There’s no magic formula for success when starting a business, but certain ingredients can significantly boost your chances. In this EntréView, we dive deep into the insights of a seasoned entrepreneur who’s been through the wringer and comes out with some hard-earned wisdom.

What’s the first advice for those looking to venture into entrepreneurship? It all starts with passion—not just a mild interest or a fleeting enthusiasm, but a deep-seated, genuine love for what you’re doing. Our interviewee says, “You must have a true passion for your work.”

Why is passion so crucial? It’s simple. When genuinely invested in your business, every aspect of your work shows. You’re not just going through the motions but pouring your heart and soul into it. This translates into caring more about your team, products, and mission.

But here’s the kicker – this passion is more than just about feeling good. It has tangible benefits. When you’re genuinely passionate about your venture, you’re more willing to put in the extra hours, go the extra mile, and even dig into your own pockets when necessary. Our expert says, “You’re willing to sacrifice more for things you really love and care about.”

Now, let’s get real for a second. Passion is great, but it will need help to pay the bills. Our interviewee acknowledges many new entrepreneurs’ harsh reality: “You have no investors, you have no capital. You have no bank behind you yet.” So, what do you do in this situation?

This is where two key factors come into play: gut instinct and sheer determination. That gut feeling? It’s what guides you when there’s no clear path forward. And determination? That voice refuses to let you throw in the towel when things get tough. Our expert doesn’t mince words here: you need “a fortitude and a determination factor that will not let you fail.”

But here’s where things get interesting. Our interviewee is quick when asked about the importance of a personal, professional network. “Without being hyperbolic here, you 110% have to understand the network is the number one thing,” he states emphatically.

Think about it. You might need the fancy office or the big-name backers when starting. But if you’ve got a solid network? That’s gold. It’s about more than just knowing a bunch of people. It’s about actively building and nurturing relationships.

Our expert advises getting on LinkedIn, connecting with people, and scouting for potential team members. Cast your net wide and build diverse contacts across different sectors. As he points out, “Jobs can be fickle. If you work for someone, you can get fired. You never know when a rug may be pulled from under you.”

But here’s the thing about networking – it’s not just about making connections. It’s about maintaining them. Our interviewee stresses the importance of leaving a positive impression wherever you go. “You don’t leave a bad taste in people’s mouths, whether you work for them, work with them, whatever it is,” he advises.

It’s about being professional and permanently preserving those relationships. Because your network isn’t just a list of contacts—it’s your most valuable asset in the business world.

So, what’s the takeaway here? Starting a business is more than having a brilliant idea or the skills to execute it. It’s about having the passion to drive you forward, the determination to weather the storms, and the network to support and propel you.

Remember, in the world of business, success isn’t guaranteed. But with a genuine passion for what you’re doing, an unwavering determination to succeed, and a robust, well-maintained network? You’re giving yourself the best possible shot at turning your entrepreneurial dreams into reality.

In the end, it’s about more than what you know or what you can do. It’s about who you know, who knows you, and how well you’ve nurtured those relationships. Because in the complex, ever-changing business landscape, your network might be the key that unlocks doors you never even knew existed.

So, take it from our expert: Nurture your passion, trust your gut, stay determined, and build and maintain those crucial connections. In the world of business, your network truly is your net worth.