Passion is key to keeping a business strategy moving. Half-heartedness in an entrepreneurial endeavor will chip away at your drive to succeed. Perseverance is the one thing that's guaranteed to move anything over time, whether it's a person, a job or an entire company. Abraham Lincoln failed at most of his efforts until late in his life, but he never gave up.

Jumping all in is rarely ever successful. There are success stories about people who invested everything once and came out winners after six months or a couple years, but those are rare. Risk management is an essential factor in any startup, and balance is vital. You can absorb losses more easily if you take smaller risks in the beginning. Those will provide essential and productive lessons.

Successful entrepreneurs often worked for others in their field of choice before striking out on their own. Spending a few years in the industry under an excellent mentor will provide a good launching pad. Learn from your predecessors' mistakes and brainstorm about how to improve upon their model. Find someone willing to teach, and think about starting your business elsewhere when you leave.