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“As a father, I, like any parent, would raise the issue of the safety net when a son or daughter comes forward with the idea of being an entrepreneur,” he says.“My argument is if failure is a key cornerstone of being an entrepreneur then fear of failure could impact your eventual success. Having a safety net surely lowers that fear of failure, allowing the budding early-career entrepreneur to take the risks needed to succeed.
Ken Finnegan, chief executive of Tangent, Trinity College’s “ideas workspace”, says the biggest obstacles in the realm of entrepreneurship often originate from the individuals themselves. Farrelly argues that graduates are in many ways the best placed to take the risks involved in developing new businesses.
But when? Straight from college or later in one’s career, or after a stint on a graduate programme for example? “There is no perfect answer,” he says. “But I would not underestimate the value of networking and mentorship could have to any future endeavour. “It can give you exposure to different business areas and allow you to develop and hone your skills which you can then bring with you into your own business when pursuing your entrepreneurial goals,” she says.
DCU careers consultant Elaine Daly says market research, understanding the various components of running a business and being informed about available supports are essential to having a successful start. Tangent delivers multiple programmes that support and nurture the ambition of budding entrepreneurs and innovators, even if they have not yet identified themselves as such.
“This mindset not only benefits start-up creation but also supports innovation and value generation in organisations of all shapes and sizes.