According to Small Business Trends, more than 50 percent of small businesses fail the first four years.

So, if you have a great new idea or invention, and you are ready to open your start-up business, do not think that the idea or product is enough because there are several reasons for why start-ups fail:

To succeed you need to have a business plan that includes every aspect of how you will run your operation. Another essential element is research; you will have to do lots of it before spending money.

Furthermore, you should not assume that you will get financing other than the money you start with from yourself, family and friends. Only a tiny percentage of start-ups get Venture Capital (VC) funding.

The most important aspect, however, is the team. Do not think that you can do this alone. Nevertheless, you have to select your team members carefully and add as much diversity as possible.

To have significant success as a startup, you will have to master all the do’s and don’ts. Also, a start-up is a seven-day-a-week occupation. Do not assume you are leaving a nine-to-five job for the smooth and flexible life of being your own boss.