Business guru Sir John Harvey Jones has urged Bradford's entrepreneurs to grasp the district's 'enormous' potential with both hands.

The industrialist behind the award-winning Troubleshooter television series gave the message to the city which he was visiting to give a keynote speech at the 2001 Prestige Lecture.

And to mark his visit, Sir John was delighted to be presented with this fantastical waistcoat created by a local company.

The former chairman of ICI was thrilled at being presented with the hand-painted silk waistcoat, depicting the university and its school of management logos, which was handed over by Alumni Association chairman Anne Hall.

It was created by Prince's Trust company Mushroom, which has also produced ties for celebrities including John Snow and Richard Whiteley.

Sir John, now a great-grandfather, said: "It is great, wonderful! And they have done me a tremendous service, because I have always been a big man for bright-coloured ties but my usual tie painter has hung up his boots, so I'm looking for a replacement. And now I know where to go.."

Hundreds of people of all ages filled the Great Hall in Bradford University's Richmond Building for last night's lecture.

Relaxed and in good spirits, Sir John kept his audience entertained for almost an hour with his wealth of knowledge and amusing anecdotes.

Eager to learn from his experiences, the audience's attention did not falter, with many keen to fire questions at him later.

As a former chancellor of Bradford University (from 1986 to 1991) and honorary president of its MBA Alumni Association, Sir John holds a special affection for the area.

But the robust-looking 77-year-old fears major changes have to be made if the district is to fully exploit its 'immense' opportunities.

Speaking before the lecture he said: "I like Bradford very much indeed and I have always been a great fan of both the university and the city, so it is wonderful to be back.

"I'm very much afraid, however, that the district still faces the same challenges it always has - a declining manufacturing sector and an improved, but still inadequate, level of educational achievement.

"Things have got better in education in the last ten years and we're catching up, but we're not yet at the forefront and that's sad, because in many ways the multi-cultural nature of Bradford should give us an enormous advantage."

Citing the electronics and e-commerce fields as prime examples, Sir John believes Bradford's economic future could be bright - if businessmen were confident enough to take risks.

As the title of his Telegraph & Argus-supported lecture, Wage Slaves or Entrepreneurs, suggests, the ex-Royal Navy lieutenant commander believes too many people settle for 'a steady job'.

"The advantage of having a career is that you always have a boss who will help you to learn in areas you are weak in," he said.

"But when you are on your own the only way to learn is to make a mistake, and we live in a society which is very cruel and adopts a 'one strike and you're out' policy.

"We have to encourage people to take more responsibility and to take more risks, because without a risk, nothing is learned and there is no success. There are much more opportunities out there but people need to go out and grasp them, and believe they can grasp them."

Now living in Wales with his extended family, the UK's most famous entrepreneur is currently working on several new business advice books to add to his list of best-sellers.

Sir John addressed the audience at the Bradford Institute of Financial Services and Bradford University organised Prestige Lecture. Later, he chatted with local business leaders and other guests at a VIP dinner at the university's school of management in Heaton Grove.