Sorry, entrepreneurs: You’re not likely to achieve both. Here’s why.
The stereotype of an entrepreneur is a person who starts a business—any business—in order to get rich. In reality that is seldom the case: Most entrepreneurs start their small business to follow a passion, do what they love, and live a dream.
But what if you want to do what you love and get rich? Without the right approach, it’s often impossible to accomplish both goals.
The problem lies in scale.
Say you’ve always dreamed of being a chef, so you open a 25-table restaurant. You get to do what you love, but in simple terms the prices you can charge and the number of meals you can serve naturally caps the financial returns possible.
You can be successful—but only to a point.
And you might be perfectly fine with that, as long as you view success as getting paid to do what you love. (Which is, of course, an awesome definition of success.) [read]