The New Venture Checklist:

1) Entrepreneurial Personality - To succeed, an entrepreneur needs more determination than the average person. We all know that Bill Gates never even graduated college. While an Ivy League degree is, of course, valuable, sometimes the personality is just more important. Creativity and competitive nature are essential. It also helps immensely to accept criticism. Constructive criticism can be very helpful for turning your business in the right direction, so listen carefully and evaluate any suggestions along the way!

2) Great Ideas - The best business ideas are original. Think of the benefits your company can offer customers, especially ones the competitor doesn’t have. Ask yourself if your idea fills a demonstrated need in the marketplace.

3) The Right Employees - Top managers look carefully for quality employees and keep them with incentives and happy work environments. Look for someone who has the skills, as well as ability to get along with others.

4) Focus - Believe in yourself and your business. Look for upcoming opportunities and don’t forget what your idea stands for. Another element of focus is the ability to recognize what works and what doesn’t. When something isn’t working out exactly as planned, accept change.

There are many elements that are important in growing a new business, but these are the basic building blocks that many thriving businesses would fall without. Lastly, we leave you with some inspiration from Thomas Edison, "The 3 great essentials to achieve anything worth wile are, first, hard work; second, stick-to-itiveness; third, common sense."