So you think you have what it takes to launch your own business? You have the idea, the business plan and the funding to get it up and running, but that's only half the story. Do you also have what it takes to run a successful business?

The range of skills is huge, and nobody expects you to have them all, but you will need to know where your strengths and weaknesses lie so that you can utilise the help of others, whether through outsourcing or staff, to ensure the smooth running of your business.

It's going to be hard work, which means a huge commitment from you that will entail long hours away from home, stress and a willingness to keep going however tough it gets. You need to have your family on board to support you as they will be a part of it, even if just giving you support and understanding at home. The long hours will be tiring and there may even be no holidays for a while, but you've got to keep your eyes on the prize. It won't always be like that and, hopefully, ultimate business success will make it all worthwhile.

We already knew it, but a recent report by the Made Simple Group has shown that the oldest person to become a limited company director in the last three years was 94 and the youngest was 16. This is a fantastic reflection of business in the UK today, and just goes to show that the UK is full of new business ideas from all quarters. The fact that so many young are setting up companies bodes very well for the future of private enterprise, and we can only hope that they are getting the help and support they require to help them succeed in this difficult arena. Sadly, having a good idea simply isn't enough in this day and age. It's about how you get your message out to the masses. Similarly, with older entrepreneurs, if they are setting up their first company then they will probably still require support of some sort even if they have the benefit of business experience. It would be interesting to see the types of businesses these two groups have been setting up and whether there are any clear differences - and also the success rates.