BUSINESS START UP SCHEME WELCOMED...PART 1

BUSINESS START UP SCHEME WELCOMED

BY YOUNG ENTREPRENEUR AND DRAGONS DEN WINNER

PART 1

A new private sector-led scheme set up to promote entrepreneurialism in the UK has received a cautious welcome by the boss of the leading auto accessories retailer.

Adam Weaver, a 30-year-old former Dragons Den winner, said Start-Up-Britain – a scheme devised to kickstart economic recovery – was a fantastic scheme in principle, helping savvy entrepreneurs achieve their dreams and ambitions.

But with four out of five businesses collapsing before they have even taken off, he said those who took up the scheme would need ongoing support and advice from leading business men and women so their ventures didn’t fall at the first hurdle.

From his own experience Adam learned good management of cash flow was the lifeblood of any company, whether new or long established. Without proper management of cash flow a company exposes itself to the risk of going under.

He said: “Perhaps like thousands of other entrepreneurs out there I learned this the hard way. From my own experience I believe the first lesson a scheme such as Start Up Britain should teach is the importance of maintaining a healthy cash flow.”

He said although schemes such as Start-Up Britain will give any budding entrepreneur a glimmer of hope for a bright future, new businesses still face a bigger headache than perhaps five years ago when he launched his own company Proppa. The latest round of public sector cuts, increase in VAT, rise in fuel and living costs, and the banks’ reluctance to lend money, has all added to increased competition reinforcing ‘survival of the fittest’ mentality.

He added: “There is no doubt new ventures are one of the best ways to give the economy the boost it needs. But the first few years are the toughest in any business as employers seek the right people for the right jobs and look to build its customer base and reputation. 

To Be Continued...

The next instalment will be released on Monday 11th April 2011, so don't forget to check back.