your sweet spot you will find happiness, fulfillment and lots of money. Your life’s purpose is to be found in your sweet spot.
A good example is the Money Engineer financial literacy project. This project fuses my engineering background with my professional accounting and finance/management experience. I naturally enjoy teaching, sharing knowledge, and helping people unlock their true potential. There is also a market opportunity to spread financial literacy across the globe. Billions of people are struggling with managing their personal finances globally. Many people are unhappy with their finances. Anyone who presents a viable solution to this epidemic will earn money in the long run. Eventually I will be able to fully monetize the Money Engineer brand through writing, speaking, consulting, and selling related products/services.
So before you run off chasing the next best thing, choose instead to find your sweet spot.