Once an entrepreneur, always an entrepreneur

Dublin, 11 June 2013 – Despite the challenges facing small and micro businesses in Ireland, the nation’s business owners are displaying unwavering entrepreneurial spirit, according to the latest poll commissioned by global workspace provider Regus.

Even if one in three entrepreneurs fell into business ownership through redundancy (31%), four in every five say that given the chance they would do it all over again (83%).

Asked about the deterrents to setting up a business today, 87% of business owners cite access to credit, followed by red tape (73%) and lack of government support (67%). Two in five believe the state of the economy deters budding entrepreneurs (43%), and market dominance by large corporations is also highlighted as a further barrier (40%).

The research points to the prevalence of flexible working practices amongst entrepreneurs, with more than half shunning traditional fixed office working. This determination to remain agile and keep overheads low suggests that business owners have learnt lessons from previous downturns, when inflexible property leases caused financial distress for 52% of Irish firms.

Olivier de Lavalette, Regional Vice President for Ireland at Regus comments: “It is a hugely positive sign that business owners would choose to set out on their own again, even if many of them were ‘forced’ into entrepreneurship by redundancy. This bullish attitude will help lift Ireland out of the economic doldrums.

“However, access to credit remains the main obstacle to starting a business. The onus is therefore on entrepreneurs to control costs as much as possible, in particular when it comes to workspace. We are seeing rising demand for services such as Virtual Offices and co-working space, stemming from cost-conscious entrepreneurs who want professional services without the cost of a traditional permanent office.”