If the grass is always greener on the other side of the fence, may not always ring true unless you are a entrepreneur says the Global Entrepreneurship Monitor (GEM) for Ireland, launched recently.
According to the report, entrepreneurs in Ireland that focus their efforts on foreign markets when their domestic market is stagnant, have a better chance of success.
The Minister for Jobs, Enterprise and Innovation Richard Bruton TD launched the GEM report for Ireland last week. According to Minister Bruton the report shows that 19,000 people started new businesses in Ireland in 2012, and highlights the findings that new business start-ups are increasingly innovative and that the majority expect to find customers in export markets.
The GEM report was authored by Paula Fitzsimons of Fitzsimons Consulting, who is the National GEM Co-ordinator, and Dr Colm O’Gorman, Professor of Entrepreneurship, DCU Business School.
The report contains an analysis of the observation of entrepreneurial trends in Ireland over the past 10 years. The report noted some trends such as the early period of 2003 to 2008, which was characterised by high levels of entrepreneurial activity, with very many people perceiving opportunities to start new businesses. This was the height of the celtic tiger period and many people were starting businesses to get a slice of the pie for themselves, also the culture was very supportive and entrepreneurship was considered a good career option.
The report then picks out the period when the economy started to decline. “Mirroring the changes in the economic environment, an overall decline in the rate of early stage entrepreneurial activity, particularly among men, is apparent in the latter period (2010 to 2012 inclusive), as is a rise in the proportion of those starting a new business out of necessity.
“Advances in access to seed and venture funding, international incubator supports, access to top level mentoring supports, and Enterprise Ireland’s and the City and County Enterprise Boards’ wide range of supports for start-ups, have all contributed to making Ireland a highly attractive location in which to start a new business venture,” stated Minister Bruton’s department.
The GEM report indicates that Irish early-stage entrepreneurs have a stronger focus on international markets and exporting than their OCED and EU counterparts.
Launching the report, Minister Bruton said: “Two thirds of all new jobs are created by start-ups in the first five years of existence. That is why we have placed entrepreneurship at the centre of our plans for jobs and growth. Through the Action Plan for Jobs, we have put in place a series of measures to support greater levels of start-up activity across the economy including a range of new credit measures and world-class supports for small business through the Local Enterprise Offices. Now we are taking advice from world experts and taking views from the public on the next phase of our plan to support more entrepreneurs and start-ups, and ultimately create the jobs we need.”
Commenting on the report, Chairman of the government’s new Entrepreneurship Forum Sean O’ Sullivan said: “"Ireland has always been a place full of dreamers and doers and that’s essentially what entrepreneurship is, a blend of the two. As citizens, we must take on the responsibility of creating our own jobs, and figure out how to be more efficient, working at greater speed with higher innovation and reduced cost.“
Gender Imbalance
The Report also shows that for the first time the growth aspirations among women entrepreneurs have considerably increased and the gender gap in this area has been almost eliminated.
