Aaah Dragon’s Den, that great bastion of modern entrepreneurial exploits as well as the home of mad inventors with their wild eyes and their scary, smiling, devoted wives. The Apprentice aside, it is arguably the best show that the BBC has made in the last few years, finally taking the vote in reality TV away from the public and putting it in the hands of people who actually know what they’re doing. People who’ve been a fan of the series from the beginning may well remember Rachel Elnaugh, the first female to act as a foil to the otherwise male panel of investors, and a young and promising business woman who almost single-handedly invented the ‘experiences’ gift market in 1988. You may also be aware that Rachel was unceremoniously removed from the panel in 2005 when her business, Red Letter Days, went into administration and the BBC didn’t want to keep someone who was perceived to have ‘failed’ in business on the board of Dragons. Some feel that this was a little bit harsh, and in order to understand how such a strong business could collapse and how the now mother of 5 plans to rebuild her fortunes is a much more productive exercise than simply passing unfounded judgement.

Born in 1964 in Chelmsford she lived with her family in a house above the business run by her father, and she initially would have taken a very different route in life, wanting to study art history at university, but this path was quickly blocked by five rejections. She then decided to take up accountancy and tax consultancy, learning many of the key business skills that would help her later in life. At the tender age of 24 she started her first business, Red Letter Days, based on the ‘experience’ gift idea, which would allow people to buy experiences for their loved ones, such as horse riding, mountain climbing or a day at the races. Over the next sixteen years the company grew to a £17.5 million turnover and become a significant part of the £250 million a year experiences market. On the back of this success she won numerous entrepreneurial awards, including the Ernst and Young entrepreneur of the year in 2002. However, the fall of Red Letter Days came just a quickly as its ascent, when in 2005 the expansion that it had attempted over the preceding few years brought the business to its knees, and the pieces were left for fellow Dragons Peter Jones and Theo Paphitis to buy up. Rachel does not attribute the fall of the company to her own actions as by this point she was not in executive control, but equally has not let this very public setback bring her down. She is now on her way back to the top with a series of new ventures.

Although Rachel still has business interests in a variety of areas, her main pay packet at the moment comes from public speaking and entrepreneurial mentoring. Over the past few years since the collapse of Red Letter Days Rachel has been the keynote speaker at many business events, most notably those aimed at young entrepreneurs and women specifically, and her success has acted as an inspiration as well as providing a consistent income.

This has extended into a mentoring course, based on her experiences throughout her journey in business, which is offered to anyone who wants it on a twelve month basis. For two and a half grand you can have a one to one session with Rachel so that she can go over your business with a fine toothed comb and tailor her advice to your requirements. After that she’s at your beck and call, within reason, for the next twelve months, and you’ll have access to loads of material online to help keep you informed and motivated, including master classes and web based seminars. It’s a clever consultancy scheme that should help to generate revenue and further assist Rachel on her next ascent, either to create other business ventures or to expand her mentoring portfolio.

It is perhaps important to note that although Rachel may to some appear to be the epitome of the demure businesswoman, beneath the glitz and marketing there is a woman who is incredibly driven and considered by some to be quite a scary customer. Her autobiography is a testament to how much bitterness can be generated in the business world, and how relationships can rarely survive the souring of a deal, even between fellow Dragons.

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