I have worked with a number of Olympic athletes who want to set up their own businesses when their years of competing come to an end. My role is to help them to plan their business strategy and to help them to appreciate their transferable skills.

While there are no fixed rules for success, I do believe that it takes a certain type of person to succeed in business, hence when I am in investing, I invest in people more so than products.

In our experience at RCapital there are three key areas of weakness among business owners: a lack of understanding of the meaning of cash flow management; a tendency towards over trading; a reluctance to ask for advice from those who have had practical business experience – until it’s too late.

There is a popular saying that: “Success has many parents – but failure is an orphan”. I have found that to be true. If you do what you need to do to stay ahead of the pack – you won’t get left behind.

How many times on avaerage does someone attempt a goal before giving up? Would you guess 1, 2 or 3? The real answer is probably nearer 0.5. Many people give up before they even try.