Many people go their entire professional career working for someone else because they can’t get the “start-up” capital needed for their business venture.

Ironically, in most cases upfront cash flow is only a luxury, not a necessity. As a matter of fact, most entrepreneurs fail because they have too much start-up capital and not enough ambition. These individuals lack the qualities necessary to make money as a business owner.

Starting from the ground floor

There’s something to be said about starting at the ground floor. I started a New York recruitment agency with no capital; rather I did it with a phone line, an internet connection and the following qualities you need to make money as an entrepreneur:

1. Strong tolerance for risk. Every day I wake up and rather than getting a paycheck, vendors send me a bill. Nothing is guaranteed in entrepreneurship; the entire prospect of running your own business is risky and you have to learn to not only cope with, but to embrace this risk.

alison ringo

Most importantly, you need to handle the risk to where you can function in an effective business manner while focusing on future success rather than being overcome by the threats that your business faces.

2. The ability to get things wrong enough in order to get them right. Thomas Edison took over 100 tries to perfect the lightbulb. Every time he failed, instead of quitting he determined that the failure was just one step closer to success and Edison continued to work harder on the project.

My lightbulb

In my business, my ability to make money lives and dies by hiring companies coming to my corporate website in order to use my staffing services. This means trying to perfect search engine optimization. To me, this part of my business is a time-consuming, pride swallowing, yet necessary aspect for sustainable growth.

The only reason I’ve done well at bring clients in via online marketing is because I never quit until I get it right. In whatever business you’re in, you’re going to have your own unique lightbulb dilemma and you’ll quickly see that resiliency and determination is a quality you need to make money as an entrepreneur.

3. The ability to not get intimidated. In any business, you’re going to have competition; the better you do, the more they dislike you. It’s a fact of business and spawns from basic human nature.

Throughout your professional life, competitors will try to take market share from you at any cost a.k.a. they want to make more money while you make less.

You’ll see competition copy, get jealous, speak badly about you, take clients, etc., but you don’t let it get to you. In life, just as in business, you have to make decisions and take actions based on achievements, not fear of what others are doing to try to undermine you.

In the End

As an entrepreneur, if you want to be successful, you’re going to have to set firm goals in order to make money and relentlessly pursue them. Nobody is going to do it for you; you are the master of your own fate.