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If you know someone who is starting in business, you might wish to pass on this message.

The starting point in any business is to exploit something you’re good at. You need to have an edge over your competitors – something you can do better than most of them.

It’s generally wise to steer clear of any industry you’re not familiar with.

When planning for a business, don’t pluck hopeful figures out of the air. If you’re considering your prospective sales – and why wouldn’t you – make sure you’re looking at repeat business and have a reasonable basis to support your forecast income.

The business will not usually come to you, particularly after the initial honeymoon period. You have to go out and chase it.

Learn how this is done, quickly. There’s a lot to learn.

BOOST STAFF MORALE: Think of your business from your staff viewpoint. They get regular instructions and the good ones go out of their way to do their best for your firm. But they’re not often noticed. Surprise your staff by noticing when they do the right thing, tell them how pleased you are and thank them. See how it lifts their spirits and their willingness to keep doing well.