Entrepreneurship Takes off in Ireland

Summary

Entrepreneurship has been spreading all over the world, but Ireland has seen a rise in it’s number of entrepreneurs. These new Irish entrepreneurs are being respected by the public as if they are rock stars with prime-time televised entrepreneur awards shows with ratings of the larger music awards shows.

The Irish government and European Union have both been helpful in getting this entrepreneur wave up and running. Many are pointing back to Ireland’s entry into the European Union in 1973 as the spark because it caused the Irish government to rewrite their tax policy resulting in American Corporate investment in Ireland, free education through university level, and used direct equity investment to encourage Irish people to start their own businesses. These changes combined with the lowered taxes and interest rates of the 1990’s birthed the new entrepreneurship marketplace in Ireland.

The government devised an economic policy in 1987 that helped entrepreneurs by reducing personal taxes. The Irish government also has Enterprise Ireland, an agency of the government that aids small businesses by giving them money, introducing them to foreign government officials and even providing office building spaces in hot-spots around the world. Recently they leased spaces in Midtown Manhattan to warm up the smaller Irish businesses in the American market. They have even put up initial capital for venture investment funds and also support research and development at businesses and universities.

Ireland’s membership in the European Union has made a tremendous impact on the way it does business by lengthening the arms of the large and small companies alike. But the business men and women of Ireland are driven by their memories of how Ireland used to be, they want to make sure the future Ireland doesn’t see those days again.

Analysis

In his book Principles of Management, Griffin defines entrepreneurship as “the process of planning, organizing, operating and assuming the risk of a business venture.” The government agency Enterprise Ireland is adding padding to the risk of entrepreneurship for Irish citizens. An individual isn’t required to put up so much of their own money, nor are they taxed as heavily on the money they could potentially make as a company.

This is great for Ireland’s economy because it opens up new job opportunities for not only the Irish market but for the European Union. With the open borders of the European Union, immigration from other countries is more prominent and likely. With new businesses and potential employees, Ireland’s economy will only strengthen.

We rely on small businesses for innovation and Ireland is playing it smart by funding the research and development programs of smaller businesses and departments of universities. It seems like a way of pouring money into the future of Ireland. If Ireland stands in line like it always has, it will not be a world-leader in the marketplace, but with the financial backing of Enterprise Ireland, the small businesses of Ireland could change their marketplace standing through innovation.

It seems to be a self-confidence and boldness rising