Trying to be your own boss has its inarguable upsides. You can decide on the dynamics of your workplace, choose your own hours, treat staff well and try to maximise profits for yourself. But while that all sounds like a cinch, it takes more skill than you might imagine.

Running a business is a marathon

Most small business owners take years, even decades, to hone their skills, using famous entrepreneurs as templates or attending in-depth courses on the subjects of business and finance.

Even those who are clued up might struggle in the bear pit of free market capitalism. It only takes one slip-up in a dodgy financial climate to turn your once-thriving business into a stagnant shell of its former self.…