There are five things you should know before embarking on the journey to becoming an entrepreneur. You must have a nest egg built up and be prepared to invest a lot of time and money into being your own boss. Before you do this, however, decide if it’s right for you. Do you have a fallback plan if you fail? To become an entrepreneur, you must become knowledgeable about finances. Poor money management is one way a young entrepreneur can spiral down into failure.