Also, I hear that it is much harder if not impossible to get social welfare if your business fails.

Nice read, agree that hard work is the main ingredient to success.

Great article! He said everything that I feel! It can be lonely, very lonely, especially when one worked with a large group of people, being part of a team and then suddenly, it’s taken from you. I know what it’s like to be kicked to ground so many times, but I also know how to get back up. One needs determination, self worth, belief in one self and also anger! The anger comes from within me when someone says it’ll never work, you’ll never do it on your own!

When one believes that they can help others in what was their own downfall because she began to believe what teachers and others were accusing her of, it’s a great feeling. It great to realise that, ‘I’m not stupid, I’m not slow’ and I’m certainly not ‘a lost case’! The determination to help others have confidence and believe that they can make a difference is fantastic! Here’s to all the people who decided not to give up, not to dwell on losing their job, their colleagues, their communication skills, here’s to all entrepreneurs! Go for it!!

It is difficult to set up a business, spend many years paying out to revenue, to your suppliers, and to your staff before you can take out any reward for yourself, and yet people do it.

But the fact that there are fewer self-employed people now than any time since 1998, perhaps demonstrates how little support this option actually receives from government. And yet, jobs created in this way are often here for the longer term than any of the FDI “miracles” we pay so much for with tax money.

@Jim Brady,

I agree, it can be soul destroying sometimes especially when the VAT/duty is so high. When one knows, like mine is educational, but the revenue insist it’s a ‘toy’ it’s hard. It’s even harder when after nearly two years one still has not got an income out of it and savings dwindle away so quickly.

There are times when one wants to give up and just walk away, but it’s harder because the law here ‘disowns’ someone who’s trying to stay off jobseekers and being dependent on tax payers hard earned money. It can be very unfair and is.

There are a lot of other issues that need to be considered when taking this chance, Luck, determination, greed, contacts, support, risks, business partners, success and failure.
Hard work alone is not the key to success, it is however just one of many commitments required. I know many very committed and motivated entrepreneurs who have suffered the effects of failure and are still paying the price for the gamble. I call it a gamble because in many cases no matter how much research and risk assessment you do it is not always the favourite that wins.
The warning I would give is don’t listen to much to what you want to hear, listed to what you don’t, this will allow you to form a more realistic view of your venture.

The risk/benefits are skewed in the current climate, and only getting worse.
In the unlikely event that you hit the jackpot and manage to make a success of your business, the punitive tax regime punishes your endeavours
It is for precisely this reason that SF and ULA’s radical left wing agenda is IMHO damaging to the economy; there comes a point where you simply say “why would I bother – the down side is obvious and overwhelming; the upside is a high tax regime”

Good article. I think many people still think that they need to have years of experience in a ‘proper job’ before starting their own business. This is untrue. In fact this can actually work against you. I think hard work is one part of it, sure, but the main skill for me is flexibility. Having your own business is a total roller coaster; so you’re either the type of person who’s OK with that or you’re not. Oh and be careful who you bring on the journey with you; you find want them getting all panicked when the heat is on.

Good article,

If you are lonely in your new start up try and join others in similar positions, their are a lot of networks for start-ups and also many free courses, these will give you a network of support of others in a similar situation.

I believe that the main ingredient to success is to view your business as apart from you and as much as possible remove the personal element. On one hand you are an employee but on the other you own the business. Try and differentiate. Then you can see what the business and what you lack more clearly. You can see then what are the skills that you lack to make the business work better. Hire better people when you can when you have resource. Otherwise seek advice from those who have been there and done what you want to do. Once you commit things do move. But commitment is key. If being an entrepreneur is really meant for you it is more than likely driven out an overwhelming need. The need builds so much that you really do have no choice but to follow it. Be it need for independence, freedom, not being told what to do by someone less competent than you anymore, sense of accomplishment in your self, just plain ambition or driven by necessity the drive to satisfy this need will push you out on your own. Take the leap. Whatever you decide remember that you need to know your Maths or you need someone that does.

Good luck to those who start their own business. I wish you every success.

I tried to set up my own business unfortunately the economy imploded luckily I didn’t lose much money. It did give me some insight into setting up a business in Ireland and how difficult it is. If someone is lucky, they will get a grant or some mentor support but by and large they are on their own. They have to sort out the paperwork and the revenue are hot on their heels. I truly don’t know how they do it so hats off to them. The process could be easier, esp the millions of VAT charges but, as typical in Ireland, red tape seems to keep folks in jobs and joint-up thinking never happens.

Simple … Way of cutting the dole queue because once self employed ( registered) you won’t get any help from social welfare ever again so be carefull …there is no ex self employed person in this country receiving any s.welfare of any kind they are not even on the live register .so how many of us are really out of work in this country?

A woman forced into prostitution through economic necessity is an “involuntary entrepreneur”. Let’s stop glorifying what is human beings debasing themselves to survive and start asking what people can do to contribute to their country and community in a meaningful manner that best suits their individual skills and talents.