I may not be the world’s most romantic person, but I am definitely realistic. And in the realm of business, a healthy dose of realism is helpful, especially when the majority of businesses fail.

This means that I have to spend a lot of time countering the idea that you should follow your passion into business. Here are four reasons why you should not let your passion lead you into business ownership.

1. You’ll do less of what you love to do.

If you love to bake, you should open a bakery! If you love kids, you should open a nursery school! Everyone thinks that if you love to do something, by opening a business, you’ll get to do more of it. This couldn’t be further from the truth.

The reality is that when you open a business, you have to run the business. In doing so, you have to do and oversee ...

Let’s face it: Most employee handbooks are terrible. They don’t answer the real questions new employees have when they begin. They also do a terrible job of communicating an organization’s culture -- the most important influencer of employee engagement.  

In the absence of a useful written guide, most companies rely today on storytelling to keep their traditions alive. Storytelling, however, offers no totems, no cultural preserves. Think, for example, of J.W. Marriott’s book The Spirit to Serve or 3M’s legendary Post-It origin story. Both pass down the company’s culture and narratives to the newest generation of employees and provide a shortcut to understanding the company’s values,

Multibillion-dollar legacy industries don’t make it easy for entrepreneurs to step in and create value. There are huge barriers to entry -- licensing, pricing, regulations, and cultural/brand significance -- that come with being around for a century or more.

However, those barriers shouldn’t stop you from innovating.

Take the utility sector for example, which is perhaps most frightening of all: a trillion-dollar taxpayer subsidized network of poles and wires set up through franchised municipal monopolies. Otherwise known as, our power and energy industry. It’s a mouthful of protection, and as a result, utilities make for a great investment (just ask Warren Buffet), since the likelihood of disruption is tough to even think about. To most reasonable entrepreneurs, the regulated utility sector,...

Latest

Project Grow

How To Write A Business Plan

Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everythi...
Entrepreneurs

50 Tips for Starting Your Own Company

From the idea stage to bringing a product or service to market, a business launch encompasses myriad steps. Here's an overview of everything an entrepreneur should consider, from start to finish.
How To

How to Value a Business?

If you're interested in purchasing an existing business, here are a few ways to gauge its value.
Starting a Business

How to Start a Consulting Business

Everyone has an untapped reservoir of knowledge. Put yours to work for you as an independent consultant.
Looking to buy a business? Browse through our collection of franchise opportunities. When choosing a franchise, you want to find a business that produces quality products and services for consumers. Some factors to consider when choosing a franchise are the initial investment, capital requirements, business financing, current trends and the amount of time it will take to get your business up and running. Browse through our top business opportunities and request more information on the franchises that interest you most.
View the Full List

Featured Contributors

Deep Patel

Contributor
Author of A Paperboy's Fable: The 11 Principles of Success

Matt Sweetwood

Guest Writer
U.S. CEO beBee.com • Speaker • Coach • Lumix Photographer

The Oracles

Content Provider
A brain trust of high-level entrepreneurs
My Queue

Your Queue is empty

Click on the next to articles to add them to your Queue