Although small to medium-sized enterprise (SME) owners are likely to come from a variety of backgrounds and possess different characteristics, one expert has suggested that being "persistent" is necessary to become successful.

Richard Litchfield, managing director of Eastside Consulting, said that entrepreneurs often share a number of attributes, including being dynamic, having good communication skills and having a strong sense of organisation.

However, the "most important" quality is being persistent, as running an SME is not always a "wonderful, glorious situation", Mr Litchfield claimed.

"It's a lot of hard work and grunt, so you have to be determined and persistent, whether it's talking to suppliers, knocking on the doors of customers, working with staff - that determination and persistence is very important," he commented.

Last month, Barclays Wealth reported that 60 per cent of people with assets worth more than $1 million (£480,000) that it surveyed said having a high appetite for taking risks had been a significant factor in generating their wealth.

RELATED ARTICLES:

• Redundancies 'can cost over £16,300' per worker
• Helpline for businesses launched
• Over third of small firms fear closure in 2009
• Small firms' profits 'wiped out by corporation tax'
• Scots business school gets training grant