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Growing up in tough circumstances is a reality for many,

and studies now show that a childhood spent in poverty can affect people's lifelong decision-making patterns.

It can make them more likely to focus on coping with present stressful circumstances,

potentially at the expense of reaching for future goals. One study in the US, for example, found that only 16% of children who grew up in poverty

managed to escape it as adults. But some do manage to buck the trend. Take the interesting case of George Daniels, for example. He grew up as

one of 11 children in a poor household. He and his siblings ate their frugal meals, mostly bread and

dripping or bread and jam, standing up around the kitchen table. There were no chairs, except for his

father, who was a violent drunk. But George went on to become one of the most

important watchmakers of the 20th century. He invented something called coaxial escapement,

which made mechanical watches as accurate as electronic ones. And that made him a millionaire.

I'm Evan Davis. And in this episode of the decisions that made me, our

series of interviews with business leaders from the team behind the bottom line, I'm going to hear

from another entrepreneur who made it, despite a difficult start in life. Well, my guest today

is Richard Farley. Now I know Richard because he was a dragon on Dragon's Den in the 2000s. He's an investor, an economist, has had a long and extremely interesting life, much of which he's written about in a book called Humble Stumbles. And that word humble, very important to Richard's view of business. But Richard, welcome to the programme. And let's just start with your background because it was not a privileged start to life. I mean, just tell us a little bit about your origins in Australia. Yes, it wasn't great. And one regret I had from Dragon Stan is that they portrayed me as a middle-class, you know, Toff, really. You know, nothing, I've got nothing wrong with middle-class tough.

Nice cars and all of that.

Yes.

But actually, yeah, you came from... And if I had had it over again, I would have stressed that I grew up in the care system. I spent time in a children's home and that also that I was a chess player, played in a couple of chess olympids and that I'm a nerd who went through the care system

because nowadays that's not something to be ashamed of so much.

But I was one of 11 children born in the outback and we were very poor.

My father was a sheep shearer, but alcoholic and with mental issues and violence issues.

And we were living in a couple of tents, just travelling around the east coast of Australia.

...