Becoming an entrepreneur with great innovative ideas can bring rich reward. Yet many fail because they are simply not prepared for the long and winding road ahead and lose a balanced perspective. Follow these 10 tips to give your new business the best possible chance of success.

1. There is no such thing as ‘overnight success' but plenty of overnight reasons to ‘give up'
It takes real determination, a strong constitution and perseverance to succeed. Passion and self belief need to be there at the outset and, however strong, they need continual renewal to withstand the tough times and the temptation to back out. Sometimes being downright obstinate, even if it doesn't always seem the most sensible route, pays dividends.

2. Build a strong and reliable team
Resources may be scarce, yet having just two or three people who have strong loyalty and motivation is a good start. Team members can bounce ideas off each other, share energy and balance the emotional rollercoaster that inevitably occurs when running a small business.

3. Building the structure of the pyramid towards success
Profit will be foremost in the minds of entrepreneurs as the key that unlocks the door to success. Getting the foundations securely in place and in the right structural order is of significant importance. Building the product lays those foundations. Gaining finance is likely to follow on after this, not the other way around as most would assume. Making sales will follow and then comes profit and growth.

4. Development = accepting constructive criticism
Once profit starts flowing in, it would be easy to sit back, relax and think you've ‘made it'. Far from it; learning from every experience and looking for new ways to move forward may mean accepting tough talk and criticism. If you want to be competitive, ambitious and grow the business, continual development is vital.

5. MBA's can be dangerous
A post graduate degree in business (MBA or Masters of Business Administration) needs to be treated with caution. Education, qualification and training provide new ideas, confidence and techniques but many people get carried away by the ‘learning' process, believing they are becoming more and more ‘expert' in their field. An indulgence in over analysis means low achievement. Hands on experience, making mistakes and learning from those instead, is worth a mountain of books to study.

6. It's the business which is important, not the idea
It's easy to have an idea, difficult to actually do something with it and make a success. Great innovative ideas, imagination, creativity, and enthusiasm are wonderful tools to have - but success is about 1% inspiration and 99% perspiration.

7. Time is your most precious asset - and it's free
If time is money, use it wisely. Getting disheartened by companies like Apple and TomTom doing so well is a waste of a fantastic free fund: your time. Buckets of investment may be stored behind them but it has probably taken them years to get there. Use other companies as inspiration, not comparison.

8. Promote your product and it will promote you
Raising awareness means using as many different methods of marketing available within your budget range: PR, Marketing, Sales, Advertising and other Media. There is no quick-fix; sales may not be immediate but marketing is rarely wasted. PR material, even if not published, can easily be adapted for your website and used to excellent effect.

9. Image
We live in an image conscious world. Company image is paramount to success. People are easily attracted by an image they wish to be associated with, can relate too or that stimulates them. A strong ‘corporate' image will raise the business above competition. It's worth spending time and funds on getting this right.

10. It's a risky business
Feel the rise of adrenaline when a temptation presents itself, out of reach, yet within touch - with a little help from risk. Yes, leave your ‘safe' job, ignore the opportunity for a nice settled employment or lucrative offer, invest time and money in something where the return is uncertain - and the powerhouse of energy can kick in fast. Abandon worry about the overdraft and the mortgage; go for risk and accept the consequences; thrive, rather than merely survive - and don't wilt under pressure.

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