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Crisis is an opportunity, says ex-Dragon

Rachel Elnaugh, the ex-Dragons’ Den judge, has proved that the best entrepreneurs make the most of their experiences, even the negative and potentially soul-destroying ones.

Speaking to the Sunday Times, the former star of the BBC show suggested that the failure of her adventures firm, Red Letter Days, taught her more about business than its successes did.

“Failure teaches you so much,” Ms Elnaugh told the paper in a wide-ranging interview. “I probably learnt more in that last two-and-half years about business than in the previous decade.”

Rather than keeping quiet about the lessons learnt, Elnaugh has decided to spell out what she, and other entrepreneurs in her position, picked up from trying to save her company.

The result is Business Nightmares – her first book, aimed at helping business types on their journey by giving them “strength and encouragement and…advice during the difficult times.”

Such crises, which might include not getting an idea, product or service off the ground, can lead to “something much better” because they are “happening for a reason.”

She added: “I think hitting tough times can actually lead you onto a path that is much better for you. That was absolutely the message in the chapter about Jeffrey Archer.”

In the former MP’s case, Elnaugh said he only ever turned to writing books because he didn’t want his son to think he was unemployed after bankruptcy forced him to resign.

“The whole meltdown led to a completely different career for him, which created not just phenomenal wealth but was also absolutely what he wanted to do.”

Reflecting on her own tough times, a fair dose of which are included in the book, Elnaugh said she went through a conundrum likely to face many entrepreneurs who fail.

“I am sure a lot of people [in this situation] do go through full nervous breakdowns,” she said.

“One of the biggest decisions I had to make, and I clearly remember this conversation with my husband, is whether we should completely downgrade our lifestyle and go and live in a three-bedroom semi for a few years and take the children out of private school”.

The alternative was to focus on “other revenue streams and ways of income generation,” the entrepreneur reportedly explained, just days before her debut book is due to hit the shelves.

Prospective readers of her book, who want the ‘real Elnaugh’ – including business and personal history on top of her survival tips, aren’t likely to be disappointed.

“As I was writing it, I started to include a lot of my own experiences,” she revealed. “So the book became quite autobiographical and it was quite cathartic. I got a lot of things out.”

Other entrepreneurs laid bare in the book include Simon Woodroffe, the founder of Yo! Sushi, who spent two years and all his savings to turn his restaurant dream into a reality. He later sold it for £51m.

James Dyson, the designer who spent 10 years trying to get his vacuum cleaner into production is also featured, alongside Felix Dennis, the media mogul, and Donald Trump, the real estate tycoon.

Apr 28, 2008
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