Anyone who has ever had a business idea dreams of turning it into a success. For some people it will happen, and sadly for others it will not.

According to the figures from the Australian Bureau of Statistics (ABS) regarding the number of businesses that started five years ago, less than half of them were still in operation.

In the ABS report, Australian Business, including Entries and Exits, Jun 2009 to Jun 2013, of the 342,753 new business entries during 2009-10, 73.1 per cent were still operating in June 2011.

The following year this figure declined to 57.7 per cent and by June 2013, only 47.5 per cent were still operating.

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To safeguard your business venture from becoming another exit statistic, the tips below may just help.

With two multi-million dollar businesses under his belt, 27 year old, Jack Delosa, knows a thing or two about running a successful business.

The young entrepreneur is no stranger to failure either; his first ever business venture failed after two years.

Mr Delosa says he took some valuable lessons from the experience, including the importance of perseverance and opportunity. Shortly after, in 2007 he co-founded MBE Education a company that helps entrepreneurs raise money from investors and sell their business.

This new venture quickly became one of Australia’s fastest growing companies and by the time he was 22 years old, MBE was turning over $1 million in annual revenue.

Delosa shares his tips for business owners.

Jack Delosa says to just go for it. Photo: supplied

Surround yourself with mentors

This is not just about having a great idea, successful people understand business principals. The best way to become educated in business is to surround yourself with mentors who can pass on the benefit of their experience and insights. This allows you to leverage off their years of experience quite quickly.

Take every opportunity

Some people wait and sit on ideas forever before making a move. Take every opportunity you can and do not wait for all your ducks to line up.

Get access to resources

When you start a business, resources such as time and cash are vital. Make sure you have access to cash, as money will be the lifeblood of your business.

In order to help other start-ups, Mr Delosa has joined forces with Hahn to launch Hahn JumpStart; a program aimed at fostering collaboration and ultimately making business ideas become a reality.

Business mentor Wendy Mak warns agains underestimating the mental battle of business.  Photo: Supplied

Business mentor, Wendy Mak is keen to help people “come clean” about the realities of running a business. She offers these tips.

Fix your finances

Whatever figure you have estimated for your business venture, double it. The biggest concern for many small businesses is cash flow. Make sure that you have anticipated all of the starts up costs, plus, add a buffer.

Motivation: have loads of it

People underestimate how much of a mental battle it is to run a business. Firstly, you don’t realise how much motivation you require.

People start a business with the initial enthusiasm and passion, yet they are never quite prepared when they realise how quickly this can wane, particularly when they are not seeing results.

It can be harder too, if you are working alone as you need to motivate yourself.

Remember, keep your eye on the long term goal and understand that businesses take time to build. They do not happen over night.

Lastly, do not be unrealistic on how quickly you should be seeing results.

Be prepared to fail

Some people have the misconception that running a business is all sunshine and lollipops. Be prepared to fail at some stage, and then understand that this is not a reflection of your skills or talent. Some of the greatest entrepreneurs in the world have had failures.

It is important to have this always in the back of your mind.