I am often asked, “What does it take to be a successful entrepreneur?”

It's a difficult question to answer because there are so many personality qualities that an entrepreneur must have to be successful. With some of these qualities, you either have them or you don't. However, that doesn't mean you can't develop them over time.

Here are some of the more essential qualities you need entrepreneurial success.

Related: 10 Traits All Successful Entrepreneurs Share

1. Be a risk taker

If you already know me, then my approach to taking risks will not surprise you. After all, I've always subscribed to the mantra: Ready, Fire, Aim. I have no risk aversion, which has been critical to my path as a successful serial entrepreneur. Small business owners should be willing to take risks if they want to achieve their goals.

At the same time, entrepreneurs need to make sure that there is a very real potential for profit on the other side of this risk. Too often, small business owners will embrace a risk without carefully weighing the potential reward. They will focus all that energy on the front end. They then successfully overcome that danger, only to break the deadlock. I have always believed that only through profitability comes business sustainability.

The other caveat I would add is that you can't be reckless, taking unnecessary risksbecause you have some kind of adrenaline rush. This is a recipe for disaster. This can be a challenge for me. Because taking risks has been such an effective strategy for me, I have a tendency to take risks when I can achieve the same result with a more conservative approach. This is where having a good network of advisors can come into play, which I write about next.

2. Be a connector, build a network

To be a successful entrepreneur, you must be able to assemble a team. This means being open to individuals, their abilities, and how they can help you on your path. They say it takes a village, and this is very true. It takes a village to successfully start and maintain a business.

I encourage young entrepreneurs who make connectionswhether at the event in person or on social media. You never know when that connection you make will be instrumental in the success of your business for decades to come.

Over time, you will build an invaluable network of trusted advisors. I have such a network – a handful of people with different personalities. They're usually more risk-averse, which is a good thing (see “Be a risk-taker”), which tempers my sometimes brash approach to taking risks.

Related: Do you want to succeed as an entrepreneur? Discover the key to building long-term relationships

3. Be confident

While this seems similar to the idea of ​​embracing risks, it is not the same.

If you take risks, you will occasionally fail. It's the nature of the beast. But can you bounce back from failure? Being confident is being resilient in the face of failure. trust it should be woven into your psyche as an entrepreneur.

It's also not just confidence in making the initial decisions about your business, but also confidence in your ability to move if you hit a roadblock. This is another form of faith. You need to be confident not only in the normal path you've chosen, where you've done all your research, but in the fact that you can change if you need to and go in a direction that works.

4. Embrace growth capital

Too often, entrepreneurs run their businesses on a limited budget, fearful of the cost of e capital increase and/or servicing that debt. i understand Owing people money can be an emotional burden. But it doesn't have to be, if you consider these two ways that growth capital can transform your business.

First, the funds can promote an initiative designed to generate more revenue. I remember a friend of mine who sells newspapers to the legal community. For years, he simply attended a large conference attended by his readers and sponsors. He recently made the decision to take on a small debt and become a conference sponsor, which ended up producing three times the investment in revenue.

Second, getting capital will free you up for more important entrepreneurial tasks. If you're constantly making adjustments to your bank account to make sure you have enough funds or making presentations to individuals who might invest in your company, you're not addressing the operational needs of your business.

Therefore, it is important to understand your options. More and more, alternative financing companies are offering ways to determine how much equity you qualify for without experiencing a dreaded inquiry on your credit report. Often, entrepreneurs are surprised by the amount of money they qualify for. And then, when they weigh the cost of servicing that debt against the time spent keeping their business afloat with limited resources, they become more open-minded about the prospect.

Related: How to Make Debt Work for You

5. Delegate, delegate, delegate

Being ready for delegate it is absolutely essential to entrepreneurial success. You must be the leader of your enterprise. This means you need to find people with skills that complement what you do. You may be able to do it, but they can do it better.

I've been delegating my whole life. There is no way I could have taken the risks necessary to grow the business without someone to handle the details, whether it be accounting, the nuts and bolts of marketing or writing, to name a few.

This is even more true when it comes to technology. Surround yourself with those who can handle the operational side of technology so you don't have to. When your website is down, you have help on call.

In summary, being aware of the ingredients in a recipe for entrepreneurial success is a fundamental building block for this success. Whether you were born with some of these qualities or not, you can shape your future decisions with these concepts and approaches in mind.