If you want to start your own business, you need two things: conviction that you're solving a problem and the belief that you are going to solve it better than anyone else. That is according to Elliot Weissbluth, who founded wealth management firm HighTower Advisors in 2008. Beyond that, there are a couple of other key points you need to keep in mind. More from Straight Talk:

How investors can save the world, one dollar at a time

How to handle gaps in health insurance coverage

Here's how blockchain will fit into your life in 10 years

Recognize you're going to make sacrifices

Running your own business will consume your time 24 hours a day, seven days of the week for every week of the year. That goes even if you are on vacation with your spouse and family, according to Weissbluth. "Those sacrifices can be thought of as trade-offs because the reward for building your own business is significant, but that trade-off and the sacrifices to get there are also significant," Weissbluth said.

Start with the end in mind

Getty Images

When starting your business, you will likely have a short list of things that need to be solved. And that short list will never cease. It will empty and refill as your business grows, Weissbluth said. But there is a risk that in working to cross of items on the list, you could end up spending time and money on interesting pursuits that do not actually build the business, he said.