1. Flaws in entrepreneurial thinking. There’s no template for what makes a successful entrepreneur tick, but certain character flaws crop up again and again when a business fails. It’s vitally important to know why you want to start a business. If you think that you’ll make money quickly and easily or that, just because you work for yourself now (and not someone else), you’ll have more time to spend with your family, it’s time for a reality check. Without a passion for what you do, without the mental and physical stamina to put in long hours, and without the attitude that you can take setbacks and keep moving forward, you might as well cut your losses now.