I came across statistics by the US Bureau of Labor Statistics (BLS) that stated that 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years.
. Starting a business is not the problem but the main issue is to sustain it until it matures. https://www.investopedia.com/terms/b/bls.asp
Passion drives the owner of a business to put in more effort but it should be backed up with necessary skills and expertise. I have seen many passionate business owners fail because they have passion but know little or nothing about the business.
Starting a business without projected customers is useless. You should always ensure that there are people that need your goods or services before establishing the business.
Business takes some time before it starts making a profit. Business owners should wait until they can earn enough to take care of their needs. Quitting a job because you just started a business is a big mistake. The business should be part-time until it matures. You can hire people to run the business while you do your job.
This should be the number one after the identification of a need or a problem. The business must first start on paper before starting physically. The business plan is the roadmap that guides the business, therefore it's important.
This point depends on the nature of the business. If you can run the business alone, you don't need partners.
But if you need assistance and collaboration, then it is important to seek a viable partnership.