Define what’s necessary; say no to the rest.
I’ve heard a lot of great business ideas lately — and more than a few people announcing that now is the right time to go into business for yourself. I think that there’s a lot to be said for becoming an entrepreneur during a down economy — although the risks definitely go up. With your own business, especially if you hold on to your day job as long as possible, you’ve got more flexibility if you get a pink slip. But starting your own business is certainly not for everyone. There are certain characteristics that can significantly improve the odds of succeeding as an entrepreneur. Without these characteristics, though, it’s hard to do well even with the best of business ideas.