The most successful entrepreneurs, from the baker who launched his own custom cake business to the marketing major who decided she’d be better off launching her own social media marketing compnay, tend to share nine common traits:

1. Motivation: They know exactly what motivates them, and it often starts with a big loss or other major event in their lives. You hear stories like this time and time and again. For example, Oprah Winfrey was fired at the age of 23 from her very first job. Years later she has proved to be a successful business woman and a true warrior.

2. Passion: They choose entrepreneurial pursuits that line up with longstanding passions, interests and skills. Entrepreneurs thrive when their business plays off their existing skills, talents and interests – choosing a business that leverages those is the first step to success.

3.  Budget: A good entrepreneur knows that they must minimize their expenses in both their professional and personal lives, while finding ways to invest in their venture. Many successful small business owners take pains to first pay off debt, shore up an emergency fund and otherwise get their finances in order before launching their venture. That way, they can focus on building it without additional financial stress.

4. Time Management: Entrepreneurs master time management strategies that enable them to maintain full-time jobs along with their side ventures (and the rest of their lives). It’s not easy balancing a full-time job and a new entrepreneurial pursuit, but it is possible. Many entrepreneurs report waking up before the rest of their house, or finding slivers of time throughout their day, or otherwise schedule their lives to carve out at least a few hours a week to continue building their business.

5. Persistence: They find ways to be resilient in the face of inevitable setbacks. Lack of sales, bad reviews – these kinds of negative experiences are an inevitable part of entrepreneurship. The ones who succeed find the strength to keep going anyway.