According to a recent study by research firm Access Markets International Partners, some 16.5 million home-based businesses exist in the United States today -- an all-time high. According to the Small Business Administration, home-based companies contribute more than $530 billion to the U.S. economy and represent 50% of all businesses registered in the United States. No matter how you slice the stats, it's a huge chunk of the American economy, and growing fast.

So what goes into making these stay at home entrepreneurs successful?

In researching this article there is one common thread I have found when successful home business people are discussing how they made it. And it comes down to one word, "Passion". You have to be passionate about what you are doing and the rest will fall into place. If you are passionate about what you do you won't have any problem putting in the time necessary to make the business a success because you love what you are doing. If you go to bed at night and wake up in the morning wondering how you can improve upon what you are doing then you would have to classify as being passionate about your venture.

After the passion comes the product or service. It has to be something that's in demand. People are actually coming to you looking for what you are offering. If you have a product or service that people want and you are passionate about what you do then you can't help but succeed with your home based undertaking.

The next piece of the puzzle is also a very important element contributing to most endeavors ultimate success or failure. This next component is marketing or network marketing or internet marketing if you're online as most successful enterprises are today. Attracting as many people as possible to look at what you're offering is a key ingredient to the success of any business venture whether it's home based or at the mall. You need as many potential customers as possible evaluating your product or service. A well thought out and documented marketing plan is a key element to achieving the ultimate as far as your business is concerned.

One final characteristic which perhaps is the most important of all when it comes down to the final analysis is perseverance. Whatever you do don't give up. Things will get rough at times. There will be days when sales just aren't coming in or periods when profits are not where you would like them to be. If you throw in the towel without giving it everything you have you will always wonder what could have been. It can take 6 months to a year and sometimes longer to establish a successful business, so be patient and persevere.

Millions dream of starting their own businesses at home but without these four key ingredients that dream can very easily turn into a nightmare.