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!

What a day! Regardless of your political point of view, the peaceful transfer of power that is the cornerstone of the American political system is something to celebrate and watch with awe. In few other countries, and certainly none with the power of the United States, does the government pass from one person and party to the opposition without significant strife. In most countries it occurs at the end of a gun. So whether or not you are a supporter of President Obama’s policies, today is a great day for democracy.

For leaders, this is also a day to observe how people react to change. We will see tears of joy and tears of fear. We will see celebration and grieving. Some will see the coming greatness while others see the coming Armageddon. In these times of change, leaders are responsible for managing the change process and the emotions it elicits. The supporters of the change will see only the benefits and they will refuse to see, or are simply blind to, the potential pitfalls. Those who don’t support the change see only the failure lurking on the horizon. They are incapable of accepting that the change offers opportunities for growth and improvement. If the leader fails to manage this process properly, the result will be a failure to grasp opportunity and serious damage to the culture of the organization.

It’s been 16 years since the United States had an inauguration that was truly celebrated. Midterm inaugurations don’t carry the same anticipation that accompanies a change of presidents. Bush came to office in 2000 amid the trials and tribulations of the Bush-Gore debacle, settled only by a divisive Supreme Court decision. So it’s been since Bill Clinton took office in 1992 that we’ve seen a celebrated change of power, something few of us can remember. The youth so pivotal to the outcome of this election were elementary school children at the time. There was no internet, I-phones, laptop computers. Wow!

So business leaders, executives and supervisors alike, should step back for a moment to observe and learn a few things from this change process. It is your job to marshal change through your organization. While the affect of your actions may have little impact on the country, the impact on your organization is no less impactful, the emotions and expectations of your co-workers no less real. You will create anticipation as planning for the change takes place. When the “change” is to be shared with the team, there will be expectations created by the listeners. Too much hype and the announcement is a let-down. Too little and the impact becomes magnified and distorted. Either way, they will watch to see what follows the announcement either clamoring to get on board and yawning and exclaiming, “Same story, different week.” “Wait a minute and this too will pass.

It is too early to draw conclusions about the new president’s inauguration address. But when change management is your job, watching what the nation goes through and learning from the observations will make you better and more effective at moving your organization into uncharted territory.