The very definition of entrepreneurship it implies many twists and turns. Founders start companies based on an idea, form a business plan around what they believe will be the future of that concept, put their foot on the gas pedal, and drive away. Along the journey, founders are forced to make many quick but impactful decisions with limited resources and hazy knowledge of how their results will play out. In essence, they are building the foundation of a house, without knowing what its roof will eventually look like.

Many of these early stage decisions are fundamental and become even more important as the company itself matures. Due to arbitrary and self-imposed goals and deadlines, founder it can overlook critical components to building a sustainable business. Rushing can be regrettable later in the company's life cycle, costing time, people and financial resources and, potentially, the company. In fact, according to the United States Bureau of Labor Statistics, roughly 10% of startups fail within the first year. However, this percentage increases over time, by one eventual long-term failure rate of 90%. After all, the choices we make today can take years to manifest, and the results can be damaging.

Related: I Made These 3 Big Mistakes When Starting a Business – Here's What I Learned From Them

Here are eight critical actions that founders overlook when launching their companies:

1. The proper formation of their company under the proper structure

There are many structures that companies can take early, including an LLC, C-Corp, and S-Corp. Each has its own advantages and limitations, and it is important that founders match their company structure with funding and tax purposes. For example, an LLC would be a suitable structure for a convertible note and comprised of private investors. To properly determine the best structure for their enterprise, founders need to outline their structure investment strategy and consult with a skilled company formation attorney.

2. Protecting their IP

Intellectual property must be protected at the beginning of the creation of the company and certainly before a product is launched on the market. Companies should seek an IP attorney to trademark company and product names, logo designs, and any protected product designs. Additionally, especially for technology companies, patents must be filed before product launch. While the costs may seem expensive, especially at first, IP can end up being a major source of value for a company later on.

3. Establishing a proper board of advisors

While the founding stage may seem premature to get a board of advisors, it can actually be helpful and even critical. The reality is that founders alone cannot cover all the skill sets and experience bases needed to ensure a positive outcome in the future. Even in the earliest stages of financing, the “team” is an essential component for investors betting on the success of a company. Advisors can fill skill gaps that are initially lacking and serve as an important determinant of an investor's choice to invest. Therefore, founders should assess the competencies and deficiencies of their teams and formally onboard advisors to fill those experience/skill gaps.

1. Determining the right financing strategy. It is commonly assumed that venture capital is the holy grail of investing and that the most successful companies build themselves by securing VC money. VC money is great for certain companies, but there are also limitations – once a company secures VC money, it then has outside entities owning a good portion of its capital, and those entities more after they have a strong role in the following decision-making process. Some companies may want to grow at a different rate than VCs would require, resulting in a mismatch. As a founder, it's important to properly identify success for the company—by asking yourself what growth it also looks like a part of the company you are ready to part with in the long run.
2. Assessing founding team dynamics and identifying gaps. While consultants may fill some short-term skills gaps, the reality is that they are not working full-time at the company. Therefore, it is important to identify the present and the future skills gaps among the founding/executive team, outline the roles needed to fill them and create a timeline for hiring. Some may not be needed until the next round of funding, and others may be immediate.
3. Assessment of the current macro environment. While a founder may have the most innovative idea on the planet, the current macroeconomic environment may not be conducive to supporting it. It is important to review the wider macro environment regarding the acceptability of your product or service and the environment in general. For example, the market may be ripe for an offering, but the financing environment as a whole may be dry. A realistic estimate will enable a founder to create a more realistic growth plan.
4. Making their way to the market. Founders can become so enamored with their product or service that they forget to evaluate how they will let others know about it. It is important for a new business to clearly identify its main customer target and its total addressable market in order to understand how much it will cost and how long it will take to acquire these customers.
5. Determining their long-term commitment/investment. Jeff Bezos said: “All overnight success takes about 10 years.” This could not be more accurate. Entrepreneurs read the shiny social media accounts of companies that immediately skyrocket and experience a rapid hockey stick growth curve and expect that success, but success takes time. Early on, founders must assess their personal time horizons and determine how much time they are committed to their endeavors. Part of this may be their personal commitment, especially if they have a family. Part of it can be financial—as a founder, knowing your personal financial track record is critical. Hiring an outside executive coach and even a therapist can help to better navigate these waters of life.

Related: Don't neglect this crucial business function if you want your startup to succeed

John Wooden, the coach of the UCLA Bruins basketball team, who is considered the greatest coach in NCAA history, taught his players how to put on their shoes and socks in a very specific way. When asked why, he said: “The little things matter. All it takes is one little wrinkle in a sock to put a blister on one foot and it can ruin my whole season.” Winning the entrepreneurial game starts with intention, founders do everything they can to purposefully put themselves in the best position for success. Beyond that comes a little luck and a lot of strength, but it starts with proper preparation.