Entrepreneurship is concerned with individuals with a vision who are determined to turn the vision into a reality, with the ability to raise the necessary resources and willing to apply the necessary drive and energy to propel the project forward. Entrepreneurs are vital to our future economic well being by creating industries that will avail of future opportunities. Some may not succeed at first, but will learn from the experience to do better the next time. In the past, Irish society directed their brightest and best towards pursuing safe professional careers with many entrepreneurs emigrating. Business was viewed with cynicism. Fortunately, this attitude has changed and those with entrepreneurial tendencies are now being nurtured. Ireland is currently producing more entrepreneurs than ever before.
An entrepreneur is a person who is willing to take a risk and organise resources to exploit a business opportunity. Entrepreneurs have been greatly encouraged in the last decade by self starters like Denis O Brien of Esat and Gillian Bowler of Budget Travel. In an insecure world, owning one’s business gives greater control over one’s life. A favourable economic climate has also been helpful. Government and their agencies have also provided much needed assistance and encouragement. Their motive is stimulated by the need for job creation.

Characteristics of Entrepreneurs

• Need to be independent and in complete control of situations.
• Need to achieve and set very high standards for themselves and those around them.
• They constantly monitor progress. Satisfaction comes from doing a job properly.
• Calculated risk takers and will not squander easily as personal reputation is at stake.
• Strong self discipline with a will to succeed.
• Very self confident and are interested in identifying solutions rather than problems.
• They are optimists with a vision who are proactive rather than reactive.
• They are very realistic and will only attempt what is achievable.
• Strong internal locus of control that results in an ability to think logically and make quick and clear decisions.
• They are hard working and persistent. They are highly committed and motivated.

Personal Inner Control:Entrepreneurs have a strong belief in their own ability and believe that they can control their own destiny.
Planning and Goal Setting: It is important in business to constantly set targets. The entrepreneur is good at seeing the big picture. The skill of planning can be acquired with practice.
Delegation: It is important for entrepreneurs to share out the workload to subordinates. This gives them more responsibility and leaves the entrepreneur with looking after the strategic direction of the venture.
Decision-Making: This involves making decisions on small and major issues. The key is identifying the alternative courses of action and choosing the most appropriate option. The entrepreneur will often have to make decisions in crisis situations.
Analytical/Problem Solving: This is the process of identifying the crucial issues and drawing on one’s intellectual powers and experience to solve the problem at hand.
Networking: This is the skill of utilising one’s contacts to good effect. It may be customers, suppliers, membership of sporting and other associations etc. Many business contracts are won in this fashion.
Leadership: This involves directing people to pursue the correct course of action. In many ways a leader is also a role model for his/her subordinates.
Good leaders often have to make tough decisions and then follow them through.
Human Relations: Entrepreneurs have to be sensitive to the needs of people. In the context of motivating subordinates, a good understanding of people is essential. Good interpersonal skills are essential.
Risk Taking: This skill is associated with entrepreneurs. It does not involve being reckless but conducting a careful analysis of given situations. Risk taking involves one’s personal reputation as well as risking property and finance.
Time Management: Running a business is very time consuming. To run the business effectively a person must make best use of their time. Prioritising and good project management is essential if everything is to be done well.
Innovation: Entrepreneurs are creative people and are always full of ideas. It can also involve benchmarking competitors for their best ideas and then applying them successfully.
Reality Perception: This involves being able to clearly identify the needs of customers, employees, etc. It also involves looking inwardly on the strengths and weaknesses of the business. Entrepreneurs are not experts in everything, so when the need arises advice should be sought. Being close to customers and conducting regular consultation with employees is essential.
Feedback: This is the process of measuring one’s progress. One can judge whether one is reaching targets or not. If one is failing to reach a target, then careful amendment and review is called for.

Problems facing Entrepreneurs

• Ireland is one of the most open trading economies in the world with 140% of GNP traded.
• There is too strong a reliance on the home and UK market. Over 80% of indigenous manufacturing output is sold on the home or UK market.
• There is weak investment in Research and Development and innovation.
• There is still high levels of bureaucracy and form filling to be complied with.
• In some quarters, entrepreneurs are viewed as ‘chancers’ and not being honest.
• The Irish are wary of change and venturing into the unknown. There is little tolerance of failures which can hamper further efforts at start up.
• In the case of service companies, taxation levels would be considered excessive.
• In the past our education system encouraged their students towards the secure job. As this concept exists no longer, there is a need to encourage people to become self sufficient.

• People are financially better off and more self sufficient.
• Younger people at school and college will be encouraged to follow this path.
• It will also lead to the creation of more jobs and indigenous firms may be more loyal in difficult times.
• Governments gain through increased tax revenues.
• Individuals will be better able to exploit their potential.
• Opportunities will emerge for service providers such as the banks, ESB,Telecom etc.