When you start out as an entrepreneur you need time and creative space. This space can only develop if you allow yourself the time to make your business profitable. I have a five-year plan but I started preparing for this step together with my husband about three years ago in August 2009 we had the basic ideas that would shape this business and it was my long-term vision since 1996.
Having a vision, good ideas and potential business partners is not enough if you do not have creative space. You need some financial security so that you will survive without an income for at least six months. If you had a very good income for years, were used to booking vacations in any place in the world and flying to NYC for long weekends then you better decide if you are willing to live on half of your income or less for at least two years.
You might also need to decide to change some habits. You might need to move into a flat share or sell your car. Most importantly, you need to define your financial priorities. Will you be able to handle less luxury for a while? Are you prepared to work 24/7? Does your family support you when you are getting really busy? Do you have a network, which understands your needs and helps you through times where you do not know if you are going in the right direction? Do you have a good business plan?