Among the many challenges that budding start-ups encounter are differentiating themselves from rivals, not running out of cash, and tapping into what consumers really want. One study found that the top reason new businesses fold is that they are building a product that the market doesn't actually need.
Being smart and hardworking can only take you so far, said Avi Savar, managing partner and CEO of business accelerator Dreamit.
"You have to have that vision, that crystal ball mentality to project into the future," he said. "You also need resilience, and no fear, because for every 'yes,' you're going to get a hundred 'nos.' "