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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