A study on the domain of passive income strategies in architecture and how the confluence of entrepreneurship and architecture can transform the design practice

Abstract

Purpose of the study: Currently, in India, there is high growth in real estate and marketing in the urban sector. Architecture as a profession is still under-recognition and it is growing albeit slowly. Hence, there is a need towards developing a more interdisciplinary approach of merging entrepreneurship with the practice of architecture and other allied disciplines to create a passive source of income generation. Previous research looked at passive income as merely a source of retirement income generation strategy. This research aims to understand how passive income can be used as a branding tool and a means of active income generator. Methodology: Various expert interviews were conducted to understand how passive income strategies fare in the real world and the gaps between the theory and implementation of these strategies. Successful case models, national and international, were also analysed. Main Findings: There is a limited understanding regarding the opportunities which a passive source of income can offer. It is merely considered an additional source of income, overlooking the branding opportunities it entails. Apart from time and money, identifying one’s strengths and skills is an important component in deciding on the kind of passive strategy one want’s to invest in. Implications: Passive source of income allows a person to explore a certain field and go an extra mile to analyze and choose the field to best of his/her opportunities. It is a revenue stream with one-time investment with time, money, skill and marketing which enables it as a passive and long term income. With the current generation dwelling more and more into a secondary source of income, this study may help understand the overall process undergoing a passive income strategy.