I’m sure you’ve read articles and seen sales letters that promise to tell you the secrets of business success, and all you need to do is buy their course and within a few months you’ll be earning untold of wealth.

Well, you’re not going to hear that here, because the simple truth is there are no secrets. There is no set path, no definite strategy that can lead to success. All there is are a few fundamental business principles you need to follow. But even if you diligently follow the guidance and tread in the steps of great entrepreneurs success still isn’t guaranteed. Sometimes it just comes down to plain old luck.

Still you can stack the odds in your favor, by having the foundations in place to fully exploit the breaks that come your way when you’re in the game.

And that’s number (1). You have to be in the game.

A lot of people sit around talking the talk – but talking isn’t going to get you anywhere. You’ve just got to take a deep breath and give it a go, no matter how scary it may seem.

The advantage you have is that most people you come across are risk averse, which is why they are willing to suffer unfulfilling careers in industries they are completely unsuited to.

The reason for this is that they fear the unknown. The thought of failure is so terrifying to them that they forever stick with the safe option. But life isn’t a rehearsal and taking that jump, that leap into the unknown is what all entrepreneurs before you have done.

Fear of failure in the eyes of the world is the single biggest impediment to amassing wealth. If you shy away and let others opinions of you rule your actions then you will not succeed. Putting yourself out there to be ridiculed if you fail is hard, but if you are going to achieve success of any sort you will need to take a risk. (this principle obviously applies to every aspect of life.)

Now please don’t misunderstand me. I’m not talking about blindly leaping into something. Obviously you need to do your due diligence and see that the idea is actually viable, and if, when all the angles have been covered you’re still convinced about your business/ideas great chances for success. Then you must seize the opportunity – cold calculating reason never got anyone rich. There is a time for thinking and you’ve already done it with your market research. Thinking is rehearsing, and don’t rehearse when you could be acting. Bad relationships, bad investments, bad business decisions are all made worse when you fail to act.

Don’t worry about being to old, too young, or any other silly concern as Entrepreneurs come in all shapes and sizes, and the only thing stopping you from taking action is you!

So make it happen. Beg, borrow, steal, think outside the box – but get it done. Don’t be afraid of failure.

(2) You need to have a winning idea, and please don’t worry about thinking up a new search engine algorithm or inventing a better back scratcher. Your idea can be old or new, it doesn’t even need to be unique. But it should be different. Maybe you’ll offer better value for money, better quality, better customer service – it could be anything.

A good bit of advice I once received is to find something you’re good at, where you have an unfair advantage over others. Then think about if your personality fits what you’re trying to do (It’s pointless opening a nightclub if you’re a teetotaller who likes early nights.)

And then learn about your market – immerse yourself completely in your business and industry so you become an expert, as you can be sure your competitors will be.

(3) You must believe in yourself and what you’re trying to achieve, and you must have the determination to see your idea through.

Many people fear going into business as they don’t have the right academic background. Please don’t let this put you off as more often than not attitude is more important than qualifications.

You should be passionate and enthusiastic as it will get you through the tough times and help you to outperform.

Most people refuse to stretch themselves beyond their comfort zones and this limits their success (sales/public speaking/cold calling.) But to be successful you need to experience this discomfort. And once you’ve done it a few times you realise that it’s not that bad anyway.

(4) You should also be persistent, do not give up at the first hurdle. Remember the quote from Winston Churchill, “Never ever ever give up.”

Please be aware that successful people are more often than not successful failures. It’s their ability to recover from failure and charge towards their goals that sets them apart.

(5) It’s not a one man show. You will need to Surround yourself with good people. Recruit others to make up for your weaknesses, and don’t be afraid to recruit people more intelligent and better than yourself in certain areas and skills.

(6) You are going to make mistakes, so learn from them – and don’t be afraid to make them in the first place as it’s a sad fact but most of our learning seems  to come from our mistakes and not the successes.

(7) Goals – I know you read it everywhere and it’s quite a bore. But you must have defined goals of where you want to get, what you want to achieve and then plan on how you’re going to get there. You’re also going to need the stamina to get where you want to as working for yourself will require a massive effort.

(8) Don’t run out of cash – this is the main reason most businesses fail, so keep an eye on the purse at all times.

Of course there are many other factors that make a business success, but I hope the few mentioned here will at least convince you there’s no magic wand. The people who build successful businesses haven’t made a pact with the devil or got a fairy godmother looking over them. They are just like you and I, but they had an idea, they took a risk and went for it. Then with constant and determined effort they made a great success.

I’ll finish with a quote by Dale Carnegie who I’m sure you’ll agree knows a little bit about building a successful business:

“Here is the prime condition of success, the great secret: Concentrate your energy, thought and capital exclusively upon the business in which you are engaged. Having begun in one line, resolve to fight it out on that line, to lead in it; adopt every improvement, have the best machinery, and know the most about it. ”The men who have succeeded are men who have chosen one line and stuck to it. Success can be attained in any branch of human labour. There is always room at the top in every pursuit.”