Kerri Salls summed it up nicely. It is my sense of purpose and passion that give me the persistence. Never, never, never give up - a standard I live by.
The other thing, I think helps professionally is to work harder on becoming the person you know you were meant to be and not the person you are expected to be.
Determination. Entrepreneurship is 10% idea and 90% execution. I've found that those who devote themselves fully and consistently to their new business idea to move it forward are already ahead of most other entrepreneurs and more likely to eventually succeed.
I am not sure I can rank them but something I have always admired (and envied) in an entrepreneur is good decision making skills. ;)
Passion definitely helps.
Idea. Awareness. Vision. Commitment.
"Richard Gonzalez, AbbVie CEO" 12 Oct 2012
While I wholeheartedly agree that passion and perseverance are crucial, what I haven't seen mentioned yet is flexibility: being willing to shift gears if something you're doing isn't working, and the willingness to wear multiple hats, roll up your sleeves, and plunge in to handle whatever needs to get done.
To be creative is the ultimate quality. This means to take your past experiences and use your deep passions of highest purpose in your life. And this will give you what you seek which is the everlasting joy. You must recreate moment-to-moment of your life to create.
Personally, I don't think much about "#1 qualities" as some tend to do. You can see my rationale from the fact that in business lessons and reports, the things that brought some "successes" and lauded by some are at times the same things down-played by others. For example, some say be very structured and at times others say don't be too structured or inflexible.
I think the key is a good dose of common sense. If you are trying to be an entrepreneur in a new field that is wide open there is more room for errors. If it is in an occupied area then strategy and niche become more important. There are a few key qualities like...perseverance, common sense, intuition, imagination, and a sense of reality, that play important parts.
And then again, what is "success"? I don't think there are clear cut answers.
A willilngness to give up control and allow various parts of the business, including the CEO position, to be filled by people who have expertise in those areas. A large portion of start-up failures are due to "founder's disease," where the founder refuses to allow the business to be run by people with experience. That is why it is commonly said that VCs invest in management teams, not the product/service.
For me the first quality an entreprenor neddes to have to be successful is passion
Entrepreneurs should love what they do so that the love of flows over to everyone they meet. For seventeen years, I've been coaching and advising business owners. My enthusiasm and excitement is just as high as it was the day that I first started this business. My legs are less wobbly, shaky, and I'm less scared than earlier, but I still get out of bed each day with the same zeal and excitement that I had on day one.