Being a visionary is the most important character trait of an entrepreneur. It is vision that will form the "what", and it is vision that will inform the "how." The successful entrepreneur holds these visions firmly in mind, and is obsessive about seeing them become reality. Nothing will stop him. The bigger the hurdles, the more obsessed he becomes.
If the "what" is an idea how to make an existing product or service faster, cheaper, better, more efficient, it can form the basis of a very successful enterprise. The visionary entrepreneur has already done all the research necessary to prove that the market has a painful need and is ready to buy. Now, all that is needed is to get the idea to market as quickly as possible before someone else comes up with the same idea. The light bulb that replaced candle light, the automobile that replaced the horse and buggy, the electric typewriter that replaced the Remingtons, the fax machines that replaced the telegraph are examples of such product improvements.
If the "what" is an idea for something radically new - where the market does not yet know that it has a need - vast fortunes have been built on such ideas. These are riskier enterprises because there is always the possibility that the market will not accept the idea, or that it will take a long time for consumers to come around. Computers are an example. They had been in use for a long time by scientists and in academic circles before they became a fixture in every household. But nothing that has been invented in the last 100 years has changed the way we live more than the computer.
Let's touch briefly on the entrepreneur's vision of "how" to realize his dream. The most important foundation will be sufficient funds to get the company off the ground. That can be a formidable hurdle if the funds have to come from someone other than the entrepreneur himself. Volumes could be written on this subject. Let's assume for the moment that a dynamite business plan has made sufficient funds available. Now the entrepreneur has to build a first-class team that can actually execute the business plan - and do so to perfection. The entrepreneur will spend the majority of his time making sure that all members of his team are clear on his vision and keep fully focused on their assigned tasks.