As we move into 2012, we have been hearing a lot about economic challenges facing many countries, including Ireland. Orna Stokes, of Ulster Bank reports.
Not all business sectors have been performing the same – to paraphrase Charles Dickens, Ireland 2011 saw the best of times and the worst of times… Exports performed strongly while businesses servicing the domestic market operated in a challenging environment.
While Business Information Provider Vision-net reported 160 business failures per month in the first 11 months of 2011, it also reported high levels of entrepreneurship in the first 11 months of 2011 – 14,439 new firms were incorporated in Ireland (up five per cent on 2010) and 26,154 business names were registered (65 per cent by individuals).
The number of people who have lost their jobs, undoubtedly influences the high rate of entrepreneurship in Ireland. When redundancy looms, people tend to re-evaluate options for earning a living. Many people are not naturally entrepreneurs, and find the idea of starting a business alone very daunting. Franchising can offer a logical route to business ownership.
This article originally appeared in The Irish Franchise Magazine. Download the full .PDF here.