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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.

Richard appeared on The Bottom Line which is broadcast on BBC Radio 4 and BBC World Service. Subscribe to the podcast or watch it on the BBC News Channel.

Find more business wisdom from other chief executives on the My Bottom Line website.