OVER the past five years I have helped several hundred entrepreneurs.

You can often hear the term ‘entrepreneur’ bandied about, but what exactly is one?

The Oxford English Dictionary describes an entrepreneur as ‘a person who sets up a business or businesses, taking on financial risks in the hope of profit’.

So, if this is an entrepreneur, how do you become a successful one, and not one who has a great idea but continues to work for others?

You do not have to be the next Richard Branson or Walt Disney, but if you want to be successful you do need to follow your gut instinct and have a plan.

This is my first tip – think of a great idea.

Most businesses start with a compelling idea, a service, a product or all of the above.

Go with your gut instinct and do your research, but most legitimate business opportunities will fit into one of these three categories: l It fills a previously unfulfilled need l It serves a previously underserved market l It follows a proven formula for business success.

Secondly, write a great business plan.

If you don’t have a plan you cannot formulate your thoughts and you will waste time and energy.

However, don’t delude yourself with your plan.

Discuss it with trusted parties and get people’s feedback.

As an entrepreneur, you will fail if you don’t have a network of people you can count on to support you.

Which leads me to tip number three – hang out with entrepreneurs and influential people.

At some point you will need investment, so master your pitch so that when you speak to people they will know just what you are talking about.

Pitch your idea to anyone within three feet.

Mike Harris, the founder of Egg, got his idea off the ground with a perfect pitch, and it was his pitch that also enabled him to launch First Direct.

Tip number four is sell your socks off !

Every time you get the chance, sell your product or idea. If you are shy the chances of you succeeding in sales is minimal.

If you don’t have the confidence, get training or get someone exceptional to sell on your behalf.

Finally, get people to help you.

A virtual assistant is a ‘must have’ if you wish to succeed.

You will not be a successful entrepreneur if you are a worker bee, you must be able to develop your ideas, whilst others work in your business.

There is a lot of work to be done, be prepared for challenges, know your strengths and weaknesses, get help, and don’t be afraid to fail.