It's not a clich�: business owners do work long hours; they do spend most of their time alone and they do have to deal with all the stresses that come along with few external supports. Before you take the leap into entrepreneurship, it's best to carefully consider if you have what it takes to own and manage a business.

Experts agree that there are several defining characteristics of a successful business owner: patience, perseverance and practicality top the list. But the ability to think outside the box, a willingness to sacrifice comfort and security for the sake of a dream and a solid understanding of the risks involved are only a few of the talents a successful entrepreneur needs.

To assess whether you are ready to work for yourself, ask yourself the following: Do you like to make your own decisions? Do you enjoy competition? Do you possess willpower and self-discipline? Do you plan ahead? Get things done on time? Can you take advice from others and, lastly, are you adaptable to changing conditions? Unless you give a wholehearted, fully-throated, 'yes!' to all of the above, perhaps you're not ready to commit to a new business endeavour.

If you're confident that starting a new business is the right thing for you, and right now, congratulations. This section, Life Happens, will help you as you navigate through the multitude of steps needed before you're able to hang your shingle.