I am a big fan of questioning yourself and your idea prior to starting in the same way that a business angel would prior to investing.

The potential investors of your business are usually very smart people that already have gathered a fortune. And if you, as I, believe that we could learn a thing or two from these investors then keep reading.

The approach I am about to present can be compared to the approach of an effective student preparing for an exam. The student will start by looking at the questions in previous exams and after that the student will study the theories and eventually the student will come up with the answers.

Ever heard of “the entrepreneur rollercoaster”? It describes the emotions and thoughts of the average entrepreneur at different stages of running their startups.

Most people will advise entrepreneurs to just “jump on the rollercoaster” and hope that their idea will make it. But most people don’t realize the amount of work that will be put into developing a successful company. And most people don't realize the importance of commitment when building a growth company.

“Jumping into a startup without market testing is like skydiving without a parachute.”

Looking back at my first startup I actually feel embarrassed for not conducting some simple market testing. I was so in love with the original idea that I was in a “build the product and the customers will come”, state of mind. I neglected to test the market, and without a market it is pretty much impossible to build a profitable company.

I used to think that this was clearly a “Rookie mistake”, but just the other day I stumbled upon some data on why entrepreneurs in the Nordics lay down their companies, and I was quite amazed.

34%! Of these companies were laid down because they were unprofitable.

Take a moment and ask yourself, have you seen an idea succeed without changing? Contrary to the common belief that successful start-ups come from a flash of genius, many successful start-ups come from ideas that linger in people’s minds for a longer time, slowly developing.

A researcher by the name of Steven Johnson calls this the slow hunch, explaining that most ideas take a long time to evolve. The video below explains what Steven found when he researched where good ideas come from.

For a person who is striving to create a successful business, fear of failure needs to be addressed upfront. There are harsh realities associated with business failure: financial loss; potential negative reactions by peers, family and friends; a stain upon one’s professional image; and a blow to one’s sense of self. The only real course of action for the entrepreneur is to work with your fear, emerge from your cocoon and focus on creating solutions for your customers.