Don't quit your day job

Sometimes in our boredome with what we are presently doing, though it is paying the bills, we look to new ventures.  This is fine, but do not be quick to leave what is paying your bills for this new opportunity.  I like the 40-15 rule.. Keep your full-time job until your new venture, which is only taking 15 or so hours generated half of your current income.  This formula allows you to maximize the time you are spending with this venture and also establishes a benchmark for a possible transibition.

See the future

Too many businesses do not see future trends.  Example, how did Blockbuster Video not take that the the video/dvd rental business was not changing?  If Netflix did not get their attention then Redbox should have been all the data they needed to know things were changing.  They were either stubborn, prideful or
or just not very informed.  You must be alert to any changes in your industry.  Be ahead of the trends.  It was after Walmart past Sears that they figured out retail was changing.

You never have enough

Never turn down credit at reasonable terms.  Yes, credit cards and lines up credit, all with good terms can be a business saver in a crunch.  I would not use them for running my day to day business, but in a cash crisis, credit is like oxygen.

Defense requires less troops then offence

In military strategy it is common thought that it requires 3-5 times more troops to attack then to defend.  In its most simple axiom- defence requires less offense.  Why?  Someone who  defending feels a greater sence of purpose.  They may feel more is at stake.  This is true in business as well.  Have a clearly defined purpose for your business that you know is of value to your customer and you are far more likely to effectively defend  (promote, advertise it).

Get energized

Owning a business is draining not only physically but mentally and emotionally.  It is wise to find a way to start your day or end it something that renews your strength. This may be a walk, exercise or just sitting in a chair reading. Set aside a few minutes each day to re-charge yourself.

Persistance

Desire, the passion to succeed, is a non-negotiable for success in anything. Once you have established what you desire, then each day, their must be an action you take toward accomplishing it. 

You need to be an expert

Unless you are bringing the capital to the business, you better bring the expertise.  Silent partners, those bringing the much needed capital to the table do not need expertise but the person running the business must have it.  3 things you must have in a business for success: Capital, Time-someone manning the shop, and Expertise, knowledge of all the in's and outs.

Key things to ask yourself

Be honest, and ask yourself why your proposed business will succeed?
Sounds simple, but follow that up with this, would you go all in with
this idea. I am not seeing put everything up for it, but you need to have enough
confidence in your idea that you would.

A good idea does not make you an entrepreneur

There are many questions you should ask yourself before starting a business. Let's start with question one, what makes your think your idea is so good?  I mean business is competitive so you need a competitive advantage.