Benjamin Franklin, one of history's greatest entrepreneurs, once stated “If passion drives you, let reason hold the reins.” The potential business owner could learn from Benjamin Franklin's passion and dedication. This passion drives an astonishing number of people to make the switch to entrepreneurship, despite challenges they face, such as high failure rates, difficulty providing benefits to their employees, and obtaining financial backing. With a creative approach, business owners can face and overcome these challenges and turn their passions into a successful career. Much like Benjamin Franklin, business owners are headstrong, driven people, who prefer to take the wheel and drive, so to speak. The potential success as a business owner sparks the entrepreneurial spirit in numerous people every day, regardless of the difficulties presented.
An increasing number of people are becoming self employed and starting their own small businesses. According to the 2008 reports from the US Census, more than 2,300 people per day make the move to business owner. The reasons behind choosing entrepreneurship are vast and countless; however, passion to succeed is a consistent motivator for business owners. It's no wonder so many people are making that transition, when there are so many success stories in the world of entrepreneurs. Take Steven Spielberg, for example, who began his career as a preteen, charging admission, 25 cents, to his home made “adventure films.” Perhaps he knew as a boy he had a knack for the industry, or had such passion for film making he could do nothing else.
Steven Spielberg is now a household name, and one of the wealthiest filmmakers in the world. Just imagine what our film industry would be today if Steven Spielberg had never picked up that first video camera. Everyone wants to be successful, and everyone has a dream and a passion. Entrepreneurship holds the potential to achieve success while following that passion.
While owning a business is very alluring to many, there are some very difficult challenges to face, and not all entrepreneurs find success. Only 50% of all small businesses survive to see the five year mark, and only 34% survive for ten years or more. Such daunting statistics can be menacing to the prospective business owner who aims to retire on their passion and hard work. In most cases, five, or even ten years is not enough time to build a substantial retirement. Entrepreneurship is a commitment spanning many years, or even a lifetime. While it is obviously challenging to own a business, success is not impossible. One such success story lies with Mark Zuckerberg, creator of Facebook. In 2010, Mark Zuckerberg was named Person of the Year by Time magazine, and as of 2011, his personal wealth was estimated to be $13.5 billion. Zuckerberg's success is testament to the fact that passion, hard work, and determination can equate to success. On the whole, it is apparent that building and sustaining a...