All businesses start from the same point: an idea, it is what happens to that idea that determines business success.

According to Entrepreneur magazine, nearly half of all start-ups fail within the first 3 years. Beating the odds at startup is tough. First and foremost an idea, no matter how good, must be combined with entrepreneurial spirit, defined as the willingness to take risk. Without entrepreneurial spirit, a great idea might never be pursued.

Not all ideas are good ones though; it would be a foolish entrepreneur who rushed a product to market without careful thought, research, and detailed planning. Risk might be inherent in business enterprise, but a successful entrepreneur is one who is not only willing to take risks, but is also able to manage risks.

Taking calculated risk is paramount. But an Entrepreneur is one who provides an innovative solution to a pressing need or problem he finds around him.