Entrepreneurs must not be afraid of failure. Thomas Edison is said to have commented about his many scientific experiment failures as not failures at all, but thousands of ways that he learned to not do something.
You must begin with a strong desire to start a business, combined with a good idea, careful planning, hard work, and the commitment to stick to it. A supportive family or social network has also been shown to be a contributing success factor.
Entrepreneurship will stimulate economic growth, create job opportunities, and change societies. In the developed world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction.
Successful entrepreneurs have come from all elements of society. They include people of different ages, different income levels, both genders, and all races. Entrepreneurs may be very educated or have little formal education, but most share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and street-sense or knowing what works.
Creativity is the spark that drives the development of new products or services, or ways to do business. Entrepreneurs are usually innovators thinking of alternative and better ways to do something. It is the push for innovation and improvement that drives many, along with continuous questioning of the status quo. It is thinking outside the box that must be combined with self-motivation and hard work. Dedication makes it happen.
Business instincts are important. Instincts combined with acquired knowledge, and experience related to the business will result in success.
Although not all start-ups are successful, entrepreneurship offers the potential for great rewards at a personal, community, and society level.