There are as many theories about the qualities of successful entrepreneurs as there are definitions of the word “entrepreneur.”

I like the definition of the word “entrepreneur” put forward by Howard Stevenson, retired professor of entrepreneurship studies at Harvard Business School. According to Stevenson, “entrepreneurship is the pursuit of opportunity beyond resources controlled.” To me this means thinking outside the box in order to create your own business.

So we know what we mean by “entrepreneur”, but what does it take to become a successful entrepreneur? Here are 5 qualities that all successful entrepreneurs seem to share:

1. Luck

There is no doubt that what separates successful people from unsuccessful people is sometimes nothing more than good luck and being in the right place at the right time. Don’t let this stop you from pursuing your entrepreneurial dreams. Cultivate a lucky frame of mind and you will find that you become luckier. What do I mean by this?

When you start thinking about the fact that there has never been a better time to own and run a small business than the time we are in now, and think about the friends and family who have supported you this far, and will support you in running your own business, you will quickly realise that you are already extremely lucky. Every day you can make choices that will help you be luckier. For example, attend a networking event or an exhibition, watch an inspiring TED talk instead of the TV. Try it today.

2. The Need To Be The Go-To Expert

When you start your own business you suddenly realise that your reputation and credibility are all you have to trade with. Who will someone go to when they need the thing that you supply? Some entrepreneurs talk about their need to create a good reputation at doing what they do as being like an itch they have to scratch. Being good at what you do is not the same as being known for what you do. In order to be known for what you do, you need to start building a network or relationships.

3. Passion

Successful people all have one thing in common: they love what they do. It inspires them to get out of bed in the morning. More than this, their passion borders on an obsession. Think about someone like Steve Jobs who had an exceptional work ethic and carried on working even after he was diagnosed with cancer. Passion and energy are absolutely essential qualities of successful entrepreneurs.

4. Willingness To Admit You’re Wrong

Open-mindedness is also key to success. So many people seem unwilling to learn, unwilling to change their opinions, and unwilling to listen. Successful entrepreneurs know that you can learn something from every single person you come across in life. They invest in learning, keep an open mind, they actively seek out new information that turns their viewpoint on its head and embrace failure as a learning experience.

5. Successful Entrepreneurs Take Calculated Risks

Success is not a coincidence for successful entrepreneurs. It is calculated and planned. It does sound a cliche, but being an entrepreneur is a journey not a destination. Successful entrepreneurs are prolific at thinking up new ideas. They consider standing still as actually going backwards.

If you have an idea which you are determined to turn into a business, cultivate these qualities and you will be on the path to business success.

By Claire Georghiades FCA, Co-Founder of Accounts Resource.