Bizstartup.ie - NewsEU survey good for Irish entrepreneurs

In addition, the same survey showed that 23pc of respondents in ireland said they were taking steps to start a new business or had done so, while a further 13pc were thinking realistically about it.

“There is never a good time to start a business, yet over 1,800 people a month in 2009 took the risk and set up a business in Ireland,” she said. “The EU survey shows that, across Europe, Irish people are amongst the most willing to throw caution to the wind. Nearly half of Irish people would like to be self-employed – this is higher than the EU average of 45pc.

“The reasons why Irish people would like to be self-employed are due to personal independence, self fulfillment and the chance to work in an area they are passionate about.”

Positive attitudes towards entrepreneurship

McNally highlighted a number of findings from the EU survey which demonstrate the Irish positivity in relation to entrepreneurship:

• 31pc of those surveyed in Ireland who are employees felt they could become their own boss in the next five years;
• 78pc of Irish people thought that good ideas were the most important aspect of a new business;
• One in five Irish people have a fear of bankruptcy due to setting up a business that may fail and 24pc would have a fear of what would happen to their income.

“There are clear barriers to becoming an entrepreneur, these include the time and expense associated with the cost of compliance and regulation; the lack of management capability among entrepreneurs; difficulties regarding finance and access to credit and the current economic environment,” McNally said.

A national entrepreneurship policy

The SFA is calling for a National Entrepreneurship Policy, which would focus on optimising the number of start-up businesses, in particular on maximising the number of start-ups aspiring to and achieving high growth.

It should build on three specific platforms:

• Stimulating latent entrepreneurship potential, particularly among women and the immigrant community
• Reinforcing entrepreneurship in the education system
• Enhancing the culture of entrepreneurship.

“While Ireland’s overall entrepreneurial ranking is positive, a ‘fear of failure’ is still relatively high among adults in Ireland. Entrepreneurial activity must be championed as an important component of our national ability to create wealth; as a way of encouraging innovation; and as an important mechanism for increasing economic wealth,” said McNally.

Photo: Avine McNally, SFA director