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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

How to deal with stress

Running your own business can be stressful. From making sales to managing staff, as well as balancing the demands of home and work, being a business owner is full of challenges. But some stress is normal and the good news is that it can be managed and harnessed for good. Professor Graham Jones explains how

The ability to cope with what can seem like overwhelming change has never been more important. The first thing is that you're not alone. Pressure is an inherent and incessant part of the modern business world.

Pressure, though, does extraordinary things to people. It can crush your spirit or it can induce extraordinarily high performance. The key to being able to flourish under pressure is the development of mental toughness.

Mental toughness is the capacity to respond positively to multiple and sometimes conflicting pressures. Here are some pointers on how to develop and strengthen mental toughness:

1. Learn techniques for handling pressure

Being mentally tough doesn't mean that you never feel stressed under pressure. On the contrary, everyone experiences stress at various times. The key is accepting that it is inevitable so you can then develop skills for handling the pressure.

Business professionals face a range of pressures, ranging from incessant client demands to the tough task of getting new business in a down economy. Here are some techniques to help you handle stress effectively:

  • Reframe negative thoughts. Realise that you have a choice about the way you think. Over-generalising and taking things personally are all negative thought patterns that, once identified, can be reframed into more constructive modes of thinking.
  • Manage the symptoms of stress.Stress can result in both behavioural and physical symptoms that are often difficult to manage. Relaxation techniques, such as deep breathing, visualising soothing imagery and taking meditation breaks, are extremely helpful in controlling these symptoms. It is also vital to identify physical factors that exacerbate symptoms of stress, such as not getting enough sleep, drinking too much caffeine or not eating properly.
  • Identify the things you can't control. There are some things that are out of your control. Accepting this allows you to control the amount and the nature of the pressure you feel from conflicting sources. Frequently, though, people make the mistake of believing that many of their workplace issues and performance targets are out of their control. These assumptions can be challenged.

2. Develop your self-belief

Self-belief is an essential element in the makeup of the world's best performers in business, sports and more. It underpins the ability to set and achieve goals, take risks, control fear and learn from mistakes - all of which are key components of being a successful business person. Here are some strategies to build your self-belief:

  • Highlight your skills and abilities. These are the reasons you have risen to where you are in life, although in tough times people sometimes overlook their accomplishments. Listing your skills illustrates your professional and personal successes. These can serve as building blocks for strengthening belief in yourself.
  • Believe you can achieve your goals. Goals that are realistic and stretching motivate you to achieve your performance expectations. But it's also important to focus on the individual steps that will lead to each goal, as focusing solely on the ultimate outcome can add to pressure. Step-by-step goals allow you to perform well and also show that you are achieving things even if the ultimate goal is not reached.

3. Maintain focus on what matters

Top performers can deal with many distractions while maintaining focus on the things that matter. This involves accepting that there are factors in the performance environment you cannot influence so that you can focus on the things you can control. But it also requires the following:

  • Focus on processes. High-level performance is about getting the process right. Accordingly, the key is to keep your sights targeted on the steps necessary to close a deal. Focusing on the process will allow the outcome to take care of itself.
  • Focus on the positives. Negative thoughts - about past failures, doubts about your ability or worrying about the consequences of not closing today's deal - can all hinder performance. Focus on personal strengths and the positive aspects of your role.

4. Make your motivation work for you

Ultimately, skills and abilities alone are not enough to guarantee high performance under pressure. The mentally tough are able to bounce back because they stay motivated despite sustained pressures. Extrinsic motivation, such as pay and reward, can be a source of motivation for many. But research shows that internal motivation and job satisfaction increases enjoyment and reduces pressure.

Life in the dynamic and unpredictable business world means that sometimes things will not go according to plan but, in order to succeed, individuals must be motivated and be able to sustain performance during times of stress.

The bottom line is that successful people are energised and exhilarated by what they do, rather than being desperate to succeed because they fear the consequences of failure.

Written by Professor Graham Jones, founder of TOP Performance Consulting and author of Thrive On Pressure: Lead and Succeed When Times Get Tough.

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