So, you’ve managed to survive your first year of running a startup. Congratulations, you’ve made it further than most. Unfortunately, your journey is far from over and it’s time that we had a bit of a reality check, writes Alan Manly OAM, CEO of Universal Business School Sydney (UBSS) and author of The Unlikely Entrepreneur.

By now, you’ve likely learned that running a business is nothing like what we see in the movies and far less glamorous.

Luckily, there are plenty of people who have done it before you and we can use them for guidance when it comes to setting the foundations to create a lasting business.

Arguably the world’s most successful business owner of the last 50 years has been Bill Gates. While Gates and his exploits need no introduction, he has famously noted a series of life lessons that we can look at to gauge just what it’s going to take to transition your startup to the next level, by creating foundations that will ultimately lead to success.

Here is a guide from an innovative master adapted for a humble year two startup.