There exists an enormous difference between wanting to do something and being able to make a living at doing that something.

Being a successful business owner requires investing your own money in addition to a ton of time and effort. Despite the appeal of being your own boss, the reality is that not everyone possess that business gene. Before launching your own venture, get yourself equipped with the following:

1. Understand the implications

- Be ready to work long hours.
- You’ll need to cope well with pressure.
- The stakes can be high.
- There are many tedious tasks to be completed.
- But the personal rewards can be great.

2. Assess your skills and attributes

- Make sure you have the sector-specific skills your business will require.
- You need determination and confidence.
- Helps to have an independent streak.
- But you’ll also need to work well with others.
- You must be flexible.
- Patience and resilience are valuable attributes.

3. Make sure you have a support network

- Discuss your plans with your family.
- Seek the advice of friends and colleagues.
- Talk to the experts.
- Join suitable support groups.

4. Get your finances right

- Assess the financial implications of starting a business.
- Be clear about your financial priorities.
- Consider the implications for others.

5. Weigh up any doubts

- Don’t worry about fearing failure.
- Take steps to improve your chances.
- You can fill in gaps in your knowledge.

Source