It is expected that 4.7 million new businesses will be created during the next 12 months, most dreaming of becoming the next Sir Alan Sugar, James Dyson or even Sir Richard Branson yet more than 90% will more than likely fail.
[UKPRwire, Fri May 16 2008] The Credit Crunch, poor cash flow, profitability, lack of knowledge or lack of experience combined with the highest levels of stress that Entrepreneurs endure will in the main result in shattered dreams for theses courageous success driven Entrepreneurs.
Many Entrepreneurs who have failed would say "If I could do it again I would do it very differently" but just what exactly are the most costly mistakes a budding business Entrepreneur can make and if these mistakes were successes then how many of these businesses would have a much higher chance of success?
Many successful Entrepreneurs have at one time or another faced liquidation and even bankruptcy due to not having all the skills and knowledge required to be successful whilst high profile Entrepreneurs like Gerald Ratner have come through their challenges to make a full recovery. The major problem that we face in the UK is that bankruptcy and liquidation is frowned upon where as in the United States it does not carry the same stigma.
What if Entrepreneurs we not afraid to talk about the mistakes that they have made but instead passed on this knowledge to other Entrepreneurs? Surely less mistakes would be made, more businesses would succeed and a higher percentage of Start Up Businesses would survive!
An Essex based company has created an Entrepreneur and Business Support website with a "Prevention is better than Cure" thought process in mind and it looks like their idea just might catch on. The business idea was conceived by Bradley Chapman after he was forced into bankruptcy. He could not run his own business as a bankrupt, so, instead gave the idea to a number of investors who subsequently created a board and a new business was formed.
We spoke with Bradley Earlier today and asked him what exactly Million Impossible is and how did he think it could help UK Entrepreneurs?
Bradley said - "I went through a very challenging financial and personal time during 2006/2007 and had hit rock bottom. I have had many successes in business and have made some disastrous mistakes. I class myself as an Entrepreneur and we take risks to achieve our dreams, I believe that if Entrepreneurs stand together and talk about their failures as much as we love to talk about our successes then we could all learn from it.
Everybody talks about becoming a Millionaire and the name just came to me MILLION IMPOSSIBLE. I didn't want the site to be the same as the usual corporate happy clappy business networks already on the market, instead I wanted to urge people to be honest and share their pains and challenges with each other so that the business became an Honest Network, which currently does not exist in the UK market. Million Impossible has been created for UK Business Underdogs and I have written a blog on the site which is called the Unknown Entrepreneur because so many Entrepreneurs are unknown because they just do not make it.
I have been honest with who I am and what I have been through. I will face criticism and even investigation due to my bankruptcy, but if the website changes the way that budding and experienced entrepreneurs help each other, and together we can help more businesses succeed, then we will have achieved what we set out to do. All businesses need a catalyst and I hope that my honesty will pave the way for more Entrepreneurs to make their journey that bit easier."
The Business Underdog web site launched last November and is starting to make waves in the UK Networking arena. It offers two levels of membership, you can register to use the site free or become a lifetime member with added benefits.
Members have started to talk honestly about their businesses respecting each other's journey. The business offers everything from free advertising and memorable numbers to merchant services. Million Impossible hopes to capture the hearts and minds of the struggling UK Entrepreneur community by constantly delivering an enhanced value proposition to their members.
Million Impossible PLC
The Essex Technology & Innovation Centre
Ongar, Essex CM5 0GA
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