Theo Paphitis The retail Expert

"I enjoyed retail from the start.

I was in one of those stores where the door was always locked and people had to ring the buzzer to be let in. You never knew who was going to come in and it was exciting not knowing what would happen next. When a customer came in, you had to get to work out what they wanted. You got really involved. The whole thing including, naturally, closing the sale, was right up my street.

I stayed at Watches of Switzerland until I was twenty. By then, I needed more money again. As a salesman in a classy watch store you can only earn so much. I was a pretty good salesman, but the job was never going to give me enough money - and big money was my dream.

I had always believed, and still preach, that business is very much about common sense. The lack of comon sense out there always surprises me. Without any formal training I was meeting people and advising them on how little people knew about what they needed to do to put their business right.

I was good at looking at people's companies, seeing problems, and giving advice about how to fix them. 

The most important rule for me has always been to choose the right target. However tempting they may seem, some companies can never be made successful.

Ryman
The big challenge was to make the people who worked in the stores happy and excited again. How did I do it? I did what I have done in all my businesses. I made sure that the staff had direct access to me. I would go to the stores to work with them and listen to them. This was the key to the success of Ryman. Often with failed businesses one of the biggest problems is that staff feel separated from the boss. A hands-on approach is a vital part of the solution.

I worked out where we could cut costs and boost sales, and I gained back the confidence of the suppliers so that we could supply the service that our customer needed. And hey presto, the results started coming through.

1. Get going
Seriously, the best way to learn something is through actually doing it yourself, dealing with the stress, and finding out first-hand. So, don't hang around, get going! Do some training first, if it will really help. Then get a job or start a business.

2. Be prepared
Whether you are going to an interview for your first job or taking over your twentieth business, being prepared makes a massive difference. Say some kid arrives on Dragons'Den.He may only be nineteen but he's got a great idea. What's more, he knows all the facts and figures, has checked out how to get the idea made, even sorted out complex legal stuff like patents and trademarks. Will I invest in him? You bet.
I owe my own success to preparation. Before I stand up in front of anyone i have the answers to any questions that they might ask me. I plan everything first and get it Chrystal clear in my mind. I say to myself, 'What if they say to me...?' and, 'What if they want to know about...?' I call this buttoning down the 'what-ifs'. Sure as anything, they will come up.

3. Common sense is not common
K.I.S.S. stands for 'Keep It Simple, Stupid'. When you've got a problem, take some time to sort it out and look for the common sense solution. In my view ninety per cent of all business is about common sense. But amazingly, common sense is not common. If it was common, everyone would be able to do what I do. Then how would I make a living?

4. Stay confident
So, how do you get confidence and success? That's hard to answer. Drive, ambitions, dreams, put the will to make things happen: you need all those. But you also have to deal with your fears.

5. Enjoy yourself
Last, but not least, remember that standing still is going backwards! You've got to keep ahead of the game and set yourself new targets each year. That way you stay fresh, gain experience, and move faster.

My personal motto? I say there are three reasons to be in business. 1. To make money. 2. To have fun. 3. To make money.

I've managed, now it's over to you!