With the advent of technology and the shift towards a mix of traditional office-based and remote work, employees are seeking to alter not only their work methods but also their workplace. A growing number are contemplating rejecting the structured routines of corporate jobs that typically involve dressing in business attire and sticking to a 9-5 office schedule, in favour of alternative work arrangements.
Self-employment and starting a business are leading ways that individuals can modify their traditional work practices, with recent statistics indicating an incline in the people choosing to set up their own ventures.
Data from one of Ireland’s prominent companies in providing business credit information, CRIF Vision-net, shows that last year was a record-breaking period for new companies since 2017, recording 22,581 start-ups in the country, with a remarkable number of ventures being established outside major urban areas.
The Irish Government views this increase positively, validating the critical role of entrepreneurs in the Irish economy. However, a common question arises: What exactly is the definition of entrepreneurship? According to The Entrepreneurs Academy’s CEO, Lorraine Bowen, it’s about converting thoughts, ambitions or an active concept into a gainful venture or an enterprise.
Bowen points out two varieties of entrepreneurship which are ‘social’ and ‘for-profit’. Although both types need to earn profits, the distinguishing factor, Bowen clarifies, lies in their different methods of earning the profits. Social enterprises generate profit with not only a particular purpose, but also with a societal impact in mind. Moreover, the use of the profit is a key differentiator as well. Social enterprises aim to use the profit they make for the betterment of society.
Bowen notes a growth in social entrepreneurship, supported by evidence of the younger generation’s shift towards more progressive ideas. She observed that younger generations today are driven by social and environmental consciousness.
She observes an increasing trend of businesses being built on solid foundations of sustainability and mindful societal practices. “It’s truly splendid,” she remarks, “This is the way forward; change originating from the grassroots level.”
However, she raises the question of how to turn these dreams or objectives into reality. Initial steps seem straightforward: firms must register with the Companies Registration Office (CRO) and get their financial systems in place with Revenue.
“Frankly, these are just the technical necessities to kick things off,” says Ms Bowen. “The essential part is stepping back and questioning, ‘Why am I taking this step?’ There’s ample training and support available. Particularly in Ireland, we have an extraordinary support system for entrepreneurs, which is not readily available in several other countries. Therefore, one should take time to introspect and equip oneself.”
Entrepreneurship necessitates grasping baseline knowledge across numerous domains. For instance, having a degree in textiles isn’t enough to run a textile venture; understanding finances, bookkeeping, and marketing is crucial.
Everyone may not innately possess leadership abilities, but there are several skills, including these, which can be learned and “are definitely beneficial additions” to your current skills, advises Ms Bowen.
She assures that training for these skills is “easily accessible” and doesn’t always necessitate a long-term commitment. She suggests looking at evening classes, short-term courses, full-time programs, or even boot camps.
Local enterprise offices also serve as excellent one-stop resources. “Before starting a business, it’s necessary to ensure you have the requisite knowledge,” she emphasises.
One primary concern among aspiring entrepreneurs is not falling foul of tax regulations, according to Ms Bowen. “However, a ‘start your own business’ course usually covers all these essentials,” she assures. These courses, she believes, equip people with the “confidence and necessary skills to establish a business.”
Is being an entrepreneur a fit for everyone? That’s contingent on the individual’s purpose for launching their own enterprise, suggests Ms Bowen.
She details two types of entrepreneurial motivations: the “pull” and the “push”.
The ones experiencing a “pull” feel a strong urge to set up a business, driven by their innate passion and zeal. They are problem-solvers and desire self-reliance and sovereignty. Their agility and creativity enables them to actualise their goals and visions.
In contrast, there are those “pushed” into it as a consequence of facing difficulties in seeking conventional employment. As such, entrepreneurship becomes the solution. It then offers them ample room for flexibility.
Venturing into business ownership naturally has its benefits and drawbacks. On the upside, you become the owner of something borne out of your imagination and hard work, with the freedom to decide your own working schedule.
“It’s what engrosses you fully,” Ms Bowen mentions. However, the downside remains this constant engagement which includes working lengthy hours during days, evenings and weekends. The early stages can be tough, particularly when it comes to releasing your passion project.
Recognising that you don’t possess all-knowing wisdom may be challenging when setting up a business, yet it is positive as it opens up learning opportunities.
“The key is acknowledging your strong points, expertise and experience while simultaneously identifying areas you’re lacking in,” insists Ms Bowen.
Among the largest deterrents of owning a company is the solitude it can offer, especially during the initial stages, when you might not have a broad workforce for company.
Running a business may feel “extremely solitary, regardless of your passion for the job”, admits Ms Bowen.
Starting a business can be a choice for those avoiding bustling work settings, she notes, but it remains crucial to interact and network.
“People often carry a misconception about networking, considering it pretentious and shallow. In reality, genuine networking is about building relationships with people who share similar obstacles, targets and can provide mutual support,” she concludes.
Consistently, businesspeople emphasise the significance of forming professional connections. One of the key attributes that makes Ireland an ideal location for initiating a business is the robust sense of unity, specifically among the self-employed, according to Ms Bowen.
She notes that the Irish community is characteristically supportive, hence networking presents a brilliant opportunity for business expansion in Ireland. “It’s crucial not to venture in isolation; it’s beneficial when you start a venture in the food industry, for instance, to interact with individuals who are already in the sector, or if you are a woman, you could join a female-oriented networking group. Whatever your specialised field, it’s important to engage with the broader community.”
Ms Bowen also believes that the entrepreneurship journey holds valuable lessons for individuals from various backgrounds and interests. Regardless of their initial stage, anyone can establish a business, and there’s always something to be learnt from the process, irrespective of the result.
Even if someone undertakes an entrepreneurial course but decides not to continue with it, Ms Bowen insists that this doesn’t equate to wasted time or efforts. The acquired skills can be applicable in all aspects of life, no matter what career path one chooses to follow.
“There’s always room for change in direction,” she maintains. “The knowledge gained can be put into practice in any working environment. Every single day is a learning opportunity, and the skills you learn will stay with you forever. Entrepreneurship fosters creativity, innovation, problem-solving ability, and enhances communication – skills which are universally useful.”
She advocates for individuals who wish to journey into entrepreneurship to be bold, expose themselves to diverse experiences, and strive to learn as much as possible.