Three-Legged Entrepreneur Stool

I had coffee one day last week with a friend who has been in the technology start up and education fields for several years. He has owned a company that was sold off and now spends his time creating technology leaders as a college professor. The question came up - what does it take to succeed as an entrepreneur?

Three things (not counting luck).

1. Communication

Entrepreneurs must be able to communicate their vision, their value proposition, and their opportunity to others. They must be persuasive and speak with clarity and confidence. Others must be inspired.

2. Competence

If all it is is an idea and you have no knowledge about how to execute it will fail. You must possess the background knowledge and associated problem solving skills in order to create a workable product or solution.

3. Motivation

You must be relentless in your pursuit. Motivated not only to do the big things necessary to succeed, but also motivated to mind the not-so-fun details. You must embrace the challenge and the opportunity every day and inspire you team the same way.

I'm sure there are twists on each of these, and success is not a guarantee, but if you are hitting all three of these consistently, your chances have improved dramatically.