Technological advances and the move towards hybrid and remote working mean the world of work is changing; people are attempting to change not only how they work but also where they work. More are considering shunning corporate work regimes that require them to dress in business clothes and be in an office from 8am until 5pm, and are looking at other options.
Entrepreneurship and self-employment is one of the main ways in which people can change the way they work; the number of people opting to set up their own business has increased in recent years.
According to data from CRIF Vision-net, one of Ireland’s largest providers of credit information on businesses, 22,581 new start-ups were established in the State last year, the highest number recorded since 2017, with more businesses setting up outside of the big urban centres.
The figure is something to be welcomed – the Government says entrepreneurs are vital to the success of the Irish economy.
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But what actually is entrepreneurship? According to Lorraine Bowen, chief executive of The Entrepreneurs Academy, which provides training for individuals and organisations, it is “turning ideas, dreams or something you want to activate into an enterprise or something you can monetise”.
There are two types of entrepreneurship, Ms Bowen says: social and for-profit.
Although social enterprises need to make a profit too, what differentiates them from for-profit enterprises is “how the profit is generated”, Ms Bowen explains.
“It’ll be socially impactful. It will be generated very strongly around purpose,” she says. “And then it’s about what happens to the profits when you make them. A social enterprise has got to make money to do good things. But it’s about how it makes it and how it uses it.”
Social entrepreneurship is growing, Ms Bowen says, citing an upsurge in younger people thinking outside the box.
“There is a very socially and environmentally conscious, driven younger generation coming up,” she says.
She increasingly sees enterprises that are underpinned by strong elements of sustainability and social awareness.
“It’s fantastic,” she says. “That’s how change is going to happen; grassroots change.”
But how exactly does one put these dreams or goals into action? Well, the initial practical steps appear simple: businesses must register with the Companies Registration Office (CRO), as well as setting up their finances with Revenue.
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“To be honest, that’s just technically what you do to get started,” says Ms Bowen. “Really what you’ve got to do is step back and say, ‘Why am I doing this?’ There is a lot of training available out there and there is a lot of support. Ireland has a really great ecosystem of supports, which doesn’t exist in a lot of other countries, to help set up a business. So it’s really worth stopping, thinking and equipping yourself.”
One of the biggest things about entrepreneurship is realising you need to have a base knowledge of a lot of different areas of expertise. Though you may have acquired a degree in textiles, that isn’t sufficient knowledge to set up a textile business; you also need to know, to some degree, about finances, bookkeeping and marketing – among other things.
Not all of us are blessed with innate leadership skills, for example, but it and a raft of other skills can be acquired, and are “really worth adding” to your existing skill set, says Ms Bowen.
The training for this “is really readily available”, she adds, and it doesn’t require long-term commitment: “Maybe it might be an evening course, or we offer many courses. You can do it in very condensed ways over a couple of evenings, or you can do a full-time or boot camps.
“There are local enterprise offices as well which are one-stop shop. You shouldn’t really start a business until you check if you know what you need to know.”
Ms Bowen says one of the big concerns among people setting up businesses is “they don’t want to get in trouble with the tax man”.
“But all of that gets covered in a start your own business course,” she adds. Such courses, she says, give people “the confidence and skills to set up a business”.
Does entrepreneurship suit a particular sort of person? Well that depends on their reasons for setting up their own business, says Ms Bowen..
She refers to the idea of there being two motivations for entrepreneurship: “pull” and “push”.
“If somebody is pulled towards it, they feel the calling to do it and they are driven and motivated, and they are curious people who want to solve problems,” she explains. “They want autonomy and independence. They can be agile and creative; they can navigate how to make these things happen.
“And then you have people who are kind of pushed into entrepreneurship through not being able to access employment in other ways. Entrepreneurship can be a solution to that. It can also offer them a lot of flexibility.”
Of course there are pros and cons to starting a business. On one hand, you get to work doing something you have created and that is solely your own, and you get to pick your own hours.
“You get to do that all day long,” Ms Bowen says. “But then the cons are, you’ve got to do it all day long – days, nights and weekends. It’s hard in the beginning, it is difficult. It’s hard to let go of the thing you’re passionate about,.”
Accepting that you don’t know everything can be a difficult aspect of starting a business. But it is a positive too, providing opportunities to learn.
“It’s really about identifying where your strengths and your skills and experience are and figuring out what the gaps are,” says Ms Bowen.
One of the biggest drawbacks of having your own business is how lonely it can be, particularly in early on, when you are unlikely to have a swathe of employees to keep you company.
It can be “very isolating, even if you love doing what you’re doing”, Ms Bowen concedes.
Some people start a business because they don’t want to be in a busy environment, she adds, but it is important to go out and meet people – to network.
“It’s one thing people think they won’t like because it all sounds so false and superficial but, actually, proper networking is connecting with people who have common challenges, goals and are able to support other people who are on a similar journey to you,” she says.
Again and again, entrepreneurs underline the importance of networking. One of Ireland’s main advantages as a place to start a business is the strength of its sense of community, particularly in among self-employed people, Ms Bowen says.
“Irish people love helping other people so networking in Ireland is such a great way to grow a business,” she adds. “It’s really important that people don’t try to do it on their own; whether you start a food business and you get involved with people who are in food businesses, or you’re a female and you join a female networking group – whatever your niche is, you also need to look at the wider [circle].”
Entrepreneurship has lessons for people from all backgrounds and who are interested in all areas, Ms Bowen believes. It is possible for anyone to set up a business, no matter their starting point, she says; and there is learning in the journey, regardless of the outcome.
For those who do an entrepreneurship course but decide against pursuing it, this is not wasted time or effort, Ms Bowen says; the skills learned are applicable in all walks of life, regardless of the sort of work an individual decides to take up.
“They can move on in other directions,” she says. “Everything they’ve learned, they apply in the workplace. Not a day is ever wasted. It’s there for life. Entrepreneurship has got creativity, innovation, problem solving, communication – all skills that you can use for anything.”
Putting yourself out there, be brave and learn as much you can are the key messages to anyone who is interested in giving entrepreneurship a try.
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