SETTING up and sustaining a business is a challenge and young people can find it particularly hard to turn business ideas into a working reality.

But with the right approach and support from Business Link, young entrepreneurs can succeed.

Before launching a business, it is worth considering whether you have the typical characteristics of an entrepreneur, which are often said to include persistence, enthusiasm, ambition and self-belief. This list is not exhaustive, nor is it intended to be a blueprint for becoming a successful entrepreneur.

There are no hard and fast rules.

When setting out, entrepreneurs could consider their skills and interests to see if any have the potential to be the basis of a profitable business. It is also important to think about goals in the short, medium and long term.

An important part of the service which the Business Link website, at businesslink.gov.uk/northeast, provides to young entrepreneurs is guidance on setting up legal structures. This structure will have an impact on the number of people that can be involved, the profits received, financial liability, the records a business is required to keep and the tax and National Insurance it will be required to pay.

Structures to choose from include registering as self-employed, as a limited liability partnership or a franchise. For example, if an entrepreneur wants to carry out work for a number of clients, be responsible for losses and profits, and hire people on their own terms, then setting up as self-employed would be suitable.

Securing finance may be the biggest hurdle for young entrepreneurs to overcome.

Without a track record and with few assets to use as security for a loan, it can be difficult to raise money. There are a number of schemes that can help, and Business Link is able to advise on which ones are the most appropriate.

A lack of business experience can also seem an obstacle to being taken seriously and getting your ideas off the ground. Talking to experienced business mentors, through Business Link, can help.

Business Link's team of expert brokers operate across the region in local access points and on a mobile basis.

For more information, visit businesslink.gov.uk/northeast, or call 0845-600-9006.