Some people might say money is the primary requirement to start a business. You definitely have to be able to afford all of the costs associated with creating and promoting a new business, but I believe the most important element is a passion about what you are doing.
Over the years I have done many stories for the Business Spotlight on Whidbey Local (https://www.whidbeylocal.com/articles/1/5243), and there is a common theme: People who have their own businesses are passionate about what they do.
Besides the money necessary to establish a business, there is an incredible investment of energy and time. I have observed that while the desire to make money is a major player in creating a business, there is often far more interest in the products or services and a desire to share these with others.
When I walk into a retail store, or talk about products or services with someone, I immediately feel their sense of commitment to what they are offering. And when the owner of the business communicates their passion and enthusiasm, it certainly is a great incentive to do business with them.