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 successful entrepreneurs are those who are not only willing to take risks, but are also able to manage risk.
Having an idea is the ﬁrst step—the next hurdle is ﬁnance. Some start-ups require very little capital, and a few require none at all. However, many require signiﬁcant backing, and most will need to seek funding at some stage in the growth process. An entrepreneur must be able to convince ﬁnancial backers that the concept is valid and that they have the skills and knowledge to turn the original concept into a successful business. It follows that the idea must be proﬁtable. Sometimes, an idea may look great on paper, but turn out to be uncommercial when put into practice.