Do you need Passion?

I once read an article which was titled, “Do what you love and starve”.  Too many times people are looking for the perfect business which will give them both “passion” and “profits”.  Usually those businesses don’t exist.  Because of this they will never find the perfect business and never become an entrepreneur.  Sometimes they think they have found one that they can be passionate about, but they end up never making any money.  Their passion can become old rather quickly if they are not making money. 

Generally if it is a business they can love, everyone wants to do it.  If everyone wants to do it, the price for the product or service is driven down and no one makes any money.

Warren Buffet said,

“Dull companies with steady earnings growth may not make for stimulating cocktail party chatter but over the long haul, they make the best investments.”

There is a reason why “dull companies” are the ones making money.  In the book, The Millionaire Next Door, the author describes how owners of the dull companies are generally the ones making the money.

In my opinion people should have a passion for being an entrepreneur, owing their own business and controlling their own destiny and NOT necessarily a passion for the product.  Personally, I would much rather be making a good income, work 40 hours a week (with a dull company) and spend time in the evenings and weekends with my family. Working 80 hours a week running a fun restaurant or bicycle shop and NOT make any money will not work for very long.

If you want to get ahead in life, it might be wise to listen to Warren Buffet.  He seems to know what he is doing.