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.

We recently reported on the new 'Business in You' campaign, a new partnership between private enterprise and Government to highlight support for start-ups and growing businesses and encourage entrepreneurial spirit in 2012. In the campaign it's claimed that "there's a business in everyone". That's a pretty bold statement and potentially harmful to the economy.

Should we really be encouraging people to start a business who have none of the necessary skills or knowledge to succeed? Many new businesses fold every year, and so is it a good idea to put the idea out there that anyone can start a successful business. While it's clearly not black and white - how do you identify someone who will be able to launch and run a business - there are some situations where the person in question clearly has neither the understanding or determination required to succeed as a business owner.

It's great news that more women are starting their own businesses - up this year to 37% from 33% last year. This follows the trend we witnessed at the Business Startup Show where we spoke to a huge number of women planning to launch a business.

What's interesting is the types of businesses these entrepreneurs are planning to open. There's a very clear steretypical slant which may surprise many. Three of the most popular sectors are cleaning, beauty and hairdressing, while pet minders and cake makers also featured highly. However, as well as these the jobs of market traders and self-employed teachers and financial advisers were also popular.

While many of these seem like typical female roles, they are actually also a response to demand. For example, following the popularity of the BBC’s The Great British Bake Off programme an increase in demand for cakes led to a surge in cake businesses. Also, with more and more working mums there has been an inevitable increase in demand for cleaners.

With the increase in university tuition fees due to kick in next year there was the inevitable rush to get a space at university this year, but did all those students consider the alternatives? With more and more young people starting their own businesses perhaps a (costly) degree is no longer as important as it once was.

Rather than getting themselves into thousands of pounds worth of debt - even those attending this year - these young people could be starting on the career ladder. Yes, there are costs to starting a business, but there are resources available to help and at least there wouldn't be the additional burden of a student loan to contend with. What do you think - entrepreneurialism now or in three years time with a degree and debt as well...

Whenever you do decide to make those first steps into business get in touch with Paper Mountain Solutions to find out how they can help by outsourcing key tasks and freeing up your time to build your business.

 

George Freeman, MP and entrepreneur, has set out his seven point plan for growth in Britain, which focusses on entrepreneuralism and trading our way back to a successful economy. Here are the seven points, but we want to know if you agree with George Freeman's view and whether his suggestions can help Britain grow. Are they likely to be implemented?

 

1. Elect business-savvy MPs - George Freeman believes we need a private sector led recovery for which we need to have MPs who have experience of how real world business works.

2. The state needs to stand back - The government needs to interfer less and concentrate on the role of government.

3. Cut taxes - reducing taxes actually leads to increased revenue for everyone.