Psychologists have recently discovered that “grit” – defined as the unique ability to set a specific goal and do whatever it takes until that goal is reached – is a key element of achieving success in life.

If you are like me, that discovery is not exactly earth-shattering news. Recall that Thomas Edison once said, “success is one percent inspiration and 99 percent perspiration.” Working hard, persisting in the face of obstacles, focusing on the task at hand and persevering until the job is done – those are things you do every day, all day. And in today’s economic climate, the need for grit is a necessity and not just an empty buzzword.

But what’s interesting is that psychologists are now able to scientifically evaluate the relative importance of traits like intelligence, innate talent and grit to lifetime achievement. As an article on the discovery points out, grit is an essential and often overlooked component of success.

So while you may be talented and intelligent, your ability as an entrepreneur to do whatever it takes to achieve your goals may just be the most important asset you have.

And remember, too, that mingling with others who have grit is valuable. You’ll find that at the SAF Phoenix 2009. Hope to see you (and your grit) there.