It’s an exciting time to be an entrepreneur because technology has levelled the playing field and propelled an entrepreneurial revolution over the last decade. As an entrepreneur, you now have greater access to information, allowing you to make more informed decisions more quickly. You have an advantage over large corporations because you are lighter, more flexible, and faster on your feet. You can target new markets faster, and you can pivot on a dime.

However, being a successful entrepreneur necessitates looking at the big picture and sticking to a plan from start to finish. Reva Lewinsky, editor-in-chief of Entrepreneur Magazine, offers some practical advice for starting your own business:

1. Do Not Give Up Your Day Job.

Consider starting your business part-time, especially if it’s online, while you’re still employed and earning a steady income. It usually takes six months to a year to get a business off the ground, and you don’t want your ability to make your mortgage payment to be contingent on your company’s success. Begin with what you can manage financially and in terms of time, and then scale up as your business grows.

2. Determine Your Niche.

General stores are no longer in use. Customers, particularly those shopping online, are looking for stores that specialize. You must identify a need that a specific group of people desires but can not find at large chain stores and fill it. Lewinsky advises, “You can’t compete with the big guys, so go where the big guys aren’t and go into your niches.”

3. Maintain an online presence.

Even if you do not intend to start an online retail business, consider how the internet could help your company. Having an online presence removes the constraints of physical location and expands your customer base by millions. It’s also a great tool for promoting yourself and letting people know you’re there and what you’re doing, even if they’re not in your immediate area.

4. Refuse to give up.

Entrepreneurship requires creativity, energy, and the determination to persevere even when things go wrong. Few people realize that before the extremely successful Microsoft 3.0, Bill Gates created Microsoft 1.0 and 2.0, both of which flopped, but he persisted. And it is this determination and refusal to give up that distinguishes successful entrepreneurs from unsuccessful ones. According to Lewinsky, to get past the no or the difficulty, arm yourself with optimism. There is nothing wrong with failing; just don’t make the same mistake twice!