Business owners must be patient with themselves if they are to achieve success.

"New CEOs must be especially sensitive to subtle power struggles and infighting, which may hinder progress," Saporito says. "They must stay tuned to their network of reliable contacts throughout the organization to obtain feedback allowing them to monitor these trends."

Saporito concludes that virtually every new CEO or business owner soon comes to the conclusion that he or she has not been adequately prepared for the position. As new CEOs begin to understand how little they may know about some of the expected activities, they may experience personal confusion, anxiety and self-doubt.

"It is important for new CEOs to honestly accept the difficulty and daunting complexity of the position," he says. "This calls for self-examination and deliberation. Frantic activity will only increase anxiety and degrade outcomes. CEOs must be realistic about their skills and limitations and surround themselves with people whose skill sets are complementary."