Rachel Elnaugh
Rachel Elnaugh is one of Britain’s highest profile female entrepreneurs. Having
started her working life as an office junior, she went on to create the market-
leading brand Red Letter Days on a shoestring budget from the front room of her
home. Red Letter Days went on to generate over £100million in turnover in the 16
years that she ran it, and in doing so pioneered the UK’s £250 million experiences
sector. This earned her an Ernst & Young Entrepreneur of the Year award in 2002,
as well as being short-listed for the 2001 Veuve Clicquot Businesswoman of the
Year and the Growing Business Entrepreneur of the Year awards in 2002.
In early 2005, Rachel shot to fame as one of the original Dragons in the BBC’s
cult business show Dragons’ Den.
What are your thoughts on the current Are you optimistic about the future of
Name: Rachel Elnaugh
economic crisis’s impact on start-up business?
businesses? I think we are seeing the start of a radical shift at
Career Highlights:
I think current economic crisis will have a huge the end of which capitalism will be replaced with
• Accountant and tax consultant with
impact on start-up businesses. However ‘in a much fairer, more collaborative and sustainable
Arthur Andersen.
every adversity lies the seeds of opportunity’ way of operating the world. I think we are moving
• Founded Red Letter Days.
(to paraphrase Napoleon Hill). Consumers are away from the old ‘alpha’ way of working – fuelled
• Finalist for the Veuve Clicquot
moving down ‘Maslow’s hierarchy of needs’ and by money power and greed – towards a more
Businesswoman of the Year.
their focus in the next few years will be much feminine structure which operates in harmony
• First female panellist on BBC’s
more around basics than luxury goods. Start-up with people and the environment. I think there will
Dragons’ Den.
businesses need to make sure that their product be an emphasis on collaboration and community,
• Released her first book, Business
is relevant to this changing consumer. Sectors with many more exchanges of value based on
Nightmares, in 2008.
which will flourish in the next few years will be contra-deals (essentially, barter). I don’t think it

sustainable energy, retraining, life and coping is an exaggeration to say that there will be a total
skills, self-sufficiency, recycling, and, of course, financial meltdown by 2010. The current system is
“Positive, energised people insolvency! One thing I would advise businesses not based on any true underlying value.
attract the exact people
to think through is the possibility of third parties
failing – whether these be key suppliers or What bit of advice would you give to anyone
and opportunities they customers – and what impact this would have about to start a business?
need to succeed.”
on your business. Having only one provider for I would always say that business has a much
key supplies, or too much reliance on any one better chance of succeeding if you follow your
customer, could mean your business is exposed passion – the key thing is ensuring you have
should they fail. pitched to the right segment of the market in
Hall 1 – 2.00-2.30
the right way. I am a great believer that positive,
Thursday If you wanted to start a business now, would energised people attract the exact people and
The First lady of Dragons’ Den Reveals you wait? opportunities they need to succeed. Therefore, the
Her Business Nightmares All economic times are good times to start key to success is ensuring that you manage your
Entrepreneur and first lady of Dragons’ Den, in business, and basic rules hold true. Give motivation throughout what can be very desolate
Rachel Elnaugh has experienced the entire customers what they want at the price they want and tough times of the early business start-up
lifecycle of a business – seeing it grow into it and your business will be a success. Starting phase.
a multi-million pound brand to seeing it fall up in business at a time of recession is actually a
into financial difficulties – she talks about the brilliant training in innovation, resourcefulness and
problems entrepreneurs face at every stage negotiation skills – key qualities of the successful
of their business journey. entrepreneur.

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