Honesty the best policy to become a success in business, says Desmond

Dermot Desmond says honesty is one of the key traits to becoming a successful entrepreneur.

The 62-year-old – who is worth over €1.5bn - was honoured with the Outstanding Achievement prize at last night's Business and Finance Awards.

He was recognised for the role he played in establishing the IFSC in Dublin - which is home to half of the world's top 50 banks.

He says believing in yourself and learning from your failures is the key to being successful.

“You’ve got to believe in your idea and be totally committed. If it fails, dust yourself down and get up and try again. There’s no harm in failure,” he said.

“If there’s honesty and integrity in the way you do business, there is no shame in failure. Through experience you will learn good judgement.”