Ireland has always been noted as a country with rich culture. A country which has a very small population of 4.5 million has always contributed on a world scale, most notable in the areas of science, music and literature. However, the country has seen its reputation tarnished in a European economic wide debacle. What seems to be broadcast on a daily basis is the “Punch and Judy type show” – between the French and German leaders. Nicolas Sarkozy and Angela Merkel are the European leaders who seem to have the fate of Europe in their hands.
How does this stack up for budding new entrepreneurs who want to set up a business in Ireland? The outlook does not bode well as banks are not servicing overdrafts as they should be, the next Irish Budget in December seeks to cut €3.6 billion and the pan-European debt crisis looms large on the horizon.
These facts considered the more important issues which should be addressed from an Irish perspective are the draconian laws of Bankruptcy; 12 years disqualification from obtaining a new directorship. This means that once you fail you fail and that’s it. Another area that should be addressed post haste is the social welfare entitlements to company directors, as most cannot claim jobseekers benefit when they are unemployed.
Ireland is a changed place forever, with thousands upon thousands of educated people leaving our shores. To secure jobs for the long term we need to focus on innovation and make it more attractive for entrepreneurs without relying on Foreign Direct Investments and Tourism which both are fickle in nature. Only time will tell whether Ireland can change its culture on entrepreneurship and reap the rewards to combat these tough times.