Last week we spoke about creating and expanding your wealth and due to popular demand we have continued the same subject from last week.

However, in the first half of today’s show I was joined by two incredibly talented gentlemen who are pioneers in their own field. The first was Shri Subhash Thakrar,Deputy President of the London Chamber of Commerce and a Partner at City accountants CBW Blackstone Franks. The firm is a full service accounting firm with specialism in taxation and corporate finance.Thakrar said that networking and developing talent were the key ingredients to success when it came to business.

I was also joined by Swami Vijgyanandji, who is a friend, philosopher and guide for the World Hindu Economic Forum, spoke about his organisation and talked about the latest forum which would be taking place in London very soon. He spoke about the importance of people imparting their knowledge onto others and businesses across the globe to share their ideas and work together to ultimately promote financial growth across the globe.

In the second half I was joined by Stewart Punnewala who is a business coach by profession. He said that business coaches were considered by some as a fad that came from America. However, he said there was a growing desire for people to ask for help from them when it came to making their mark, staying motivated and focussed especially if a person is juggling a lot of tasks and responsibilities. He explained the best way to source a coach was through recommendations and if not available then through the internet search engines. It is important to feel comfortable with someone who is going to support your dreams and aspirations.

After speaking to all of our guests today it seems that one certainly can make a success of their business if one is passionate and resilient.

Here are some top tips if you decide to set up your own business:

Do a self-inventory

Not everyone has what it takes to start a company. That’s not to say that your idea is not brilliant. It just means that you may not have the personality traits to handle launching a company of your own.

Before investing any time or resources, evaluate yourself and see if you have some the typical traits of an entrepreneur. Are you motivated, able to adapt and confident? Are you resilient?

Determine the legal structure.

Settle on which form of ownership is best for you: a sole proprietorship, a partnership, a limited liability company, a corporation, an S corporation, a non-profit or a cooperative company.

Determine the costs.

Do additional research and find out the standard cost factors within this industry. Not only will this help you manage your business more effectively, investors will want to know this.

Select a business name.

Decide on a name that best suits your business. Then check to see if the domain name is available online, as well as if it’s free to use in your county, state and in the country.

Register your business name.

If your proposed business name is available, register it , have it trademarked at company House and secure a domain name.

Don’t become angry.

If your idea is rejected by customers or investors, don’t just succumb to anger. Find out what they didn’t like, make adjustments and go back to them when you’ve made the changes. There’s the possibility that the timing was wrong as well.

 Don’t fear the competition.

Don’t bad-mouth the competition when talking to investors or customers. There’s no need to become an object of pity. In fact, talking in this manner might even point customers to a competitor who may offer a product or service that you don’t. Remember, when competition exists, there’s a market for your business. Use that knowledge as inspiration to outperform a rival.