Good news for Irish entrepreneurs!

An EU study on entrepreneurship has revealed that Ireland has an above average entrepreneurial spirit when compared with the rest of Europe.

The EU Survey looks at entrepreneurship and employment preferences across Europe and some of the other major world economies.

31% of those surveyed in the Republic who are employees felt that they could become their own boss in the next five years. 23% of respondents said that they were taking steps to start a new business or had done so, while a further 13% were thinking realistically about it.

78% of Irish people thought that good ideas were the most important aspect of a new business. One in five people have a fear of bankruptcy due to setting up a business that may fail and 24% would have a fear of what would happen to their income.

Small Firms Association Director Avine McNally said it is essential for Ireland to develop an entrepreneurial culture.  “There is never a good time to start a business, yet over 1,080 people a month in 2009 took the risk and set up a business in Ireland.”

“Taking the plunge and starting a business can be risky and the survey shows that across Europe, Irish people are amongst the most willing to throw caution to the wind. The survey shows that nearly half of Irish people (49%) would like to be self-employed or start their own business, this is higher than the EU average of 45%” says McNally.

The importance of raising entrepreneurial spirit in Ireland is good news for everyone. SMEs and start-ups are going to be integral to job creation in the coming years. Entrepreneurs also develop innovative products and services which often have enormous benefits.

For example, Carmel Coffey of Do Better, one of our Featured Businesses, took voluntary redundancy in order to start her own company which offers an excellent service to small business. You can read more about Do Better here.