As entrepreneurs, we often hear a lot about ambition. We’re told, “If you have the drive, you will succeed.” And, to an extent, that is true. In business, your ambition must be greater than your fears and your doubts. Your ambition must drive you to seek innovation and education to better your brand. Your ambition is the daily dedication to building something greater. It is the force that pushes you forward at all costs – even if only in baby steps.

So, yes, ambition is vital to the success of any entrepreneur. But the embodiment of a well-rounded entrepreneur includes so much more than just ambition. Success won’t come if you don’t possess these 5 traits as well.

Confidence

Confidence inspires trust and respect. It allows you to walk into a room full of strangers and turn it into a network of fruitful business relationships. With confidence, you can convince an investor that yours is the product worth supporting. It demonstrates your unwillingness to accept anything less than the best for yourself and your clients.

Confidence is an understanding, acceptance and respect of self that is obvious and admirable to everyone you will encounter as an entrepreneur. Potential clients, associates and industry adversaries will have no reason to doubt your competence if you demonstrate complete trust in yourself.

Fearless in the face of Risk or Failure

Certainly, business ventures do not come without risks, roadblocks and failures. The difference between a success story and a sob story is how failure is handled. Successful entrepreneurs must recognize the value of taking risks and pursue them with an acceptance of the possibility for failure. You must approach each risk with an understanding that there are lessons to be learned, no matter if you fail or succeed. Failures are valuable learning experiences if you are able to recognize the lesson and not get hindered by a misstep.

Humility

Humility is not often something that is mentioned when talking about the traits of an entrepreneur. It denotes a vulnerability that some consider to be a weakness. But it is crucial to your success. Humility forces you to recognize your own shortcomings. However, recognizing these shortcomings should not minimize your feelings of confidence. Practice humility to give yourself a realistic vision of where you could make improvements. Recognize that you still have much to learn. Make a commitment to your own continued personal growth and development.

Passion

Passion is a non-negotiable trait for anyone pursuing the entrepreneurial life. Entrepreneurship without passion is a waste of time and skills. If you do not feel passionate about your business pursuits, you are in for a long, hard slog that may not lead to success. If you’ve decided to abandon traditional employment to become an entrepreneur, something must have sparked your interest. To maintain continued success, you must ignite that spark and use your passion to fuel your business. If at any time, you realize that you no longer feel passionate about your work, it may be time to move on to something new. Life is too short to waste time on things you do not thoroughly enjoy.

Adaptability

It would be unreasonable to assume that a business model created 20 years ago would be successful in today’s market. That’s because the business world is constantly evolving. So, in order to succeed within such a dynamic environment, you must be adaptable. Adaptability requires you to pay constant attention to the trends within your industry as well as any developments in technology that can help you do business better. Do not be rigid in your business planning, so that you can allow for adjustments in the future. By planning for your own evolution, you’ll avoid being left behind as others change with the times.