1. Dive in head first and learn as you go along, embrace failures and learn from them.
2. Find a gap in the market. When it comes to technology, it seems that there is an app for everything, but there is always a niche to be found if you're looking for it.
3. Do your financial research. This is the one thing that you need to have straight before you get started, don't let your business fall at the first hurdle because you don't understand the tax system.
If your core strengths lie in creative fields such as graphic design or photography then you don't have to neglect these in order to make big bucks.
Angelo Sotira is a 29 year old artist who is currently worth $75 million.
How did he do this, he founded a website called DeviantArt, which has been hailed the Facebook of the art world.
What tips can you take from his success?
1. Provide a service that can actually benefit a community.
2. You're website should be a catalyst, it's the customers who will make it flourish, let them do the work for you.
3. Play to your strengths and create something you're actually passionate about.
Although consumer culture has evolved somewhat in the past decade, the biggest business still refers to the buying and selling of goods.
26 year old David Schottenstein founded the company known as Astor & Black, which sells bespoke, original and high quality business wear. He's currently worth $52 million.
So, how has he managed to excel so far in the field?
1. Offer something unique. As well as the selling of the goods Astor & Black offers a styling service. This service provides customers with 'clothiers' to revamp their style.
2. Expand your area of operation. This company functions so well because there are 82 independent sales representatives working all over the USA.
3. Quality is always better than quantity. Schottenstein has proved that the quality of the items he sells are a s good as he claims and therefore he set prices to reflect this.
No matter what 'Back to the Future' may have told us we still can't buy hoverboards at the local shop. This alone tells us that there are plenty of inventions out there that need to be produced and developed.
28 Sean Whalen felt exactly the same way and has bagged himself $10 million from his anti-gravity treadmill invention.
The AlterG treadmill is meant to be used by elderly people or injured athletes as it allows them to work out whilst only using 20% of their body weight.
Pretty good idea, but how did his invention succeed where many others have fallen?
1. Use your contacts. Whalen's father is a NASA research scientist, no doubt giving him access and insight into some impressive inventive exploits.
2. Focus on need not want. Inventing a product that consumers really need will ultimately be a better business decision in the long run.
3. Go for it. You'll never know if it will work until you try.