3. Level of commitment
It is indeed about taking a leap of faith. It means, there should be no turning back. You cannot start a business one day and then wanting to go back to your old job another day. You have to be committed to it. Your business needs your commitment.
It is also about not bailing out when things get tough. The high level of commitment is needed in terms of fighting through all the worst conditions you could only imagine.
Besides, you also need to be committed to your own plan. Expanding your business into another field is a good thing. But switching from one to another may not be.
When you are building the business with several other partners, it gives a new level of commitment issues. It should be clear from the very start that all of you are in this together and that all of you have the same level of commitment.
