Every economic downturn generates a spurt of new business start-ups. Your experience as a senior manager may not prepare you for life as an entrepreneur. Here are 5 tips to get you started.

1. Why do you want to own a business? This is hard work, risky, and time consuming. If it doesn’t work out, you’re more stuck than you might realize.

2. What do you want to get out of ownership? Whether you want money, time, power, a legacy, make certain that the business you start can give you what you want.

3. Do you want to manage a business? Most people start a business for what the business does, not for the opportunity to manage a business. This is a recipe for disaster and disappointment.

4. Don’t think you can do it alone! Even if you do know everything you need to know, find an advisor to act as your devil’s advocate. In the corporate world, your boss and co-workers pushed you to perform better. It’s easy to get lazy and make bad decisions when your assumptions aren’t being challenged.

5. Plan for a year without income. The number one reason for business failure isn’t a bad idea or inept ownership. Companies just run out of money, then cut sales and marketing corners before establishing themselves.

Owning your own business can be the most rewarding thing you’ve ever done. But ownership is completely different than being an employee – at any level. Good luck!