Education

• Many venture capitalists have advanced degrees or combinations of degrees in finance, accounting, marketing, economics, mechanical or electrical engineering, medical sciences, intellectual property or corporate law. Some have liberal arts education but have developed expertise in a valuable skill area such as business management or technology. If you do not have training in these skill sets you should make the effort to develop expertise in a particular industry or management function because knowledge is the primary tool of a successful venture capitalist.
  
  

Experience

• Executive management experience in a large company or work as a business consultant for a large commercial bank, investment bank, management consulting company or accounting firm is excellent preparation for a career as a venture capitalist. In addition, you should have significant entrepreneurial experience so you understand the difficulties and opportunities inherent in starting a new enterprise.
  
  

Personality

• Determination, a willingness to work long hours and to go the extra mile to research industry and economic trends as well as do the deep due diligence necessary to effectively evaluate a potential investment, and the ability to be socially charming yet assertive and self confident are all personality qualities that increase your likelihood of success as a venture capitalist. You should be a person who enjoys meeting all kinds of people, even difficult ones, and can speak in public, present ideas in a clear professional manner and close a deal.
  
  

Professional Network

• Another important tool of the venture capitalist is a large network of professional connections. You should know people who have expertise you lack. You should also have contacts who can assist you in growing your portfolio companies or join in to invest in their development. Never stop attending industry events and networking meetings learn about new opportunities and to meet people you can add to your professional network.
  
  

Source of Money

• It helps if you are wealthy and have wealthy friends, but that is not necessary. While many venture capitalists have become wealthy by being involved in one or more successful ventures, many simply raise money from wealthy individuals and institutions. In fact, venture capitalists are so tough to impress because they probably have struggled to raise the investment money entrepreneurs are struggling to convince them to award.