Roger McNamee, Managing Director and Co-Founder of Elevation Partners, believes that successful entrepreneurs are driven by compelling ideas. He goes on to say that along with great ideas, skills, personality and the determination to execute them, having a plan greatly increases one's chances of success.

When McNamee says, 'Your most important partner in a business is your spouse,' he believes that when working in a partnership, partners assimilate each other's passions, issues, and interests. He also says that life is all about balancing one's career, family and bank account and all three are necessary for entrepreneurship.

McNamee advises that it is important for entrepreneuers to patiently assess what one is good/bad at doing and what are the right opprtunities. The time spent on this self-awareness process is crucial to getting things right in a business, he says.