.This seems to be a simple enough advice, yet many people make the fatal mistake of not thoroughly understanding what having a business means and the kind of work that it entails. There are a number who do not even understand the nature of the business that they are getting into.
If you are going into the video rental business, for example, you must know that this is a low-margin high-volume business that will require you to constantly without fail update your inventory. Then think of how this information can affect your business strategies and what you need to adapt to ensure success (e.g. you need to choose a high traffic location, etc.)
Make every effort to learn about the business from the skills that you need to have to the market that will patronize your business. Do thorough research. Research is not a difficult task it can be as simple as asking existing customers or the business owners to buying books or reading trade magazines on the topic. You need not spend thousands of dollars to conduct your own marketing research.
– George Rodriguez, “Changing Track: Managing the Transition from Employee to Self-Employed,” PowerHomeBiz.com