What makes an entrepreneur successful?
Some people believe it’s the ability to innovate. However, many startups are refinements of existing business models or improvements on how everyday products and services are delivered.
How about access to capital? [But] there are plenty of successful startups that survived on the thinnest of shoestrings for their first few years.
Management skill? Give me a break. Entrepreneurs are famously short-tempered and few have the patience to coach employees.
There is one thing and one thing alone that every great entrepreneur absolutely must possess: courage. It takes courage to forego the predictability of a corporate job. It takes courage to sacrifice your nest egg to your startup. It takes courage to take the risk of failure. And it takes courage — lots of it — to hand over the reins when your startup grows beyond your ability to manage it.