1. Don't over prepare

Entrepreneurs should not get too bogged down in detail when preparing the ground for setting up a new company, says Ashton. Acorn Computers, for instance, was established by a postgraduate student who simply wanted to build computers. He placed an advert in a computer magazine, went to a shop, bought the necessary technology and built computers for customers. If the computer didn't work, customers told him and he fixed it. He learnt how to do it better on the job, which is the only place to do it.

2. Don't do it with a friend

Friends and family are for fun, Ashton believes, and entrepreneurs should not get involved with them in a business capacity. The entrepreneur says the worst sort of friend to start a business with is a partner. If a divorce or split up occurs so do a multitude of problems related to the business.

3. Don't be too cheap

Entrepreneurs should ask for what they're worth and get it, Ashton argues. New business owners often enter a market wanting to be cheaper than competitors but there may be a reason why competitors are cheap such as they've become complacent. An entrepreneur can find other ways to get what they're worth while adding value. Start-ups have a particular advantage in this area.

4. Make sure customers pay up

Late payment is one of the main bugbears of small business owners and, as Ashton says, "you're not a bank, don't behave like one". There is nothing wrong with asking for money before a product or service is provided. Useful methods include offering a discount if payment is received up front or if the business is in an industry where 30 days for receiving payment is the norm, for example, ask for money within 21 days.

5. Don't overspend

"Mean and lean" is the way to go, Ashton argues. Using second hand office equipment or leasing items when first starting up is an easy way to save money. There's also no reason why two companies in the same building can't share a photo copier.

6. Enjoy selling

Entrepreneurs should avoid getting distracted by form filling. Ashton advises business owners to work out during which part of the day they are most productive and sell then. Paperwork should be dealt with in less productive times. "If you get government forms wrong, nine times out of 10 they will help you to get them right. That's not the case with customers," Ashton warns.

7. Keep listening

Sometimes people ignore helpful feedback. Entrepreneurs should also listen to what customers aren't telling them. William Wrigley is a good example of a listener. He originally produced washing powder adding strips of chewing gum to the packaging as a customer incentive. Many customers said they didn't like the washing powder but enjoyed the chewing gum. Wrigley ditched the powder and went with the gum creating what is now a multi-national company which sells its products in 180 countries.

8. Don't grow too quickly

The vast majority of businesses in the UK are very small firms run by someone who care about what they do, gives enough to enjoy nice things but never puts themselves at risk of growing into a massive business empire which can lead to headaches. "Don't let people tell you that big is beautiful," Ashton says. "It's only beautiful for those that want to be big."

9. Avoid careless talk

Remember that you never know who knows who. If entrepreneurs offer a great deal to one customer before long others will know including those that bought the product or service at a higher price. "If you want to spread positive news, it's good to let things slip," Ashton advises. "People like talking about other people."

10. Advertise with care