You can set yourself some challenges. Try and play without worrying about rares and riches. Do this alone Do not purposely jump off the island to regenerate your health. Challenges: 1) Build a Cobble Stone generator. 2) Build a house. 3) Expand the island. 4) Make a melon farm. 5) Make a pumpkin farm. 6) Make a reed/sugarcane farm. 7) Make a wheat farm. 8) Make a giant red mushroom. 9) Craft a bed. 10) Make 64 stone brick's. 11) Make 20 torches. 12) Make an infinite water source. 13) Craft a furnace. 14) Make a small lake. 15) Build a platform 24 blocks away from the island, for mobs to spawn. 16) Make 10 cactus green dye. 17) Make 10 mushroom stew. 18) Craft 10 Jack 'o' lanterns. 19) Craft 10 bookcases. 20) Make 10 bread. 21) Collect 10 Ender-pearls. 22) Cook 10 fish. 23) Craft 10 Black Wool. 24) Craft 10 Gray Wool. 25) Craft 10 Light Gray Wool. 26) Craft 10 Lime Green Wool. 27) Craft 10 Red Wool. 28) Craft 10 Yellow Wool. 29) Craft 10 Pink Wool. 30) Craft 10 Green Wool. 31) Craft 10 Orange Wool. 32) Craft 10 Snow Golems. 33) Craft 20 Paintings. 34) Build and light a nether portal. 35) Craft 5 Gold Ingots. 36) Craft 16 Glass Panes. 37) Collect 50 birch logs. 38) Collect 64 arrows and craft a bow. 39) Craft 10 stone buttons. 40) Craft 30 stone slabs. 41) Craft 10 signs. 42) Craft 20 ladders. 43) Craft 20 fences. 44) Craft 20 fence gates. 45) Craft 10 levers. 46) Craft 10 trapdoors. 47) Craft 10 stone pressure plates. 48) Craft 10 wooden pressure plates. 49) Collect 64 bonemeal. 50) Craft 20 cobblestone stairs. (taken from the offline version try doing this without help :3 )
Simple answer: Build. Set a goal to build something massive. This makes you aim for the glory & the accomplishment. :3
[Just adding on to what Krissy and source were saying] Also if you start to run out of space to build things, you could always make a new island (if you really wanted to). c: Instead of building though, you could help other people, trade items ('cause why not), randomly run around and kill mobs at /warp mob, etc. But building would have to be the biggest pass-time activity.
Think of something massive. A treehouse that's the size of an average island, a really functional room with redstone contraptions everywhere, a massive custom biome, anything. Just set a goal, and go for it, no matter what it takes.