Entrepreneurs Without This Trait Have a Much Lower Chance of Success Effective business leaders must work hard and hone strategy, but there's something else that sets the most successful apart from the rest.

What do you need to build a business from the ground up?

Some argue it's simply a matter of hard work – the perfect blend of discipline and tenacity. Others think strategy is the key ingredient, while some say entrepreneurship is all about who you know.

Unfortunately, there's no secret formula for developing a business. If there were, I suspect we'd all have a lot more competition. Successful entrepreneurs, at some point, will apply all these skills to create a thriving organization.