Would-be millionaires in the UK without access to an inheritance have two main paths open to them: go into the City and wait for the bonuses to land or start a wildly successful business. Both paths require hard work but with four million enterprises in the UK and somewhat fewer investment banks, it may be easier to forgo the financial security of employment for life on the what-do-I-have-to-lose side of the equation. This is what the experts have to say:

Think again. Do you really want a million pounds? “For a lot of people, a successful business is one that allows them work-life balance and a decent lifestyle,” says Jeremy Hand.

Assess your motives. “Far too many people think that (entrepreneurship) is about money when it’s really about building a good business,” Nigel Brown says. “Whenever you want to start a company, do it with passion,” Stefan Glaenzer says. This enterprise will become your life; you’d better like it.

Find out more. Attending a workshop or training session run by experienced entrepreneurs will give you a sense of the reality of running a business, Robert Tull says.

Keep it private. At least while you get things going. “Don’t focus on convincing other people or external investors,” Glaenzer says. “Just work on your idea... in the evening or at night... so that you have more than just an idea.”

Start small. How much funding you need to begin will depend on your business; generally it’s less than you think, Brown says. Banks, family and friends are all potential sources of support, Hand says. “As a young entrepreneur, you’re not likely to find an institutional angel investor. So look for one in your current network.”

Not everyone’s a critic. But you need one. “Your friends and family... will say you’ll be great, but what you need is someone who will ask ‘Is that a viable idea? Do the figures show that you will make money from it?’,” Tull says.

Get your structure right. Is it 50-50 between you and your co-founder? What will you do if someone else gets equity? “You have to think about ownership right from the start,” Brown says. “Assume that you will be wildly successful. If you don’t, you will be caught out if you are.”

Plan. “You need a clear idea of where you want to take the business,” Hand says. Once you know where you want to go, reverse engineering can help you to get there.

Bring on the big guns. Or not. External investors mean more cash but less control of your ideas and your business; think hard about which you really want. “Relying too much on other people is a bad idea,” Brown says. “You have to make your own decisions.” If you decide to go with an investor, find one that offers advice and experience rather than simply money, Glaenzer says. “And if one comes to you with too big a contract, be suspicious.”

Cash in or keep on? At some point, you may be offered the chance to sell some or all of your enterprise. This might finally net you your £1 million, but think before you sell up, Brown says. “It’s difficult to have a good idea... if you sell the business you have only the money; you’ve lost your power. If you keep the business you are still a millionaire, you just don’t have it in the bank. You have it in a better place, where you can continue to build and develop it.”