Top Dragon Theo Paphitis advises entrepreneurs on best business practice

Dragon's Den star and Chairman of stationery firm Ryman, Theo Paphitis, spoke candidly about the challenges facing businesses and entrepreneurs in the north-west.

The celebrity entrepreneur addressed the issue in front of more than 100 top executives from across the North West at a Prince's Trust event in Manchester, hosted by law firm Halliwells on February 9.

The North West Leadership Group consists of like-minded successful businessmen and women in the North West who possess the skills and leadership ability to make a difference. Primarily a networking and fundraising group, they focus on providing support to and developing opportunities for disadvantaged young people across the North West.

Mr Paphitis also took the opportunity to advise potential start-ups on some tips to success: "Any entrepreneur needs to take risks, but it is essential to be truthful about your ability to repay debt.

"Typically 50 per cent of all businesses fail in the first 24 months. 500,000 new businesses are set up every year, and many obviously get it badly wrong. The Prince's Trust is all about enterprise - they give young people the support and guidance they need at the critical early stage of developing a business or enterprise."

Andrew Donaldson, chairman of the North West Leadership Group, said: "The support of The Prince's Trust is a last port of call for many individuals. There are many boundaries and challenges that young people face in business; and we take great pride in maintaining a 60 per cent success rate of all new business start-ups within the first three years. We can have an impact not only on their business success, but every aspect of their lives."

For more details about how to get involved with The Prince's Trust's North West Leadership Group, please contact Julia Worthington on 01244 403 067 or julia.worthington@princestrust.org.uk