They are extremely motivated and fascinated by nearly every aspect of their chosen area of expertise. They need to know their product, its market, competitors and be able to create appropriate market entry strategies. To start up a venture on your own you must have capital, initiative, creativity, and nerves of steel. Hedge your risks, always keep a plan B in mind. Over three-fifths of new businesses and franchises fail within eighteen months of opening their doors.
Few entrepreneurs think to arrange a back-up plan in case of failure.
You should begin by asking yourself questions on a far more personal level in order to refine your plans and increase the likelihood of success. Ask yourself about your life's goals and how running a business coincides with these goals. Entrepreneurism creates major life changes. It is a decision you will live with for a long time. There is no more important question you can ask than the one that will help prioritize your life's plan.