Deng Feng, the founder and managing director of venture capital firm Northern Light Venture Capital

Deng said that China has entered an unprecedented era for entrepreneurial projects. The US' Silicon Valley is a place which supports the growth of world-famous companies such as Microsoft, Apple, Cisco, Netscape, Google and Facebook. However, the speed of gathering talents in China is faster than that in Silicon Valley, especially in the industries of transportation, telecommunication and manufacture. It is a great time to start a business now, and within at least 20 to 30 years to come.

There are five essential qualities that a successful entrepreneur must have:

1. Business sensitivity. Many entrepreneurs have a technological background, but knowing the market and its operation rules very well, is the most important prerequisite for starting a business.

2. Fast learning and adapting abilities. An entrepreneur should be quick in his decision-making, as well as responding and adapting to his environment, so that the company can swiftly adapt to the market and grow fast.

3. Be aggressive. People who always like to take risks and try something different can become an entrepreneur, a job which requires characteristics totally different from those of a financial officer or auditor. Entrepreneurs are not afraid of failure and can learn more from their unsuccessful experiences.

4. Good communication skills. An entrepreneur has to lead a team or a whole company, so he/she should know how to communicate with other people. A high EQ is necessary to judge the advantages and shortcomings of those working for you.

5. Being a good person. Google has an informal corporate motto: "Don't be evil." An outstanding entrepreneur should have a proper sense of worth: to do something beneficial for other people; having strong responsibility for his/her family, employees, investors, clients and the society; being broad-minded and hire employees with stronger abilities. Also the capabilities to admit their own mistakes, to share successful experience with others and to accept the failure of a team and subordinates, are key. No matter how big a business is, an entrepreneur, if being respected by others, can be successful.