Owning or managing a small business can give individuals the chance to indulge their passions and interests while earning a living.

Independentmail.com said many small businesses are built around a person's specific skill set - and being passionate about their work can be "extremely helpful" when negotiating the challenges of getting an enterprise off the ground.

However, the site added, many people have trouble dealing with the "business side of doing business" such as paying bills or organising payroll - so taking a qualification in business or economics can help to smooth the way.

According to the US government's Small Business Administration, starting a small business requires planning to choose a location, decide on the structure of the business and ensure it has all the necessary permits and licenses.

Meanwhile, figures from the US House of Representatives' small business committee show that small firms make up 99% of all American employers, generating between 60% and 80% of the country's new jobs.