It's good to know your limits, whether operating in a professional or personal capacity. Just as you want to be sure you don't overstep your boundary line in social settings, entrepreneurs should recognize their skills and limitations when it comes to running a business.

Most entrepreneurs start their own business based upon their belief in the potential for commercial success of their service or product. They are very passionate about what they do. And while they are experts in specific skills and have a strong knowledge base, many entrepreneurs are not prepared for handling the daily grind of business ownership.

Secretary of State Hillary Clinton wrote a book with a message that it "takes a village to raise a child."  Similarly, it may take a team of specially trained individuals to manage a business.  Making a great product or offering a superior service is only a small component of whether success will be realized.

Employees have to be hired, trained and paid.  Leases have to be managed.  The existence of the great product or service has to be spread to potential consumers.  The business owner's "secrete recipe" (i.e., customer lists, manner of doing business, proprietary techniques, etc.) must be protected.  And key employees must be properly compensated. Failed businesses are often related to the operational side, rather than the product or service side of the business.

A building is only as strong as its foundation.  In business, the foundation of the enterprises consists of a great product or service and effective management of all aspects of the business.  Where cash is king, the small or start up business owner may keep the number of employees lean and usually wears many hats including "chief, cook and bottle washer".

In managing everything, the owner must make sure that the enterprise is running efficiently and that all legal risks are managed. The latter can be significantly aided by ensuring that appropriate legal documentation is in order, and that the businesses assets are protected.

Whether you are a current small business owner or are thinking about starting a new business, recognize your strengths, weakness and time limitations. Is your background and experience broad enough to critically examine all aspects of your business venture?  When in doubt, consultants provide an excellent resource for business owners traveling unfamiliar waters and will help to avoid the mistakes of countless others.

It takes work to recognize your areas of competency. When it comes to making your dream a reality, know and respect your limits. Your company can't afford to have areas like legal risk and compliance, finance, sales, product development and marketing ignored. Do what you know, and do it well.  For what you don't know, you should turn to professionals for help.

By Mark Snitchler