From Mark Ford in the Wealth Builders Club: If you’re tempted to start a business in a field you have never worked in, be aware that much of what you do in the beginning will likely be wrong. Ask yourself if you have the resources—human, capital, and emotional—to push the business forward after you suffer from your mistakes.

There’s no better foundation than building on what you know. You might be drawn to the rush of something new and exciting, but your chances of success decrease with every step you take away from what you’re familiar with.

To improve your chances of success, I want you to ask yourself the following questions. And be honest. It’s better to discover that your business may not be right for you, or the market, earlier, rather than later.

 

1. Is my business idea something I truly love? Can I spend 15 hours per day working on it? For the next 20 years?

2. What demand is my idea meeting in the marketplace? Am I sure someone else hasn’t already had this idea? If they have, are they making money at it? If not, why? How will my idea be different from theirs?

3. What evidence do I have that anyone will actually spend money to buy my product or service? (Remember, just because you think you have a great idea doesn’t mean anyone else will.)

4. Do I actually know the business I’m considering? (Just because you eat at nice restaurants doesn’t mean you’re able to run a nice restaurant.)

If you want to be a successful entrepreneur, I say go for it. But do your homework and build on what you know.