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XPRIZE founder says that he looks for two qualities in every entrepreneur

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Here are the two qualities that every entrepreneur needs

Peter Diamandis has started more than 20 businesses.

Diamandis, founder and executive chairman of the XPRIZE Foundation, has launched a slew of companies based on futuristic concepts like asteroid mining, human longevity and zero-gravity flights. The nonprofit foundation "has designed and operated seventeen competitions in the domain areas of Space, Oceans, Learning, Health, Energy, Environment, Transportation, Safety and Robotics," according to its website.

In his new book, "The Future Is Faster Than You Think," the bestselling author talks about how rapidly technology is advancing and what it means for day-to-day life.

But he says no matter where technology goes, there are two timeless traits that every entrepreneur needs. The biggest one is passion.

"Whenever I've tried to start something that is just like a quick money scheme, those failed miserably," Diamandis said.

"When I start something that I love, that is meaningful for me, that I think is meaningful for the world, those have the highest probability for success," Diamandis said.

Check out this video to learn about the other trait that Diamandis said is essential for business owners and to hear more about his philosophy on starting a new company.

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