Every young person has a great business idea in them - just ask Tom Hartley jnr, 18, who's already worth five million thanks to a luxury car business. So, how can you unlock your potential and become a young entrepreneur?

Coming up with that winning idea

There is no right or wrong idea, but the best, and often most profitable ideas are those around us every day. Things we use constantly - stuff like Tetrapak, the material used to make milk cartons in 150 countries and worth billions.

In the case of Tom Hartley, who made his first million at 15, it was simply a case of seeing a gap in the market. "People will always want luxury cars," he says "but for many new models if you go to a main dealer there's a long waiting list. We can get you that car today."

Young entrepreneur Ravi Gehlot gives us his top tips on setting up your own business.

The cars carry a premium (typically a new Ferrari will cost 30 grand more than in the showroom) but with as much as three years saved on the waiting time, no one seems to mind.

Talk to your mates

Once you've got your winning idea, run it past your mates. Talking about it will help you clarify in your own mind whether it's sensible or not and friends are also pretty honest. If they think your idea is bollocks they'll probably tell you.

Dress for success

This sounds like something David Brent from The Office would spout but a big problem with young entrepreneurs is credibility. A good suit will not only make you look older but also appear more businesslike. People WILL take you seriously, especially banks, and you'll be surprised how much extra confidence a suit gives you.

Talk the talk

Like all selling, entrepreneurship is 50% bullshit. Big yourself up at every opportunity (if you don't no one else will) and don't hesitate to use the following in important meetings - banks, investors and customers will lap them up:

"I'm very Proactive" - The opposite of reactive. You make things happen and are a dynamic, go-getting businessperson. You do not sit at home watching Neighbours and drinking tea all day.

"My Stakeholders are key" - Someone your business relies on. You understand the key concept that all businesses are about building, and maintaining, relationships. Everyone from your bank manager (financial support) to your local KFC (emotional support) is important.

Just don't overdo it, or you will sound like David Brent.

Be organised

Keep an appointments diary and ALL your business receipts. It doesn't matter how you keep them (there's a legendary story about Richard Branson keeping all his early business receipts under his bed in a huge black plastic bag) but you'll need them later, either for your year-end accounts or to claim back expenses from clients.

Believe in yourself and your idea

It's tough being a young entrepreneur, especially if you're a woman in what is still a male dominated environment. For every person who shows a genuine interest, at least 10 more will blank you. "You have to want it really badly," says Tom Hartley. "Believe in your idea and yourself, work hard and you'll be rewarded."

Remember, it took James Dyson 5,127 prototypes and five years hard graft before he came up with the bagless vacuum, while in 1974 Anita Roddick was struggling selling smelly soap from her tiny original Body Shop in Brighton.

Updated: 20/06/2011