I believe there is a short list of fundamental principles that will virtually assure your entrepreneurial success. I like to call these fundamentals the "Characteristics of Success."

First, begin with a unique and compelling idea that provides you with a sustainable competitive advantage. FedEx and Cisco are excellent examples of multibillion-dollar companies whose strategies are based upon unique, compelling ideas. FedEx's idea was to facilitate low-cost, rapid package delivery by routing all packages through one central hub. Cisco's idea was to enable users of dissimilar computers and local area networks to communicate with each other through their router.

Both FedEx and Cisco quickly became the leaders in their respective markets, and their founders have been enriched beyond their wildest imagination.

Of course, your idea doesn't have to be totally new and unique. It can be an old idea with an innovative twist that will give you a competitive advantage. For example, Wal-Mart began in 1962 with the simple idea of bringing quality branded products at discount prices to rural America. Operating from Bentonville, Ark., Wal-Mart quickly built a sustainable competitive advantage that enabled the company to gradually move from rural America into urban markets.

In 1969 Wal-Mart's annual revenue was only $12 million. By aggressively following its strategy, Wal-Mart revenues grew to $1 billion in 1979. Today the company is the largest employer in the world with more than 1.5 million employees, with total revenue of $205 billion and net earnings of $7 billion.

The second "Characteristic of Success" is serving a large and growing market. It's much easier to succeed if you focus on a large market that is growing rapidly. In fact, the size of your market is much more important than the uniqueness and quality of your product. This is another way of saying that you will never be successful, even if you have the hottest new technology, if your product has a limited market.

The mobile telephone is an excellent example of a product that serves a mass market that has experienced rapid growth. The mobile telephone became virtually ubiquitous because the market was huge and the product solved the obvious problem of being able to communicate with anyone from anywhere.

If the overall market is large and growing rapidly, you will have a golden opportunity to build your customer base without threatening your competitors until you are well-established. If the market is small and its growth rate is flat or declining, then assuming similar product quality, your competitors will force you to compete on price, which is a poor strategy for any start-up.

And finally, build an experienced management team. The compatibility and integrity of your management team is absolutely essential. During the startup phase of your business, you will spend more time with your partners than with your own family. For this reason each partner must share your passion and commitment for success, there must be a quiet confidence of trust and respect for one another and you must have complimentary business skills and experience.

There are obviously many other things to consider as you launch your new venture, but if you can properly address these three "Characteristics of Success" you'll be well on your way to fulfilling your entrepreneurial dream.