I have found out that starting a business is similar to starting a relationship; much is involved;

The most important thing I'll advice you to have/create is time.

The best time to start a business is whenever you decide to devote your attention to it. I'm not implying that you cannot start a part-time business and still keep your job or still go to school, but rather what I'm saying you'd have to understand your energy level, which of course varies for each of us.

Knowing where you put your time daily matters a lot. This will help you save time where you can so as to increase your productivity.

You must be willing to commit your time because in order to give yourself the best shot at starting a business you have to be able to focus on it.

The best time to starting a business has nothing to do with how old you are; it’s a matter of where you are in your life and whether you’re ready and able to face new challenges.

People will readily reward you with their money only in exchange for some sought of value that you provide them. So when you are ready to sit down, focus your time to generating value only then should you start a business.

Use your time wisely. Thanks! and please add other requirements you believe from experience entrepreneurs should consider having.

Beta Test it: As any successful software
developer knows, a beta test gets your
product in the hands of users early for
critical feedback. Do not keep your idea
secret. Share it with a select group of
potential users. Without real-world
feedback your business opportunity will
quickly hit the wall.
2. Find the Target: Far too many small
businesses fail trying to be everything to
everybody. Maybe your idea has
potential in multiple markets, but start
with one target with the greatest need.
Your business opportunity should grasp
the attention of a specific and reachable
market. 'Female teenagers who read
religious books and media' is much more
definitive group than 'all teenagers who
have spiritual interests'.
3. Apply Protection Armor: A new business
opportunity is a delicate thing. In order
to protect and nurture your business you
will need to apply some form of
protection armor. This armor will
provide assurance that no companies
invade and steal your market share.
Protection armor can take the form of
exclusive contacts, licensing, patents, or
the best location on the block.
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4. See What They Want: Ultimately,
business comes down to the simple task
of providing a product or service people
need. Simple; yet often overlooked. Your
business opportunity is rated high if it
meets a customer's needs or wants.
There may be an open market for a new
form of toothpaste, but if consumers do
not want another choice of toothpaste,
then success will be fleeting.
5. Play The Money Game: Every small
business opportunity needs to be
evaluated against the cost of building the
business. The opportunity can be great,
however, if you are not prepared to go
out and raise the million required for
launch, then this opportunity is not for
you. The best business opportunity is one
that matches your ability to deal with
and raise attainable cash.
6. Bring Your Skills to the Table: A business
opportunity can have an incredible
upside only if you bring the skills
required to succeed. If the business
requires you to go way outside your
comfort zone, it might be better to find
something that more closely mirrors your
skills. Ten years of retail experience
offers much more chance of success than
an opportunity based on telemarketing
skills.
7. View the Event Horizon: In the near
future, what is the likelihood your
business can be replaced by technology,
impended by government regulations, or
made obsolete by social changes?
Perform a quick SWOT analysis to see
how your small business opportunity will
survive. It is not be realistic to start a
music store during the peak of digital
piracy.
8. Use the People Factor: Many business
opportunities will require a motivated
and skilled work force. Make sure you're
able to fulfill this equation or it will be
the one critical success factor which can
make or break you. Remember, good
people are hard to find. Ponder how you
will gain and retain them.
Did your business opportunity meet the 8
simple rules? If not, do not despair. It
may just mean you need to tweak the
idea into a marketable, viable form. Once
your opportunity is set in a firm
foundation, you can now apply your
passion and fire to lift your business to
the height you desire.