The one trait the majority of all millionaires have in common is that they owned their own business or had a real estate portfolio.

Failure rates are high for new businesses with over half of them out of business within five years.

Here are the skill sets that successful business owners say are critical to have if you want to succeed.

Defined Goals: If you want to succeed you must have a well defined plan. This should be in writing, include step by step directions and should be reviewed regularly for progress and adjustment. This plan will be your roadmap that shows the best and quickest way to gain profitability. Not having a written plan is the quickest way to failure.

Initiative: You have to have the initiative to get things started and keep them moving forward. If something needs to be accomplished you need to step up and make sure it is completed.

Hard Work: Initially you may be the only employee. You are required to wear many hats and will need to put in the time and effort to make things happen. Bottom line, it is up to you!

Persistence: Running a business is not easy. Sometimes you take wrong turns or decisions do not pan out. You have to take the initiative to solve the problem. You cannot give up. If you face a roadblock you need to adapt quickly and change to overcome it.

There is nothing more rewarding than starting your own business and watching it succeed. These characteristic traits are found in almost all successful business owners. Do you have the burning desire to succeed?