Wall Street innovator Charles Schwab has learned many lessons during his storied career in finance, but his advice to young entrepreneurs on how to start a successful business is remarkably simple.  

"I use the word 'passion' a lot when I talk to young people," Schwab said at a recent roundtable hosted by Inc. "In every pursuit I've been on I've had a lot of passion behind it. It continues to motivate me every day on what I like to do and where I'm going." 

In other words, real success comes not from chasing a business idea purely for financial reasons, but because your heart is really in the idea itself.  

For young entrepreneurs, however, developing a passion for a particular field can involve a significant amount of research and work, according to Schwab.

"Basically, it's education," he said. "Educate yourself about the subject matter. Know everything possible about what that might be."

While the task of trying to find your entrepreneurial calling can be daunting, at the end of the day, Schwab advises following your gut instincts. 

"You've got to take the road you need to take, and only you can make that calculation. It's not your dad [and] not your friend," he says. "And I think you can't ever be resistant to take that road. You've got to take it."

To hear more about the role of passion in entrepreneurship, watch the video below.

Published on: Oct 15, 2014