Dragons' Den investor Theo Paphitis built his reputation on turning around failing businesses. Here he shares his five golden rules for start-up success.

1. CASH IS ALL

If you dream of starting your own business, just remember what Theo's mother used to tell him. "A lack of profit is like a cancer, but a lack of cashflow is like a fatal heart attack." Always make sure you have enough cash to trade. If you're making a profit, but doing more business than your cashflow can support, you need to look for finance.

2. WORK OUT THE WHAT-IFS

When Theo was trying to raise money he did his homework. "I'd worked out my business in absolute detail. Not only did I have the answers for any questions I might be asked, but if something was an issue, I made sure it was highlighted and I had the solution to it as well. If you've got the what-ifs buttoned down (because they will occur, as sure as eggs is eggs) you'll be able to convince people to support you."

3. COMMON SENSE IS NOT COMMON

You don't have to be a business genius to see the sense in Theo's guiding principle, 'Kiss': which stands for 'keep it simple, stupid'.

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