If there was a magic formula to succeed in business then we'd all be running hugely successful companies. Sadly things are not that simple, but it is possible to highlight ways to increase your chances of success. How many of these qualities do you think you have, and which other ones do you think are needed for success in business?

Before you even start it's important to have a goal, to have that big dream where you are a successful entrepreneur. You will no doubt face set backs along the way, so having the big dream will give you something to focus on. Initially a dream might be all that it is, but at some point it will be necessary to come up with that all important business idea. Spotting an opportunity be it a gap in the market, a new invention, a new work practice is what being an entrepreneur is all about. You always need to be thinking about where to go next and what could be the next big thing. Being innovative, being the leader in your field will ensure you're always one step ahead of your competitors.

Of course that's when the hard work really starts. Getting any business off the ground takes a lot of dedication, persistance, organisation and money. You have to be prepared for what lies ahead - both good and bad - and the fact that you are going to be putting in a lot of hours. Initially, at least, you might not see much reward, but remember you are not alone. The road to success often requires risk and hard work. You will need to be very disciplined so that you stay on the road you have planned and don't get disheartened or distracted along the way. Far easier said than done when there appears to be no light at the end of the tunnel.

Do you feel like you have a great business idea or new business, but are struggling to get people to take notice of you. This is a very common problem and can become very disheartening for any entrepreneur. It's the vicious circle of not being known leading to few sales and no one willing to take a chance, but without selling your product or service your business won't gain a name for itself.

So, if you are strapped for cash but want to give your idea a chance have a think about some free marketing ideas.

Of course there's social networking. Get your business onto sites like Facebook and Twitter and start talking about it, offering deals, giving advice, posting images and testimonials. Don't expect a fast take off, but bit by bit you'll see your numbers grow. A lot of it will be by word of mouth as customers pass on recommendations.

Business and new launches are increasingly turning to different funding sources as banks tighten their purse strings, but do you understand the various options open to you? Here we look at one option, which is called crowdfunding.

In basic terms a crowd of people contribute towards an online funding target in return for a small stake in the business idea. Where one large investment may have proved too risky, in this model many smaller investors will hopefully be more willing to put in a lower investment eventually equalling the sum required.

There are things to be aware of such as the commission (around 5%) that you will need to pay the crowdfunding website once your target is met, and to attract investors you may be encouraged to offer incentives such as discounts or equity in the business. However, think about this. By having investors, especially those with a stake in your business, you will have a support network in place who will want to promote the business, possibly use the product or service and perhaps offer you their expertise. In addition, reaching the target not only gives you the required investment, but sends out a message that you have a good business idea which, combined with the fact you received your investment, makes a great news story!

I read an interesting news story today about an employee who is spending the morning working suspended above a London street to show how today's technology is enabling entrepreneurs to work wherever they like. The entrepid volunteer is Caspar Mason, who works as a creative strategist at a project design agency called PD3.

While I have no desire to work hanging around in London, I totally agree with the idea that for many of us it is possible to work effectively in all manner of locations. It is, however, important to have Internet access and the right technology, but these are rarely a problem these days. I used to work in an office and now work from home and without a doubt I am far more productive now. It will be interesting, though, to hear how Caspar gets on in his 'extreme' work environment. Let's hope he wasn't faced with anything too taxing!

One of the most difficult and costly areas in any business is resourcing, in particular recruiting and maintaining staff. We are a strong advocate of bringing people through the ranks – although it wasn’t always that way. Our initial experience of bringing on an inexperienced individual caused a variety of issues and we have had our fair share of moans regarding the skill-sets of those leaving school. However, you can either moan about it or get on and do something about it and we favour the latter option. Those without experience will only get it if we as businesses provide it, likewise, if we want specific skills perhaps we are in the best position to ensure our employees learn under our requirements. There are two very cost-effective schemes in place at the moment, which help out business if they choose to use them, as well as helping young people get relevant experience and skills.

For those of you with a penchant for reality TV, do we have an opportunity for you! Sky 1 is looking for contestants to compete for an investment of £100,000 in their business.

 

In each of 5 programmes The Angel, John Cauldwell (of Phones4U fame) will be putting 6 contestants through a series of rounds specifically developed to test his 6 golden business attributes: drive, ambition, passion, resilience, commercial intellect and leadership. The last remaining entrepreneur each day will be rewarded £100k of The Angel’s own money.

It is only at this point that he finds out what he has invested in…

Fancy applying? Contact 0207438 1960 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it