Definition of a muse; everyone contribute

[dvdwlsh]

Amongst this community, we all understand the meaning and significance of the term muse. I'm sure I'm not the only one that, in speaking with friends and family, dropped the word into the conversation - only to realize most people have no idea what I'm referring to.

The fact that words like "meh" and "Google" have made their way into common use (and even the dictionary) tells me that "muse" also should. Though clearly there are other definitions, let's define it and update Wikipedia.

Everyone weigh in and let's shape the most concise, clear definition for those not familiar with what we're all up to in this community.

Some characteristics:

Passive income
High profit margin
Outsourced, automated operations

If someone has the book handy to post Tim's definition, that would be a way to get started.

[Zenit]

In general, a niche market has the following features:

1. Is the fraction of a bigger market due to its peculiarities.

2. It is composed by small groups or organisations.

3. They have very particular & specific needs are willing to pay an "extra" for a product or service that satifies their expectations.

4. It has size enough to generate profits: According to Prof. Philip Kotler, an ideal niche market is one that has the size necessary to be profitable.

5. It requires special products or services.

6. There are very few companies that satisfy its needs.

[froldt]

I think that "muse" has a two-part definition. First is the definition of the muse itself:
a hands-off business that provides passive, recurring income

More importantly, though, is the purpose of the muse:
provide the financial ability to pursue ones' dreams

Without the purpose/specific goal, a muse is just a stream of income. I feel that the aim is the most important part of the equation. I am not trying to build a muse in order to have more money, I am trying to create the freedom to pursue my goals.

Full definition:
Muse: a hands-off business that provides passive, recurring income to provide the financial ability to pursue ones' dreams.