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What is entrepreneurship? The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.

But what does it take to succeed as an entrepreneur—and how should an entrepreneur define success? With a lot of Asian Business School alumni successfully running their business ventures, below are some of the points they mention one needs to know for being a successful entrepreneur:

• Be passionate about your work: This means you are willing to make sacrifices in the initial stages of your business venture. Brain storm and identify the techniques and come up with ideas which will enable you to become successful.
• Be thoroughly focused: Focus is very important when you are planning to set up your own enterprise. This focus and intensity helps to eliminate wasted effort and distractions. Don’t indulge in too many things at the same time, instead focus on the key things which will help you jumpstart your business.
• Work hard and harder: People with luck will tell you there’s no easy way to achieve success—and that luck comes to those who work hard. Successful entrepreneurs always give 100 percent of their efforts to everything they do. If you know you are giving your best effort, you’ll never have any reason for regrets. Keep your focus on things you can control.
• Be patient: Rome wasn’t built in a day. There is no such thing as overnight success
• Be persistent and flexible: Every entrepreneur has to be agile in order to perform. You have to continually learn and adapt as new information becomes available. At the same time you have to remain persistent to the cause and mission of your enterprise.
• Be a team player: No individual can be good at everything. Everyone needs people around them who have complementary skill sets. Find individuals who will compliment your passions and zeal with their hard work.
• Be honest and show integrity: No one has ever achieved success without being honest. These two qualities need to be at the core of everything we do.
• Never sacrifice on quality: Whatever you do, always deliver the best that you have to offer.

We wish all the budding entrepreneurs all the best.