Neil Boom

October 07, 2010 03:00 ET

Will the New Series of 'The Apprentice' Inspire You to Start a Business?

Here Are Ten Reasons NOT to

LONDON, ENGLAND--(Marketwire - Oct. 7, 2010) - Popular TV programmes like The Apprentice, which starts again this week on the BBC today, inspire many people to start businesses.

In the UK alone, around 400,000 new businesses are started each year.

With today's poor job market, many more people are considering setting up a business, especially those who have received substantial redundancy pay offs.

But is this a wise move? Small business owner Neil Boom and author of the new satirical business book Going Bust: How to Ruin Your Business, says starting your own venture is often a sure fire way of losing your shirt. 

Here are ten good reasons NOT to start a business.

  1. Over half of all new ventures go bust within a couple of years. Is this how you really want to spend your redundancy money or hard earned savings?
  1. Running a business is much much harder than going to work, and when things go wrong – which they will – you'll have no boss to blame. This is clearly no fun.
  1. And that's the last time you can throw a sickie. Doesn't bear thinking about does it?
  1. You'll have to understand boring things like profit and loss accounts, cash flow and profit margins, when you could be talking about The X Factor instead.
  1. You'll be lonely. Running a business, especially as a sole trader, can be a lonely affair: no meetings, no gossip by the copier, no flirting with Cheryl from accounts.
  1. Say goodbye to sleep. You'll never have time for sleep again, as you rise with the paper boys and go to bed with the drunks.
  1. If you end up badly in debt and are forced to go bankrupt, you'll ruin your credit rating. That's no cheap mortgage for you ever again, sucker.
  1. Remember how much you liked seeing your family and friends? Kiss them goodbye too.
  1. Remember too your company pension, car, bonus and other benefits. All gone, probably never to return.
  1. Did I mention holidays? Gone too, apart from a few odd days a year when you're far too tired and broke to enjoy them.

Notes to editors

Neil Boom's new book is a humorous guide to running businesses, which aims to make the venture fail as quickly as possible, so their owners can return to the old lives with the least damage done. 

Going Bust: How to Ruin Your Business is available from www.amazon.co.uk or www.neilboom.com.

Neil is 48 year old, and is a Director of news website OneNewsPage.com.

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