Potential tycoons could blab away their fortunes

Michael said: "When people have an idea, the first thing they want to do is tell everyone about it. But if you put it in the public domain, you'll destroy its novelty so you won't be able to get a patent for it, not to mention the fact that someone might go out and do it for themselves.

"If you talk to anyone, you should really get them to sign a confidentiality agreement."

Michael has seen a lot of ideas over the years, but unfortunately it's largely when they're the subject of a lawsuit. As a result, he's put together The Bright Idea Handbook, a guide to intellectual property law published by Which? Essential Guides.

The book covers the basics of patents, trademarks and copyright, funding, marketing and how to find and brief a lawyer.

He said: "The book tries to explain the field in layman's terms. In this field, you see a lot of scenarios in which people make mistakes because they don't pay attention until it's too late. I know one lady who would have been a millionaire by now if she'd protected her idea, but she's not. This doesn't just affect big companies. It affects small businesses and start-ups too."

Michael advises that would-be entrepreneurs should ask themselves tough questions before taking the big leap.

He said: "It might be a great idea, but that doesn't matter if no one wants to buy it.

"If you think you've invented something unique, see if you can find something similar on the internet. Do some research and look at patents at the Intellectual Property Office.

"If you're really serious about it, you should go and see a patent agent, because if you file a patent it's not so disastrous when it leaks out because you're first in the queue.

"James Dyson protected his idea, so he was able to keep his rivals out of the bagless vacuum cleaner market until his patent ran out 20 years later. But he had to sue people to do that.

"Getting protection is only half the battle. If someone rips off your idea, you have to stop them. That's where it gets expensive and difficult. Patent infringement cases are not for the faint-hearted."

Perhaps un-surprisingly, Michael warns against saving money by cutting lawyers out of the process when starting up.

He said: "It's always tempting to cut corners, and the thought of paying out thousands on lawyers fees can be repugnant. But nine times out of 10, it's a false economy not to get someone to help you draw up an agreement. Day in, day out, I see agreements that make no legal sense. In those cases, you're starting with one hand tied behind your back.

"A business partnership is an evolving relationship, and just because you get on now it doesn't mean that will always be the case."

Many UK bright sparks have been inspired by shows such as the BBC's Dragons' Den to take their inventions to the next level, and Michael muses that the programme has "helped make entrepreneurship cool".

But is it worth taking the plunge in the shadow of a recession?

Michael said: "It's a difficult market now, but conversely in a recession people may be prepared to offer more competitive rates.

"Others may be prepared to invest more time to get a return out of an investment. And a lot of people will find themselves looking at what they really want to do with the rest of their career if they find themselves working twice as hard or they're being made redundant.

"But unless you want your new project to be a hobby, think very carefully about the financial potential of what you're doing. Are you looking to simply pay yourself a living wage, or grow a business?"

The Bright Idea Handbook written by Michael Gardner, top, was released this month by Which? Essential Guides, priced at £10.99