How did you get started in your line of business?

I started my first business when I was 17 and my second before I was 20. My first business that I ran for several years was a tennis academy and the second was a computer business.

What one piece of advice were you given that helped you become successful?

There isn't one particular piece of advice, but I have learned many things along the way. My own personal piece of advice is to replace the word "Failure" with the word "Feedback"!

What was the worst mistake you've ever made in business?

I have made quite a few, but one that really stands out is making an assumption that it is OK to give companies credit when they seem big but not checking out their financial stability first.

Why did you decide to take time out of your busy schedule to do Dragons' Den?

People pitch ideas to me at work, every day of my life, so for me it is what I do best - listen to an idea and give feedback. The show has become a massive hit in the UK and BUSINESS TV is something I now love. Working in the US on a show I created called AMERICAN INVENTOR has been amazing fun, and I enjoy the aspirational side of life. Seeing people getting off their backsides and trying to start a business or invent the world's next great product makes me happy.

How should people determine how much money they should ask for from investors?

They should have done their research - worked out how much their business costs to launch, how much working capital will it need before the business starts generating income and so on. It is no good asking for an amount that isn't going to be enough to get the business of the ground. Research your market and pitching for the right amount is very important.

What was the worst pitch you ever heard?

Too many to mention here, but one of the worst has to be a guy that invented KNEE ROLLER SKATES to be used by DADS who play being a horse with their kids on their back. The roller skates apparently stop the fathers knees getting worn out.

What was your favorite pitch, one pitch that stands out?

Levi Roots with Reggae Reggae Sauce and iTeddy with Imran Khan - look out for them!!

Was there a pitch that you passed on that you now wish you'd accepted?

Absolutely not.

If you could give three tips for the perfect pitch, what would they be?

Be Concise.
Know your numbers.
Give a passionate vision of your business.

Do you think entrepreneurs are more creative in the UK than in America?

No I don't. I think we Brits have a lot to learn from the "CAN DO" attitude in almost all Americans

What fields are you thinking about investing in?

I always keep an open mind. I love business, and if something hits me and I get excited by it, I'm IN !

Read our Q&A with Duncan Bannatyne.