In today's session I want to share the good, the bad and the ugly of life as an entrepreneur. While I want you to go into it with your eyes open I also want you to be encouraged by some of the great things about being an entrepreneur. I'll then share an inspiring story from one of my mentees to start igniting any potential entrepreneurial sparks.

Starting a business as a first time entrepreneur is one of those huge, life-altering events. It's actually a lot like a marriage – running a successful business takes just the same depth of commitment and desire. Like any relationship, if you want your business to be successful, you're going to have to work at it.

And if you are not married, let me tell you it means you're in for a roller-coaster ride of ups and downs and surprises!

Are you prepared for the emotional roller-coaster?

'Either way, it's fun, traumatic, hard work and incredibly rewarding all at once ...'

Who wants to inflict that kind of trauma on themselves? Who wants to expose themselves to that kind of risk? Who wants to throw every ounce of themselves into what may be a futile effort, especially when conventional businesses offer plenty of jobs?

Being an entrepreneur has its ups and downs, often to the extreme of each. If you can turn your stumbling blocks into stepping stones then you are halfway to becoming a successful entrepreneur. A lot of start-up business books emphasize the mechanics of entrepreneurship: raising the money, finding an idea, and marketing the idea. Sure, there are basic steps to learn, but before you worry about mechanics, you should steel yourself for the emotional ups and downs that are inherent in the start-up world.

'More than half of all businesses that start up fail'

You've probably heard this statement – and my advice? Just ignore it!

This may seem odd, but in reality if you were frightened by a mere statistic you wouldn't be able to do all the other things required to make it as an entrepreneur. About half of all marriages fail, too, but that doesn't stop people from getting married, or from trying again after one marriage fails.

If you go into a business or a marriage thinking that you'll fail because most people do, chances are you will fail. It's that self-fulfilling prophecy thing. On the positive side, if you've got the right frame of mind and a solid plan, starting your own business can be the most satisfying and exhilarating experience of your life.

Long hours, no guaranteed salary

When you work for somebody, you generally know what's expected of you. You have a contract, or there are posted rules or a manual that tells you what you're expected to do and what your responsibilities are. You know what you'll be paid in exchange for doing those things, and you know there are limits as to where you can go in the job.

When you work for yourself, the expectations are generally less clear-cut than they are when you work for somebody else. An entrepreneur's guideline for hours and salary would look something like this:

In addition to working long hours, you're going to have to work the jobs of more than one person. You're likely to be a worker, a manager, a secretary, a coach, a salesperson, a marketer, an accountant and anything else that is required to meet the ultimate goal when you don't have the resources to hire someone to do it for you.

It can be lonely at the top

You also need to be aware that many new entrepreneurs find it very lonely being a new boss, even if they've headed up a corporate business before. People often underestimate how much they relied on having people around them or the importance of chats around the water cooler. There are often few opportunities to connect to people like this on a daily basis. You will need to make new friends and find new ways to connect. Fortunately there is probably a networking group in your town, but it means making a special effort to find people to spend time with.

Now for the positive stuff! We have covered some of the more challenging areas, but of course if it was all bad no one would do it. For most of us the great things far outweigh the bad; here are just a small number of those positive examples:

1 You make the rules now

Yes, it's up to you; you make the decisions on your life and the direction of your business. No more having to wait for approvals or missing opportunity. No more getting frustrated at others' poor decisions or bad behaviour – you get to decide!

2 It's your baby

Not only do you make the rules but you have the fun of naming your baby, and deciding its future from the logo to the mission statement. You can plot your own path safe in the knowledge that you stand or fall on your own merits. If you put in the effort you get a direct reward for it. You even get to have your name across the door and to stamp your own personality across the business.

3 No more politics

No, you don't have to get in at 7 a.m. or leave your jacket on your chair all night any more, just to impress or compete with colleagues. You come to work when you want, it's up to you, you don't need to clock watch anymore.

4 Time flexibility

You can choose your hours and work when you need to. If your business idea means you can play golf every day, spend time with the kids or work to your personal body clock, then that's what you do. No more having to stick to the 9 'til 5. Go on as many holidays as you can afford or have time for.

5 Work where you want

No more need to commute to work. If you want to work from home, or set up an office around the corner and ride your bike to work, you can do it. No more wasted time and stress on the road if you don't want to. One friend of mine relocated to the British Virgin Islands just because he liked the weather – how's that for choice!

6 Work with who you want

No more having to work with a low quality team or difficult people. Employ those you respect and enjoy working with. If you don't gel with an employee, then cut them loose. The same applies to your customers and suppliers. In my business we have a culture based on 'fun, service and profit'. This means we only work with colleagues, suppliers and customers who are fun and contribute 150% to each other – that's how we make profit! If they don't fit we don't do business.

7 Run your life how you want to

If you want to work in a particular style then you can. Work at 2 a.m. and go home at 3 p.m., great. You can mix holidays with business travel without anyone saying 'no you can't'. You get to mould the corporate culture just as you want. If you want a cool, chilled-out office with sofas rather than a subdued white-walled corporate environment, then you can.

8 Leverage your dreams and imagination

Follow your own ideas and have the freedom to change them whenever you want. If everyone else says it's a crazy idea but you believe in it, that's your choice. If you have an idea about a new way to structure your relationships with staff or customers, just do it. Even if you want to try a collection of different ideas at once – go ahead!

9 Money flexibility

This cuts both ways. Often it's tough to start, but once you are successful you get to choose the very lowest tax options. You can invest your money how you want and get some great pension and investment options not always open to employees. You can use your profits how you decide, from buying other businesses to taking nice fat dividends. You could assist a local charity or buy a second home. It's up to you.

10 A sense of pride and satisfaction

Of course, one of the great rewards of running your own venture is that all the successes (and failures) are your own to claim. When you win a contract, or a new client, or an award, it's all down to you – so well done! You can get the acclaim and genuine respect of your friends and family.

Bringing together some of the things we have spoken about in this session, a former mentee of mine from the London Business School, Peter Ward, is going to share with you his inspiring story about setting out on his own path and eventually creating one of Europe's most successful internet companies:

Why not spend some time reflecting on what you think the life an entrepreneur could be like for you? What are the possibilities? What (if anything yet!) motivates you about the lifestyle?

Consider Peter's story. Imagine what your success story will read like, what will you be known for? What will you have achieved?

Hopefully you are getting a bit more excited now? Can you see yourself overcoming the hurdles and enjoying the benefits of being an entrepreneur now? Let's get into the detail behind you now, read on to uncover your hidden skills and talents.