Just read a newspaper report this morning that covered a speech by former Malaysian Prime Minister, Tun Dr Mahathir Mohamad, who spelled out the recipe for success. 

The gist is that entrepreneurs must be: 

1. honest 

2. disciplined 

3. pay back loans promptly 

4. have a well-planned management 

He was actually referring to the franchise business but these ingredients apply for any other businesses as well. I would say, for other types of businesses, one needs a good business model.