Tips for the young entrepreneur

2012 will be the year of the entrepreneur, predicted Time magazine.

http://business.time.com/2012/01/03/2012-the-year-of-the-entrepreneur/

With technology offering low-overhead business models and access to
innovative funding options like crowdfunding, it might be easier than
ever to launch your own small business, product or service.

Some tips :
Make a detailed business plan.
Be open to the possibility that your research might require
alterations to your business model.
Be flexible.
Build in extra padding for start-up costs.
Do not expect to rely on profit in the short term (do not expect any
profit in the short term).
Seriously study your competition and the marketplace.
Why will customers come to you?
What are you offering that other businesses are not?
Create a full-fledged marketing plan.
This must include a strong online presence.
Don't quit your day job.
If you don't have one, consider getting one while you build your business.
That way you won't be reliant on your new venture until it's truly
ready to provide for you.
Finally, make sure you have the stamina.
Entrepreneurs work long hours and put everything they have into making
their venture a success.
Chances are a regular day job will be less intensive, less demanding
of your time and less stressful, at least at first.

http://blog.nwjobs.com/careercenterblog/2012/04/are-you-ready-to-become-an-entrepreneur.html