First you're going to need two things: passion and research. As entrepreneurial royalty Alan Sugar points out: "Only set up in a business you know something about. You can't just wake up one day and think you've come up with the best thing since sliced bread if you've got no experience in that area. Research your market thoroughly. Make sure that there isn't something similar on the market already. Why would anyone want to buy something from you if it's already out there?"

Anyone can come up with an idea they think they can take on the world with, but the trick of turning it to reality is to ask honestly - and not just rely on the advice of your mates who will tell you what you want to hear - if anyone will really want it and whether it is cost-effective and practical to produce. Then get as much solid advice as possible, from small business advisers at your bank to organisations such as Business Link, The Prince's Trust and Shell LiveWire.

Obviously this is crucial - as TV Dragon Theo Paphitis warns: "I keep telling people that cashflow is one of the most important things in business. Too many good ideas fail because they don't have enough money coming through."

It's harder than ever to get investment in the current economic downturn, but there will always be money men willing to invest if you have a good solid idea and a properly thought out business and marketing plan so they can be confident they will get a return on their cash.

"Don't expect the banks to throw cash at you," says Alan Sugar. "You have to put your money where your mouth is and prove to them that you are prepared to take a major risk, like re-mortgaging your house. If you show them how seriously committed you are, then they will be less hesitant to cough up."

In principle this one's pretty straightforward. Anything you create will fall into the realm of intellectual property, which you can register with the UK IP Office to protect other people from pinching your idea.

Depending on what exactly it is, it will fall into one, or more, of the standard categories of patent (for the technical and functional aspects of a product), design (the look), trade mark (for any logo/sign connecting with your idea) or copyright (for protecting any music/film/literature and so on you create). The essential ones to consider first are the patent and design, which only cost £200 to register and will be worth it if anyone else comes up with your brainwave - or to find out if someone else already has. D'oh!

If you do come up with a killer idea, then you're going to spend a lot of time in front of business people trying to convince them to part with money. And if you're going to think big in business, you should also think wisely about what you wear and dress for success. Someone who looks sharp and has obviously paid attention to detail and presentation is already steps ahead of a guy who turns up at a business meeting with last night's curry on his shirt. You can't go wrong with crisp white shirt, a dark grey or black well cut suit, tie and polished or patent leather shoes.

And remember, it's a business meeting not a funeral. Add a few personal touches with sharp accessories - a decent subtly patterned tie, cufflinks, socks. TV Dragon Peter Jones - always one for a snappy detail - points out that on a recent US trip people would shout out "We love your socks, man." Nice.

The more creative the industry you're operating in the more creative you can afford to be with your appearance - but don't attempt anything you're not comfortable in. And remember, once you do become a multi billion pound success story, you'll be able to wear whatever the hell you want. Just look at Richard Branson - no one's going to turn down a meeting with him or tell him to get a hair cut!