It is a reasonable argument that we need the government to look at changing the laws to help protect UK businesses that face adversity. In the United States they have Chapter 11, which can help protect businesses and the Entrepreneurs that run them giving them the chance to reorganise their position resulting in a secured business, secured jobs and far less after shock from the process that administration brings.
2009 will see an explosion of start up businesses and it will more than likely be one of the largest growth sectors for the year. So many Entrepreneurs are compelled to action and will start up new businesses taking a high risk in both personal and financial terms.
Only 10-15% of start up businesses will survive past year 5 which leaves a great debate as to what will go wrong with the 85% of businesses that will not make it? There are so many reasons why companies fail, whether it is through lack of finance, lack of knowledge or just through that lack if support.
Many business can be saved if the Entrepreneurs than run them have access a network of like minded Entrepreneurs who have already experienced adversity and have overcome it. The point about adversity is that until it happens to you and it can happen when you least expect it, that actually you do not understand or know the pain and suffering that can be impacted upon Entrepreneurs.
Equally, even if a business did exist where Entrepreneurs could talk to other like minded business people who have had similar experiences, pride often sets in and prevents many of us from being honest with our position.
One emerging online business network that launched just 12 months ago is challenging this and has created in the process a fantastic niche business where the members and readers share their adversity – We caught up with Bradley Chapman who created Million Impossible after being in a position of being bankrupt and asked him if he felt that Entrepreneurs would feel comfortable talking about their mistakes and sharing them with people that they do not even know.
“I don’t know anyone who feels comfortable talking about their mistakes but I know a lot of people who feel comfortable talking about their successes. The challenge for our business is that nobody learns from success and in fact we can all learn something from failure.
Through my own mistakes which have caused me great pain and suffering and going back in my mind, if I did share the problems that I faced I do believe that some of my adversity could have been prevented.
It took me 38 years to realise that somebody had to try and create a business that welcomes adversity as well as success. Whilst driving on the M6 one day and after a major break up with the mother of my children, which ,cost me everything that I had apart from the shirt on my back I had a vision and was like many Entrepreneurs called to action!
I could not have been in a worse financial position. I had no money, was bankrupt but had my mind and my passion and my sheer dogged determination which can never be taken from me even through my life has been filled with adversity – I still believe anything is possible! Million Impossible was born on the 15th November 2007.
Million Impossible was a play on words in that to the contrary, given the right support, guidance and advice it is extremely possible to do the impossible and make everything possible – but you can not do it alone.
I launched an online network for Entrepreneurs in November 2007 and the journey had begun. Since then we have moved our proposition forward with the addition of a Magazine for Entrepreneurs based called Raw Entrepreneur. The whole ethos of the business about adversity and that it can be overcome.
The business was started with a limited capital investment and a small team of motivated people. As we enter 2009 we once again have some challenges to overcome and my blog on the Million Impossible web site talks quite frankly about our journey.
We encourage open and honest thinking and actually its ok to fail as long as we learn from our mistakes and in fact some of the most influential and influential Entrepreneurs of our time have been bankrupt or placed a business into administration. So many Entrepreneurs will face adversity in business at some time during their business careers but many times it comes at a time when you least expect it and are not prepared or ready to deal with it.
It not how you rise instead it is how you rise after falling that determines who we are and our business network supports a strength in numbers theory, after all two heads are better than one and a thousand heads are better than a 100.
We are now in talks with a major publisher to deliver a printed version of our business magazine and we are also in early stage talks in launching “Entrepreneur School” – which could be the most unique networking and Entrepreneur Teaching academy in the UK.
Thank you Rachel
Rachel Elnaugh former MD of Red Letter Days – the gift experience business and former panelist on the BBC’s BAFTA award winning programme has been mentoring me personally and has been a great inspiration and support to me.
2009 is gong to be a very tough time for anyone in business but it will also be the most exciting time for all Entrepreneurs that start new businesses this year. I believe that Entrepreneurs will be key and instrumental in getting the global economy back on track”.
Editors Notes
Million Impossible launched during April 2007 with their Entrepreneur and Business Networking website. The business focuses on helping Entrepreneurs overcome adversity through their network of 1000’s of Entrepreneur members, business forums and online business magazine, which features high profile Entrepreneurs such as Rachel Elnaugh, Levi Roots and Imran Hakim. The company is now in talks with a major UK publisher to deliver their first printed business magazine during Q1 2009.
Contact details: Bradley@millionimpossible.com Tel: 0845 468 5000 Web: www.millionimpossible.com
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Bradley Chapman - Motivational Entrepreneur
