Member Article

Entrepreneurs need more government support, says top business mentor

A leading business mentor believes the government and banks need to offer more support for small businesses and entrepreneurs if they are to stimulate economic growth.

Rachel Elnaugh former judge on the BBC programme ‘Dragons Den’, has been in the region to share her experiences with other entrepreneurs.

Rachel set up her first business ‘Red Letter Days’, an experience company in 1989, which she successfully ran until it fell into administration in 2005. Since then, she has become involved with the enterprise sector, and works closely with businesses as a mentor.

Speaking to Bdaily at the NorthEastExpo, she said: “It’s been really tough (for businesses), so my whole business journey means I can related to the same highs and lows they have experienced themselves.

It is important to now look at the environment and culture we create, and helping businesses to survive and grow, because if you look at the statistics, the main people who are putting businesses out of business are the Inland Revenue and the banks“

Rachel was also critical of the government, who appear to be sending mixed messages to small businesses.

“On the one hand, the Government’s saying ‘go into business’, but on the other hand they are squashing those people and making it really difficult for them.

“So ultimately what we really need is a culture of enterprise in this country and I don’t think we’ve really got that governmental support for it yet.

“However, there is lots of great work being done, and its great to see enthusiasm and energy, and more initiatives (like the NorthEastExpo), are needed to support it.”

She has also written a book about her experiences, entitled ‘Business Nightmares’, focusing on staying positive in the face of adversity in business.

“I think a lot of the people who I’ve helped are in that space – they’re on the edge, the money’s running out and they need someone to help them keep going”

“Having done mentoring for six years, I really do know that mindset is everything, so I try to encourage positive things, an manifest good stuff – ultimately reconnecting to your passions is the key.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .