A record-breaking 657,790 new businesses were founded in the UK<\/a> last year but in five years\u2019 time, only half of them will still be trading. Odds like that make you wonder whether it\u2019s worth the risk involved in setting up your own business.<\/p>\n However\u2026 there\u2019s a vast number of UK-born entrepreneurs who have faced the same odds and defied them. And there\u2019s nothing to say you won\u2019t be the next one.<\/p>\n Here are four of the most inspirational entrepreneurs the UK has produced, and their advice to the next generation of British business icons.<\/p>\n Richard Branson<\/strong><\/a><\/p>\n Sir Richard Branson is the founder of the Virgin Group, which controls over 400 businesses in everything from a record label to space travel.<\/p>\n His story is one of the most famous of all entrepreneurs, having dropped out of school at 16 to self-publish a magazine and gone on to build an estimated fortune of \u00a33.6 billion.<\/p>\n Fun fact:<\/strong> Branson has held several world records, including \u201cOldest person to kitesurf across the English Channel.\u201d<\/p>\n He says:<\/strong> \u201cThe brands that will thrive in coming years are the ones that have a purpose beyond profit<\/em>.\u201d<\/p>\n What can you learn from him?<\/strong> Really think about the above quote in the context of your own business. Is your business idea designed to earn you money, or does it offer something more? Is there a way you can do both?<\/p>\n Justine Roberts<\/strong><\/a><\/p>\n After a disastrous family holiday, Justine Roberts came up with the idea of a website for parents to swap family advice. In the years since, Mumsnet<\/a> has gone on to become a major online resource with 10 million users.<\/p>\n Even though the website generated up to \u00a37.2 million<\/a> last year alone, Roberts still considers the community aspect of the site to be its most important feature.<\/p>\n Fun fact:<\/strong> Mumsnet\u2019s launch predated Facebook and Twitter by four and six years respectively, making it one of the first major social networks.<\/p>\n She says:<\/strong> \u201cOur aim was, and continues to be, to make parents\u2019 lives easier<\/em>.\u201d<\/p>\n What can you learn from her?<\/strong> Do you have a life solution that others would benefit from? There could be business potential in it. Sometimes the simplest of ideas, like starting a conversation between parents, can catch on and grow into something special.<\/p>\n John Caudwell<\/strong><\/a><\/p>\n Founder of Phones 4 U, Caudwell started with an investment of \u00a325,000 and went on to build an estimated fortune of \u00a31.5 billion.<\/p>\n Caudwell\u2019s first business, Midland Mobile Phones, made a loss every month for the first two years of operation.\u00a0 Changing from a small dealership to a wholesale distributor also changed his fortunes and his turnover grew to \u00a313 million by 1991.<\/p>\n Fun fact:<\/strong> John founded Caudwell Children<\/a> in 2000, which became a national charity in 2006. It helps improve the lives of disabled children living in Staffordshire and South Cheshire.<\/p>\n He says:<\/strong> \u201cBusiness is about being the best that you can be, and there are always glowing examples of people that we can all learn from<\/em>.\u201d<\/p>\n What can you learn from him?<\/strong> Starting a business doesn\u2019t guarantee an immediate income, so assess whether you have enough savings or alternative sources of income before you go all in. Just remember to declare all sources of income to HMRC!<\/p>\n Rita Sharma<\/strong><\/a><\/p>\n After dropping out of college, Rita Sharma founded WorldWide Travels in her garage. She went on to become the richest female Asian entrepreneur in Britain.<\/p>\n In 1986, Sharma started a travel agency selling business class tickets, but the economic crash forced her to re-evaluate. From this she created a bespoke holiday package company, and went on to found Bestattravel.com.<\/p>\n Fun fact:<\/strong> Sharma leaves her husband Rahul in charge of finances, and doesn\u2019t always know her company\u2019s profits.<\/p>\n She says:<\/strong> \u201cMoney is important but it is not going to be the deciding factor in my life<\/em>.\u201d<\/p>\n What can you learn from her?<\/strong> Adaptability is a key skill for any business owner, as there\u2019s no way to predict how your business will grow. This is why it\u2019s important to invest your efforts into an industry or field you know a lot about. Passion is another key factor, as it drives you to succeed.<\/p>\n \u00a0<\/p>\n There are of course, thousands of successful entrepreneurs across the UK and each one has forged a different path to success. As a business owner, you have the freedom to define your own success and forge your own path \u2013 it\u2019s one of the most exciting aspects of being an entrepreneur.<\/p>\n So how will you change the world?<\/p>\n KashFlow is\u00a0jargon free accounting software<\/a>\u00a0designed for small and new businesses. It\u2019s HMRC-recognised and hassle-free\u00a0. For a free demo of the software just call 0344 815 5779.<\/p>\n \u00a0<\/p>\n \u201cA journey of a thousand miles begins with a single step<\/em>\u201d \u2013 The key to a business\u2019s future success lies in its first year.\u00a0Find out what you should be doing in your first 12 months\u00a0in our featured blog:<\/p>\n Making Your First Year of Business a Success<\/a><\/p>\n<\/blockquote>\n![\"\"\/](\"https:\/\/www.kashflow.com\/wp-content\/uploads\/2017\/06\/architecture-2256489_960_720.jpg\")
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