Trevor Nel, of the social entrepreneur defines what it takes to succeed as an entrepreneur.
* Do it if you have passion about the project. You will not succeed if your heart is not in the venture.
* Have clarity of purpose: define what success will look like and quantify your goals. Write a business plan for the new venture.
* Make sure you have "sufficient" resources to succeed: money, time, psychic energy. If you are already wiped out from your job, you will have a hard time finding the extra energy and passion you will need to make the venture successful.
* You must have personal and organizational commitment and courage to succeed Is your organization ready to take this on? Is everyone on board with the plan?
* Articulate your organization's core values: does this venture fit in with the list? If not, don't do it.
* Be focused on the customer.
* You must have a willingness to plan: do not hesitate to ask for help.
* Be #1 or #2 in the marketplace, or don't do it at all. Like General Electric, you should plan on being the top player in the marketplace of services for your venture, or you should not bother to do it.
* Build the right team to carry it out.
Check out the other links too (link)