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Long before deciding what their business should be, emerging entrepreneurs need to understand why they want to start a business in the first place. In a Forbes article, business owner Neil Patel says this comes down to knowing yourself. He advises anyone considering this path to spend time understanding what brings them happiness. Ask yourself ‘What gives me fulfillment and satisfaction in life?' then do that – or some variation of it – for a living.

It's hard not to dive headlong into building a business after you have the initial spark of an idea, but long-term success requires long-term research and planning – especially if you want to avoid the pitfall of being one of the 96% of businesses that fail in the first decade. The tried-and-true method for translating motivation into a tangible idea is to create a business plan. Creating a business plan requires entrepreneurs to think through every single piece of the puzzle. Entrepreneur provides several articles about what goes into this crucial step.

Due diligence is the careful and thorough process of evaluating a potential investment. For aspiring entrepreneurs this typically means finding out whether your service or product has been done before (and if it has, is there a way for you to do it better), whether it's really needed and who your target audience would be. Business Insider reports that 42% of small businesses fail because they don't have a market for their service. 19% fail because they can't beat their competitors. Due diligence requires extensive research from all angles and can include focus groups of both prospective customers and investors, talking to other entrepreneurs about the product, surveying prospective markets and gathering and analyzing customer feedback.

Although Jason initially fell into his idea, he put in time and effort to ensure it would be successful before launching. “There was a lot of testing and failure to validate the idea,” he says. For instance, he initially thought boot camps on subjects like college essay preparation, interviewing for internships and writing resumes was a great idea, but his research led him in another direction. “We found that offering those services separately – especially college essay tutoring – was best for product delivery,” he says.

Even if you think you've got the best product or service imaginable, it won't be profitable if it doesn't speak to your target market and they don't hear about it. Patel learned this firsthand while trying to get Transizion up and running. “When I first started, I didn't research the target market quite enough and went straight into the service. Big mistake,” he recalls. Jason created a product that spoke to him, but he soon found out it wasn't what his customers needed.

Jason relied on feedback from his customers to make changes. “I studied my first customers, asked them questions and observed their pain points and common themes,” he says. “But I also read blogs, community forums and Reddit posts from other entrepreneurs in similar industries to see what they had learned.” Jason maintains that absorbing information from others is the best way to figure things out. “It's all about learning from the experiences and perspectives of others. Trust and social proof are also significant factors, so we're working to leverage our case studies and 100% positive reviews.”

As reported by Business Insider, 82% of small businesses fail because of cash flow issues while 29% fail because they've completely run out of cash. Depending on the type of business you want to start, it may be necessary to raise significant amounts of funding before your business can actually come to life. Some entrepreneurs may use their own funds, while others may seek out investors to expedite the process. Quickbook offers a list of 12 ways to fundraise for a new business. For Jason, he used a mix of his own money and an outside investor. “At first, I bootstrapped and took two side jobs to support myself,” he remembers.

Eventually Jason asked one of his older professor friends who had always taken an interest in his work to become an investor. Because Jason already knew his potential investor, the process of pitching his business was a little less daunting. “He already knew me so I met with him and proposed the idea, proof of concept, marketing strategy and future products. He knows I'm a man of my word, so the vetting process wasn't anything intense.”

Many entrepreneurs, however, must jump through hoops to get funding. The vetting process used by venture capitalists and angel investors can be rigorous, and entrepreneurs need to consider whether their company is ready before reaching out. Salesforce offers some insight on what these funders are looking for when considering potential investment opportunities.

Hiring the right people can make or break a company – especially when it's just starting out. Before the hiring can begin, however, you have to decide if you can support another employee. According to business publication Inc., three signs that you're ready for your first employee include turning down work, a new revenue stream or constant complaints about timeliness.

When deciding to hire an employee, keep in mind their actual cost. While salary will likely be the largest, you'll also need to factor in recruitment, payroll taxes, equipment and training. Entrepreneurs also need to decide if they will offer a benefits package.

It's important for entrepreneurs to have a good sense of how to evaluate people and their capabilities before starting this process. As Business Insider points out, 23% of small businesses are unsuccessful because they don't have a solid team in place. Entrepreneur offers a list of tips for recruiting and hiring well-suited professionals. For Jason, recruitment meant leveraging numerous platforms to find the best people. “I recruited through social circles, Upwork and neighborhood job postings,” he says. Transizion now has eight tutors, designers and content marketers.