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When it comes to success as an entrepreneur, there isn’t a formula you can follow that guarantees you a multi-million dollar business.

That’s okay, though, because entrepreneurs who succeed in life don’t need a formula. Instead, they need certain qualities that set them apart from the rest.

#1 Perseverance

Did you know Arianna Huffington, the creator of The Huffington Post, was rejected by 36 book publishers before her book was finally accepted?

Despite your failures and roadblocks you will see as an entrepreneur, it’s important to remember that a successful entrepreneur will know that rejection isn’t a sign of stopping; instead, it’s a way to push forward until you receive the reward you have envisioned. Remember, if it were easy, the world would be on board, seeing lots of success.

#2 Always Learn

A successful entrepreneur will always strive to learn more, especially if they are going into a field they really don’t know much about. However, even if you feel you know the industry you’re working in, there’s always room for more knowledge.

Reading books, watching YouTube videos and listening to podcasts can help you grow as a person and learn even more about your industry, something that is extremely important if you want to stay ahead of the curve in today’s fast-paced world.

#3 Take Risks

Sometimes, in the entrepreneurial world, you will have to take huge risks to see even bigger rewards.

Take Bill Gates, for example. Did you know that he dropped out of Harvard at age 20 to create Microsoft? Well, if you didn’t know, Bill Gates is worth an estimated $87 billion as 2017, making him the richest American today.

It’s time to take risks, surround yourself with risk takers who encourage you and try things you never thought you would try before. These risks can hopefully take you to new heights you didn’t think could be reached.

#4 Amazing Work Ethics

Success, of course, will be more than just managing people and watching your bank account grow; it’s going to take a lot of hard work as well.

Successful entrepreneurs will hustle hard, work long hours and will always focus on what matters most: quality. Since the success isn’t going to come to you, there’s no time to wait. Proactively market your brand, make a name for yourself and only hold yourself accountable for future prosperity.

#5 Focus

Don’t spread yourself out too thin or steer clear of your original vision. Any entrepreneur, no matter what their goal is, will always have something in common: a vision.

A successful entrepreneur needs to keep things simple and focus on one thing at a time that will help grow their business to the highest potential in the future. If you start to lose focus by creating too many tasks and projects, then your brand may start to suffer because of it.

It’s Time to Take Action

While you don’t need to acquire these qualities today, there are five amazing traits you should keep in your back pocket if you want to succeed as an entrepreneur.

Just remember that entrepreneurs will not be born with these qualities, they will learn from their own personal experiences, through learning and via experienced mentors. If you have thought about becoming an entrepreneur or consider yourself one today, what’s stopping you from becoming the next Bill Gates?