My Bottom Line: Richard Farleigh, entrepreneur
9 February 2012 Last updated at 17:57 GMT
Richard Farleigh, investor and entrepreneur, says he has learnt more from his mistakes than from his successes.
Treat the first year of a business as a research project to keep learning, he advises. And once you have a product to sell, make sure you invest enough in marketing.
Find more business wisdom from other chief executives on the My Bottom Line website.