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.