In American public life, politicians who agree on little else both acknowledge that the role of entrepreneurs and small businesses is crucial to us all. For the U.S. to regain its economic vitality – and create jobs that will help heal the scars of the Great Recession – dynamic companies must emerge to drive the next waves of innovation.

Sooner or later, of course, such innovators will in all likelihood need sound business formation assistance. After all, their success does not only depend on developing a vision for the delivery of in-demand products and services. It also requires a suitable legal structure – whether that is a partnership, an LLC or some other entity.

In a metro area the size of the Twin Cities, we have many aspiring entrepreneurs. What are some of the personality characteristics among these people that define a strong possibility for success?

Jim Price, a business management professor at the University of Michigan, believes there are certain of these characteristics that are important indicators of someone who fits well into the entrepreneurial role. The first, he suggests, is passion.

Passion is needed not only because it fuels the drive to carry an initiative forward despite initial setbacks. It is also important because a business creator who is passionate about it can often see opportunities to pursue market differentiators that set a new business apart from its rivals.

To be sure, there are other important qualities as well, such as resilience, decisiveness and the ability to articulate your vision to others. But it begins with passion.

Source: “10 Personality Traits Every Successful Entrepreneur Has,” Business Insider, Jim Price, 2-15-13