Before giving up your job and trying your luck on becoming your own boss, you still need to get yourself straight.

Evaluate yourself

Take a moment to evaluate yourself, your skills, and your situation. Giving up a job is a risk. It is a leap of faith. You have to take into consideration a lot of things, and you need to find the answers to your questions. Some of these questions are as follows:

A.    What kind of business do you want?

B.    How much money are you willing to risk?

C.    What do you love doing so much that you would like to do it every day?

To find out the answers to these questions, you can take a stroll downtown and take note of establishments that catch your attention - that spark your interest. Take the time to think. This is not an overnight thing. You have to be fully committed to this challenge.

Once you have taken the time and have finally come up with a decision, then you can do the following:

1 Research your business idea

Make sure you know your business. Research about it as much as you can.

2.Study your customers

Who is your target audience? How do you build them? Jim Duffy, founder and chief executive of Entrepreneurial Spark, says: "Build the relationship, be valuable to them, and then they will see you as the go-to person for your sector and might even buy your product."

3.Get financed

Where will you get your finds for your business? A bank? P2P lending? Come up with as many options as you can and then decide which one you will use.

4. Overcome loneliness

Starting your own business requires a lot of time working on things alone.

"Look out for where other people looking to start a business hang out," says Dawn Whiteley, Chief Executive at the National Enterprise Network. "It can be lonely starting up on your own and that's definitely when the lack of confidence can kick in, but if you build a network of like-minded people who are sharing the same highs and lows it can definitely help. They don't have to be in the same sector as you, the very fact they'll be facing some of the same issues will be enough for you to have empathy with each other."