Turning Passion into Purpose: Knowing When a Hobby Becomes a Business
FREE - LIVE - WEBINAR
About:
"Is It a Hobby or a Business? Understanding the Difference"
Course Overview
This course is designed to help individuals distinguish between pursuing an activity as a personal hobby and operating it as a business. Many people enjoy crafts, baking, photography, consulting, or other passions—but when money starts exchanging hands, it’s important to know whether the activity qualifies as a business in the eyes of the law and taxation authorities. Participants will gain clarity on the defining factors, responsibilities, and opportunities that come with running a business compared to enjoying a hobby.
Learning Outcomes
By the end of this course, participants will be able to:
Identify the key factors that separate a hobby from a business.
Apply critical questions to assess whether their activity qualifies as a business.
Understand the legal and tax implications of classification.
Recognize the importance of record keeping, marketing, and profit motive in business.
Develop a clear action plan to transition from hobbyist to entrepreneur if desired.
Benefits of Attending
Gain practical clarity on whether your activity is a hobby or a business.
Avoid legal and tax misclassification risks.
Learn how to transition smoothly into entrepreneurship.
Discover ways to turn passion into a profitable, sustainable venture.
ABOUT HOST:
Dr. Tefera Tibebu Beyene, PhD, MBA, CPA, CBA, CGMA, MCSI, CWM®, Ch.E.
Dr. Beyene has over 25 years of extensive experience in management, accounting, finance, and taxation, gained through roles in corporate, government, and international settings. His expertise in tax accounting and the structuring of complex financial instruments was honed during his time with the State of Illinois Department of Revenue and the IRS Financial Products Specialists division.
In addition to his practical experience, Dr. Beyene is an accomplished academic, serving as an adjunct professor at numerous universities, including UCLA, APU, STU & PSU, where he teaches accounting, tax, finance, and economics courses. He is also involved with the American Academy of Financial Management (AAFM), where he teaches and serves as a chief nominator for North America and Africa.
Dr. Beyene holds a PhD in Applied Management & Decision Sciences with a concentration in Accounting, as well as an MBA with dual concentrations in Accounting & Finance. He is a licensed Certified Public Accountant in Illinois, Maryland, Virginia, and the District of Columbia. He is a fellow and member of the AAFM and holds the Certified Chartered Economist and Chartered Wealth Management certifications. Furthermore, he is a chartered member of the Chartered Institute for Securities & Investment (UK). His professional affiliations also include the AICPA, AAA, and NACM, where he holds the Credit Business Associate certification.
Dr. Beyene is also an author, having written “Personal Finance Demystified” and co-authored “Financial Markets, Institutions & Regulations, Money, Capital, & Derivative Markets.