Separating Business from Hobby

Hirst’s Shark Tank by the Little Artists (Photo credit: Wikipedia)

What separates a business from a hobby? My husband and I watch a fair bit of the show, Shark Tank, and often one of the investors will explain the difference to wannabe entrepreneurs. It is one thing to have an idea, and I am in no way diminishing the importance of that crucial element, but there is more to building a business than just having something to sell.

In order to transform a hobby into a business yes, you need a produ...