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.

Starting up a business will inevitably require different costs as there are so many variables to be taken into account. There are, however, simple guidelines that can be followed that will help you to keep costs under control. If you have more ideas then we'd love to hear them!

• It's all about the money, and so always keep a tight rein on it. This means watching every single penny and treating it like your last. This way you will question every expenditure and decide if it's something you really need in order to take the business forward or whether it's a luxury that can be saved for when more money is coming in.
• In the same way you also need to keep a very close eye on your cashflow and forecast. By reporting on your cash daily or weekly there won't be any unpleasant surprises down the line and you can deal with problems as they arise.
• To make this easier have everything going through one person. They will have all the financial information at their fingertips and will be able to manage your business's expenditures with a full understanding of the cashflow.
• Talking of cashflow, make payments quicker by issuing clear invoices, sending them to the right people and following them up. So simple, and yet so often not done.

It’s an incredibly exciting time to be starting a business and with more and more new launches every year the entrepreneurial spirit is alive and well in the UK, but what will make your business stand out from the crowd?

Entrepreneurs, by their very nature, must dare to be different, to think outside the box. Not only must they be fearless, innovative and determined, but they need to have that special creativity that sparks a unique idea or way of working that will make people stop and take notice of you.

Orange share this vision for businesses, which is why they are running their Different Business competition. They want to hear your business ideas, the ideas that will be different and that will mark you out as an inspirational entrepreneur ready to bring about changes that will leave your competition far behind.

Different Business isn’t just about finding a great idea and handing over money to the winner. Today’s new launches need support beyond monetary prizes, and that is why with Orange you will also receive the advice and support that’s needed to put you on the right path to success. This kind of support is invaluable and will put your business in a different league to other start ups. The prize is worth up to £200,000 and includes not just investment capital but legal advice, business planning advice, mentoring, and marketing consultancy.

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.