Failure is the least talked about word in business, yet, as Rowan Morrison discovers, it can be significant in taking your business to the next level.

Eight out of 10 people with a business idea don’t do anything about it. Why? Mostly because they’re simply scared of failing.

That’s the sobering conclusion of a survey early last year from NESTA (the National Endowment for Science, Technology and the Arts). Hut it’s not just about getting started, it also applies to those already in business who are nervous about expanding. In October 2007, Orange conducted similar research which found nearly half of 2,500 respondents had contemplated business ventures but lack of confidence and fear of failure had held them back......

.... One businesswoman is testament to the value of learning from past challenges is Dawn Gibbins, chairman of Flowcrete. The multinational company, which Gibbons formed with her father, lays seamless flooring for the industrial and commercial sectors. It had a significant setback in 1995 when its flagship factory was burnt to the ground by a local arsonist.

“We lost everything but we didn't give up” says Gibbins. “Apparently over 90% of businesses who have a fire of that scale go under, but it made me fight harder. I learned a lot about having faith in people – without my team and our bank manager, who the next day offered us the finance we needed to start up again, I don’t know how it would have turned out”.

Gibbins has gone on to expand Flowcrete across the globe, last year turning over £42m, £5m ahead of target. She adds “It’s the proud moments that help you carry on. The Queen gave me an MBE the year before the fire, also the year after my father died. When you have really bad things happen to you, you have to focus on the positives. My family motto is “I strive until I overcome” and that is so true of business. You have to take strength from the negatives and use it to galvanise you”.

Tips on beating fear from Dawn Gibbins, Flowcrete

Dare to do it – stand out from the crowd
Visualise where you want to be and form a plan to achieve it
Develop a strong team around you and get feedback from people you can trust about what you’re doing
To expand, particularly to expand globally, find maverick lke-minded managers to run your company in different parts of the world

The Bank of Scotland corporate £35m Entrepreneur Challenge

The challenge is a fantastic opportunity for businesses with a minimum turnover of £2m looking to grow and needing a push to make it happen. The Bank has reserved up to £35m of funding interest – free for three years and free of arrangements fees. Up to £5m each will be offered to seven regional winners across the country and the winner will get one-to-one mentoring from oen of the country;s top entrepreneurs.

For details on how to entere: visit www.theboschallenge.co.uk