Before you jump into self-employment, Steenerson says you need to be comfortable with being uncomfortable.
While profit is the result of successful business, it shouldn't be why you are in business, says Steenerson, who in 1997 launched Disability Insurance Services, a provider of disability insurance products, to fill a gap in the marketplace.
Starting a business isn't about chasing the latest shiny thing; it's about picking a dream and staying with it even when times get tough.
As an entrepreneur you wear many hats, and spokesperson is one. If you shy away from public speaking, overcome this issue by joining a group like Toastmasters or by hiring a spokesperson for your company.
When you're an entrepreneur, there are no flat surfaces. "One day you're tackling a steep hill and the next you're on a gut-wrenching free fall," says Steenerson. "You need to be prepared to hang on and enjoy the ride."
Winston Churchill said, "Complexity is not a virtue." Steenerson agrees and says simple, straightforward businesses are often more successful.
No matter what the economy looks like, you've got to keep marketing; it makes the business world go 'round, says Steenerson.
Launching a business is like running a marathon. At the start, adrenalin keeps you going, but 15 miles in, you can hit the wall. Entrepreneurs are willing to push through the portion of the journey called the "middle mile" - the place where challenge and drudgery happen.
Tying a shoe is complicated - and so is running a business, says Steenerson. Entrepreneurs need to be able to delegate tasks and to direct others. This means you need the ability to take a task and break it down into easy, actionable steps for implementation.
As an entrepreneur, the buck stops with you. You must be willing to upset the apple cart and make decisions