While establishing a business is tough at any time, starting one when lenders, investors and consumers are retrenching in unison might seem counter-intuitive - or to be put less charitably - downright foolish.
Larger corporates also tend to retrench when times are tough, he went on to explain, and they engage in cost cutting, which often sees innovation spending taking a hit in the short term. The Local Enterprise Offices deal with fledgling companies at an earlier stage in their development. Mr Geoghegan says the changed commercial and living environment will create opportunities, as well as hastening the pace of change in some sectors.
As Tom Keogh, one of the founders of Keogh's Crisps explains, there was a marked fall in fresh potato consumption in Ireland between 2002 and 2012 and that presented one of the country's biggest potato farms with an obvious conundrum. However, the market they were entering was generally considered to be one of the most competitive in the food industry globally.
As well as the achievement of developing a successful family business, the company was able to contribute to the local economy through employment opportunities. A raft of ensuing queries from potential customers about whether she was selling her designs planted the kernel of an idea that eventually led to AOIFE Ireland."Sustainability is a huge part of my brand. I'm always looking for innovative ways to use all of my materials in a sustainable way to ensure that I don't have any waste."
"I focused on revamping the website, on my new collection and making new contacts to source sustainable materials. Of course, everyone has had a different experience but it was good to be able to slow down and re-evaluate what I want the fashion brand to be and where I want it to go," she explained.For anyone considering taking action on their business idea, supports for entrepreneurship in Ireland are generally considered to be quite good, according to Michael Culligan.
When it comes to accessing finance, there are a range of supports available from the LEOs and loans from Microfinance Ireland and, at a later stage, the so-called angel investment options."We work with clients to help improve their prospects of being approved. Whether it's presenting your case to a potential investor or applying for a loan, you need to put your best foot forward and present your plan in a manner that is compelling.
They cant get a job and have literally no other choice