For me, the first thing I look for is, how knowledgeable about the business is the entrepreneur. If someone wants to open a Jeep repair shop - do they know how to turn a wrench?

The second thing, how determined, how disciplined are they? Are they willing put in long hours to turn out good product? Are they able to forego some of life's luxuries in order to have money to put into the business?

Finally, are they good with handling money? Are they penny-wise and pound-foolish or do they understand when and where to invest in the big purchases and whhere to keep expenditures small?