The statistics on small business survival are daunting: Only 50 percent of new companies will survive for more than five years in the U.S. marketplace. Before diving into entrepreneurship, wouldn’t it be ideal to tap into the knowledge of experienced, thriving business owners for advice on failure-proofing a new business?

We asked members of Entrepreneurs’ Organization (EO), a global, peer-to-peer network of 14,000-plus influential business owners, what lessons they wish they’d known to ensure ongoing success before starting their companies.