Despite the odds, people launch new businesses every year. Some will be massively successful, some will struggle along the line for sustainability and others will fail. While luck cannot be overlooked, success for a new business is mostly the result of the effort and ability of the founding entrepreneur.

So what does it take to be a successful entrepreneur

1. Vision

Successful entrepreneurs have a clear vision of what their business will be and look like. They can concisely articulate its purpose, goals and market position. They have identified the who, what, where, when and why of their business.

2. Passion

A successful entrepreneur is passionate about their goals, be it long term or short term. It is hard work, and putting in long hours will be tough if you don’t love and enjoy what you are doing. People with passion know what it is that drives them to keep working till they achieve their vision.

3. Tenacity

Every successful entrepreneur have been through a rough moment along the line in one way or the other. Entrepreneurs remain tough when the going gets rough. They don’t give up easily. They can accept rejection and are willing to learn from their mistakes. They are willing and able to adapt and modify their plan in order to be successful the next time around.

4. Confidence

Successful entrepreneurs have confidence in themselves and in their business. They always believe in their ability and in idea. Every entrepreneur will face rejection along the way and successful entrepreneurs are those with the confidence to keep going and bounce back after a setback.

5. Willingness to work hard

Being an entrepreneur is harder than being an employee. To be successful, the entrepreneur must be willing to put in the time and effort required, often for little or no pay at the beginning. Successful entrepreneurs recognize the risk and necessary work that achieving their goals will entail.