To Be a Successful Entrepreneur, This Trait Is Key Grit is often overlooked in entrepreneurship.

Editor's Note: In the new podcast Masters of Scale, LinkedIn co-founder and Greylock partner Reid Hoffman explores his philosophy on how to scale a business -- and at Entrepreneur.com, entrepreneurs are responding with their own ideas and experiences on our hub. This week, we're discussing Hoffman's theory: to succeed, entrepreneurs need a good idea, good timing, money and luck. But more than that -- they need grit.

Entrepreneurship is more than just a good idea -- it involves timing, money, a little bit of luck and a lot of grit.

And grit is what helps some of the most successful entrepreneurs stand out from the rest.

Related: Grit Helped This Entrepreneur Hustle Harder -- Even After a Rejection By Trump

"Grit is every entrepreneur's trump card," says Reid Hoffman, the co-founder of LinkedIn, partner at VC firm Greylock and host of Masters of Scale, a podcast series examining counterintuitive theories to growing a company.

Hoffman's not the only one who thinks so, either. Serial entrepreneur and founder of the O.C.D. Experience Justin Klosky believes that along with having a purpose and setting realistic goals, grit is the next crucial element to success as an entrepreneur. However, having the right amount of grit isn't easy, and you need to balance it with patience.

"It's letting things simmer, giving yourself time to breathe, " Klosky tells Entrepreneur's editor-in-chief, Jason Feifer, in a video. "If you trust it, it will show some really great fruit."

With experience launching a variety of different business ventures, grit is something that's helped drive Klosky to take risks. It can mean putting yourself in challenging situations -- so being confident, relying on yourself and toughing it out are key to getting where you want to be.

Related: Google's Eric Schmidt: To Maximize Persistence, Do This

So, what are you waiting for? "Let's be a little gritty, let's take a chance. Life is short," says Klosky.

Check out the video to hear more about the importance of patience, letting things simmer and getting out there.