1. Passion. A startup founder is often driven by the quest for deeper purpose beyond the sheer mechanics of operating a business. My mission for my startup, Yes Man Watches, is to empower people to consider the most valuable asset in their lives: time. I rise early every morning because I don’t want to waste my day. If you have passion for your startup, this will drive you to turn your idea into a reality. Without that missing spark, you'll lack the necessary motivation to put in all the early mornings and late nights to get your business off the ground.

2. Perseverance. Entrepreneurs need to be able to deal with obstacles. A business does not get built overnight, and turning your idea into a reality will take time. You'll have to become accustomed to people saying no to you. What makes entrepreneurs great is having the perseverance to grow regardless of how many times they are shut down. When creating the supply chain for my startup, we screened two dozen watch manufacturers. After approaching through about 10, I became quite frustrated at hearing that my company's patent-pending buckle couldn’t be made. Without perseverance, I would have given up.  

Follow-up is key. People might present plenty of excuses for not getting back in touch with you. Yet if you show persist in trying to make things happen, you’ll probably succeed. For a Kickstarter campaign, I contacted dozens of writers at a single media outlet in the hopes of reaching one who might write about my company. Even though the conversion rate may be minuscule, it only takes one person to make a difference.

3. Resourcefulness. A vital ability for an entrepreneur is knowing how to make the most of what you have. Your assets as an entrepreneur will be limited, so use them to the fullest. Tapping into a network is key. When looking for a photographer, I reached out to the photography department at my university and the staff sent an email blast to students looking to build their portfolio. Within a week, I had professional-looking photos.