You can succeed as a new entrepreneur, but you’ll have to do your homework. You’ll need to pay close attention to everything from your capital requirements (take whatever figure you have in mind and triple it), to staying on top of your financials (get a CPA experienced with small business clients), to managing inventory and targeting the right niche. In addition to attending events such as the Entrepreneurs Conference, you’ll need to stay on top of trends and constantly educate yourself, tapping entrepreneurship classes at your local university and resources such as SCORE.

I am encouraged by President Barack Obama’s $15 billion plan to help small business by eliminating banking fees and boosting access to capital and loans. However, this is not the economy for instant, get-rich-quick success. Nor is this the time for seat-of-the-pants, make-it-up-as-I-go, hope-I-survive entrepreneurship—the economic environment is too competitive, too unforgiving, and the stakes are far too high. Launching a new business in this historically difficult economic environment requires two things in abundance: preparation and patience. It is critical that new entrepreneurs lay a sound foundation for their enterprises, starting with thoroughly researched and well thought out business plans, and access to experienced mentors and advisers. And since the economic recovery may not be realized for at least two more quarters, and even then won’t instantly become apparent, any businesses launched today must be organized for the long haul and built to last. Your mission as a new entrepreneur is to prove your mettle in a tough economic environment and to reap the rewards of business success as the economy recovers. I’ll see you at the top.