Q:  What characteristics do you need to become a successful entrepreneur?

A:  It always helps to understand the business you hope to run from top to bottom, although many successful entrepreneurs have started businesses in areas they know little about.  Apart from that, you need dogged persistence and the right kind of temperament because it could be a long time before you begin to earn any money and you have to be able to deal with that.

Q:  How much money do you need to start a business?

A:  Some businesses can be started with very little capital; others require considerable investment.   What every entrepreneur has to come to terms with is that however large your company is and however much money you succeed in generating, it will never be enough for you to develop all the new ideas that continue to come into your mind.

Q:  Are there any characteristics common to all entrepreneurs?

A:  Yes definitely.  You will need hard work, determination, tenacity, ambition and drive in order to succeed.

Studies show that wealth is not what drives the most successful entrepreneurs, although obviously they like and enjoy it and need money to expand their companies.  What matters most to them is the passionate commitment to an idea, the difference it can make, and how they can build it into something special for the future.

Q:  Is there a lot of risk involved in being an entrepreneur?

A:  I have two favourite sayings;  one is "you pay to play" and the other is "if you can't stand the heat, get out of the kitchen".  I was always reminding myself of that last one when we competed against the huge publishing conglomerates for  expensive and limited supermarket shelf-space. 

Running your own business is about taking risks. You must become good at weighing up the odds of success and failure and making decisions which ensure there's a safety net.   The most successful entrepreneurs are the biggest risk-takers.  They will also have made dozens of mistakes which cost them a ton of money over the years.  But many entrepreneurs can settle for a lower level of risk and be successful too.

In the end, you have to carefully consider the odds and do what feels right for you and your business.

Q:  I'd like to run my own business but I'm not sure I've got the confidence?

A:  Well, you know, this is something no one else can do for you.  You can spend hours talking, planning, dreaming and perfecting what you'd really like to do.  And if you really believe you have a good idea, at some point you are going to have to find enough self-belief to go ahead.

That is what sorts out the sheep from the goats.  Becoming an entrepreneur always requires a high degree of courage, especially as you get older.  It is never an easy journey but it can be one of the most exhilarating that life has to offer.

If you have a question that you would like Judy to answer, please feel free to submit it via the contacts page.  Judy will add the most interesting questions to this column.