It’s a New Year. Hooray! What happened to 2006? 2006 felt like one of the fastest years on record—for me anyway. Twenty years ago, I first jumped into the entrepreneurial world. My obsessive personality wanted to learn everything. I ordered some tapes by the guy who made the Potato Gun and the Ant Farm popular (Joe Cossman).

My first venture was importing watches from Hong Kong. I didn’t even know where Hong Kong was on the map! This was long before email and fax machines. I ordered a catalog that listed Hong Kong companies, found a company that made watches and mailed them a letter. In a few weeks, a product catalog arrived. I couldn’t believe it. I could buy a digital watch that played Beethoven for three dollars! I scrounged up $200 and placed the order. About six weeks later, the watches arrived. I was working full time at W.L. Gore and began selling the watches for $6-7 each. They sold like hot cakes! Soon I was importing pens with clocks and calculators.

Although that venture didn’t last too long, I was hooked. About three months later, I met my business partner David. He was building small wind generators. I saw the potential and off we went. No plan, no money, just a dream.

Growing our business over the last 20 years has been a life of constant struggle, sleepless nights and excitement. We lost everything once but struggled and clawed to keep the business going. If you asked us, would we do it again without any knowledge of the outcome? In a heartbeat! Certainly, this business has been a unique one. We have been all over the world, met Presidents of countries and people of villages where our products are used.

So what does it take to be an entrepreneur? Is it something in the blood or can anyone be one? There is a lot written on the subject and everyone has their own view. These are mine:

1) Willingness to gamble – I don’t mean the Vegas style. A good friend of mine said “Andy, if you are not riding the edge, you are taking up too much room.” This is what really separates entrepreneurs from the rest. Life can throw you uncertainty. If you’re able to live with no guarantee of a paycheck, or the possibility of not making next month’s rent, then check this one off!

2) Passion – If you want be in business because you think you’ll get rich, think again. You must love what you’re doing. If you’re passionate, you’ll be rewarded. If you’re just chasing the all-mighty dollar, the riches will be illusive. Are you passionate?

3) An inquisitive spirit - In the beginning, I couldn’t tell you where Hong Kong was on a map. Today, I can tell you the market opportunity for our products in every country in the world, where the country is, and what our strategy would be to develop the market. I am constantly reading, learning and expanding my mind to understand how to build our business. Knowledge is power, drop the People magazine subscription and pick up Inc. If you can do this, then keep going.

4) An extroverted personality – You must get to know your industry and be in the middle. Work on committees. Gain respect in your community. The more you are out there, the better your chances of success. Note: You don’t have to be an extrovert to be an entrepreneur, but more entrepreneurs are extroverts.

5) Persistence – This is a tough one, but absolutely essential. I’m a “glass-half-full” guy. That means no matter how tough today might be, I know tomorrow will bring new opportunities. I think 3-5 years ahead of our business, knowing that if I get through today and tomorrow, I’ll soon reach my goals.

6) Hunger – I think Steve Jobs said it first. When spending money, don’t buy the best, buy what works. Keep your overhead as low as possible without adversely affecting your business. Always be hungry means that even when your business is off the ground and doing well, don’t be complacent. Are you frugal? If not, be sure you have a lot of money to start with.

7) A knack for numbers – I said earlier, you don’t want to be in business to make money. However, you do want to manage the money in your business. Hire a good accountant; learn the basics of your balance sheet. Manage your cash, or your business will manage you!

8) Planning – I wrote our first business plan in 1988. I had never written one before. I read the right books and got to work. I won’t say it was my best work, but it was my guide to knowing where to go. Now, every year we plan for the next. A good business plan helps lead the way.

So now it is 2007 – What are you going to do this year? Have you made your resolutions? Is becoming an entrepreneur one of them? If you have what it takes, then go for it. You only live once. Make it memorable.