Starting a business is hard. But keeping one going is even harder.Scotlandhas an unenviable business failure rate compared to the rest of theUK, with 60% of start-up companies failing within the first three years of business, and an alarming 80% going under within five. There are, of course, many reasons why a business fails, but more can be done to ensure new business owners are fully prepared for the hard work and the 24/7 attention required to keep a new venture afloat.

 Starting a business, in my eyes, is similar to owning a pet for the first time. We create this ideology of how much fun it’ll be and the benefits we will receive from having one. But it’s not until you actually get the pet or start the business that you realise there’s a lot of clearing up, hard work and dedication required to get the most out of it.

 For example, looking after a dog is more than simply enjoying long summer walks with man’s best friend – whether you like it or not, your dog needs feeding, regular exercise (regardless of the torrential rain outside), bathing and taken to the vet when it isn’t well – a costly exercise in itself – not to mention endless amounts of attention and cleaning up after it.

 Do it right and your dog will be your best friend. Do it wrong and it’ll take its appreciation elsewhere – leave the gate open and it’ll be gone.

 When my niece, aged six, asked for a pet, she was given a Tamagotchi – a virtual pet which needs to be fed and cared for just like a real one. If she could keep it alive for two weeks then a real pet would be considered. She was the perfect owner for a couple of days but she soon became bored asking her parents to look after the pet. Within a week, two virtual pets were on their way to digital heaven.

 If potential business owners were forced to successfully run a Tamagotchi-style virtual business before they received funding from banks and business start-up agencies, how many would actually be granted the cash?

 Funding bodies might be more inclined to say yes if people can prove they can cope with everything a business can throw at them – they might even invest a little more.

 The internet hosts an array of virtual games where virtual beings make friends, earn money and eat, so I see no reason why we can’t create a similar environment for trialling businesses and their owners.  Real business issues could easily replace fighting and car racing challenges on the web.

 If you own a business, and particularly if you don’t employ anyone, you are responsible for everything – cleaning, tax returns, facing the public, ordering stock – and when you’re relying on yourself to do all these things on top of what you perceive as your job, it sometimes becomes more than you can manage.

 All too often, I see business owners struggling because they hadn’t thought about who would look after the business when they’re on holiday or didn’t really like doing the finances, so constantly pushed them aside. You might have a great product or service to offer the market but if the back office tasks aren’t completed properly and poor decisions are taken your business won’t survive.

 Maybe it’s time we started urging businesses to prove they can hack it in the digital world before they come a cropper in this one.

 Lastly as we say at Templeton Green, in business as in life, we have choices, what will you choose today?