Entrepreneurs were seen as the used car salesmen – the Del Boys – of the business world. Needless to say, so much has changed in the 25 years since I came to the UK. In every business school, in government, on television and in the press, entrepreneurship is now the word on everyone’s lips.

But this movement in entrepreneurship begs an important question: what makes a good entrepreneur? I believe this question is important not just for budding businesspeople, but also for the business advisers who help these entrepreneurs make their dreams a reality.

I believe that anyone has the potential to be an entrepreneur and to start their own business – I even believe that you can do it at any age, although I think it’s a case of the younger the better. But I think if you look at entrepreneurs you do see common threads. Foremost among these threads is passion and determination; when you look at entrepreneurs, you see time and again that these are people who really had the guts to go for it.

There’s a saying that some people fail because of, while others succeed in spite of and with entrepreneurship it is very much a case of succeeding in spite of all the challenges. I remember when I started Cobra Beer in 1989, I certainly had all the odds stacked against me: I had £20,000 of student debt and was entering the world’s most competitive beer market, the UK, with absolutely no experience of brewing or of selling beer. What I did have was a dream and the passion to make it work. I truly believed that I could make my idea a success and I wasn’t going to let anything stop me.

Needless to say, my friends and family all thought I was mad – having qualified as a chartered accountant and as a graduate in law when I left university, I could have moved into a position as a lawyer or an accountant or a banker. Indeed my parents were encouraging me to do just that, but I had a dream to brew the finest ever Indian beer and to make it a global brand and I could not ignore that.

Entrepreneurship is also about constant, restless innovation – as a small business starting out, you have an agility that larger businesses often lack. You can come up with ideas and make them happen quickly, and that ability to constantly innovate is what helps you compete as a David against Goliaths.

And this is an attitude you can spread throughout your company – by keeping an open environment where people can interact and share freely, you can come up with new ideas and put them into practice swiftly. What’s more, by creating an environment where people can flourish – where they can follow their passions and interests – you get a happier, more motivated team in addition to a constant flow of ideas.

In truth, entrepreneurship means so many things. It means being outward-looking and creative. It means going the extra mile in everything you do. It also means working with the best advisers – yes, they may often cost more, but their advice and experience is invaluable, and you get what you pay for!

In this day and age, I’m happy to say also that entrepreneurship increasingly means social entrepreneurship – putting back into the community and working to make a difference, not just to make profits. It’s about trying not just to be the best in the world, but the best for the world.

Ultimately, entrepreneurship is about coming up with ideas and making them happen. This is something we have tried to enshrine in our vision at Cobra Beer, which we live and breathe by: ‘To aspire and achieve against all odds, with integrity’. This is almost a definition of entrepreneurship in itself – you have an idea, you want to get somewhere with that idea, you invariably have limited means, you invariably have all the odds stacked against you, but you go out there and you get on with it. The path of entrepreneurship can be very challenging, but it’s also great fun!

Lord Bilimoria is the founder and chief executive of Cobra Beer. His new book is Bottled for Business: The Less Gassy Guide to Entrepreneurship.