Enter the Dragons Den: the rise of small business entrepreneurs

The hugely popular TV show "Dragon's Den" has highlighted the ever growing number of British entrepreneurs who are believe they have what it takes to make it in today's competitive marketplace. From exercise chairs to dance class franchises, or a new brand of BBQ sauce to electricity saving devices, viewers of the show have been able to share the journey of a host of hopefuls as they pitched their ideas to the established "Dragons" who could play a vital part in the success or failure of their business ideas.

For most entrepreneurs, it's more common to start out small and build up a business over time. But starting a small business is hard work and is not to be taken lightly. First you have to establish whether you're the right person to run a small business. Remember, compared to the average 9 to 5 working week, running a business will require working longer hours, even weekends and holidays, during the early days of operation.

There are also substantial financials risks involved and many businesses go bankrupt in their first year of operation. Cash flow can be sporadic, and if you take time off, you're not earning money.

There are many risks and hurdles involved with setting up on your own and it certainly doesn't suit everyone. For many, the security and ease of being an employee, which includes a regular pay check, an annual pay rise, sick pay, holiday pay and possibly even a pension and medical insurance is preferable to the uncertainty of going it alone.

Common traits found in those who have started successful small businesses include a need for achievement - (which can also be termed motivation), those not afraid to encompass a certain level of risk, competence in human relations, strong communications skills, and a strong self belief, and a passion for their own ideas.

But there are plenty of advantages to running your own business; you can enjoy a certain freedom of not being restricted by others' regulation, you can get the satisfaction of seeing your ideas and effort being transformed into a successful enterprise. The self-employed often say that running your own business isn't just another job, it’s a way of life.

Being your own boss also means that you'll be in control of all the decisions affecting your working life. You'll decide on your business plan, your quality assurance procedures, your pricing and marketing strategies, who you work with and when you work.

In conclusion, if you can work long and hard, are capable of tolerating risk and stress and can work well with others, as well as alone, then starting your own small business could be right for you.

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