Grads ‘in many ways’ best placed to take the risks in new business development

What is probably the most famous quote of esteemed Irish writer Samuel Beckett, included on the first page of his 1983 novella Worstward Ho, reads: “Ever tried. Ever failed. No matter. Try again. Fail again. Fail better.”

Over the four decades since, his words have been borrowed by many a commentator to dispel negative stigma surrounding failure, and supplant it with the theory that failure is simply a part of the process of success.

Nowhere is this more true than in the world of entrepreneurism and business, and, as University of Limerick careers adviser Brendan Lally says, failure is an inherent part of entrepreneurship, and experiencing it early in your career can be a valuable lesson.

“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.

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“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.”

Frank Farrelly, chief executive of Sigmar Recruitment, says Ireland as a country need to “respect failure more”.

“It is a byproduct of risk,” he argues. “Triers fail. Don’t be afraid to fail multiple times. Go for it. Government supports are there. They can be hard to navigate but worth the journey.

“A common trait of the most successful entrepreneurs I have seen is their single-mindedness towards the end goal. They took specific career decisions to learn and to plug gaps in their knowledge/network all with a longer-term goal in mind.”

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.

“Many people may not initially identify as founders or entrepreneurs,” he says. “It is worth noting that an astounding 95 per cent of those who venture into Tangent also do not identify with these titles.

“However, their decision to take those first steps speaks volumes about their ambition to embark on the thrilling path of the start-up journey.

“You might have an idea, a solution to a problem, or simply a general interest in innovation and entrepreneurship. The good news is that Ireland offers numerous avenues to engage, upskill, reskill and turn your idea into a business.”

DCU careers consultant Colm Bourke says a strong sense of self-knowledge is another key advantage.

“Knowing your strengths and weaknesses can increase your chances of achieving success because it may identify the knowledge or support you need to help your ideas develop into a functioning business,” he adds.

Farrelly argues that graduates are in many ways the best placed to take the risks involved in developing new businesses.

“The sooner you start the better before you have too many obligations and distractions,” he points out. “We now have an ecosystem in Ireland, albeit underdeveloped. We are starting to see more indigenous start-ups develop.”

Lally also points out that timing can be everything. “While the path to success is often challenging, the timing of when to start a business can significantly impact its outcome,” he says.

“Many experts argue that the best time to try entrepreneurship is during the early stages of one’s career. Starting a business at a younger age allows you to take more risks and bounce back from potential setbacks with relative ease.”

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.

“If you worked in industry before going out on your own, you stand to gain and build a strong network of contacts, including industry professionals, entrepreneurs and mentors that could help you when you take the leap.”

Farrelly adds: “Graduate programmes are great but some wannabe entrepreneurs can get used to the comfort blanket of a company. Ask yourself why are you doing it. What do you need to get from it to start your business?”

Daly, however believes gaining industry experience – whether or not it’s related to your business idea or industry – can be hugely valuable in providing insights to aspiring entrepreneurs on how business works.

“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.

“In the early stages of someone starting their own business they may need to continue with their day job as a source of income so you might find you continue working for a period with an organisation while you scale your own business or do your research alongside it.”

A key requirement for anyone thinking of starting a business is capital, but there is money available for the right ideas.

Funding

Enterprise Ireland is the State agency responsible for supporting the development of home-grown businesses, providing funding and supports for companies, including entrepreneurs with business propositions for a high-potential start-up.

It also provides a range of tailored supports for enterprise of all sizes. Supports include access to finance, management development, mentoring supports, business development programmes, market supports and trade promotion.

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.

For example, contacting your local enterprise office can be useful to find out about and avail of supports.

“Taking the time to investigate these different aspects will be very beneficial and time well spent for graduates who want to pursue a career as an entrepreneur, she says.

There are more supports to be found in third-level education institutions themselves. Over the past five years, significant investments have been made in hubs such as Tangent in Trinity, the GrowthHub in TU Dublin, and the Nexus innovation centre in UL, to name a few.

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.

Finnegan says these programmes cater to various levels and activities, focusing on skills development needed to practically transform an idea into a positive real-world impact.

In these programmes you learn practical skills such as creating a business plan, people management and financial management. However, the programmes go beyond skills development.

“The approach we adopt and the environment we cultivate aims to foster an entrepreneurial mindset,” he says. “An entrepreneurial mindset embraces qualities such as resilience, adaptability, resourcefulness and the ability to identify opportunities and gaps.

“This mindset not only benefits start-up creation but also supports innovation and value generation in organisations of all shapes and sizes.

“Within our hubs and centres we nurture and develop creative thinking, encouraging lifelong learners to think differently and challenge conventional wisdom.

“We teach problem-solving skills, enabling learners to systematically approach problems and develop sustainable, effective solutions.

“Our programmes are experiential and applied, meaning learners work on real-world problems and practical projects, co-creating solutions with their peers.”

Finnegan argues that the significance of a supportive network cannot be underestimated. “The journey of an idea and starting a business can be challenging, and having a network of supporters, mentors and peers is invaluable during those difficult times,” he continues.

“That’s why we incorporate connections and network opportunities with industry professionals, established entrepreneurs and innovation leaders into all our programmes.

“If you are considering starting a business, there are many supports and routes to pursue. Tangent and similar hubs offer programmes at times that accommodate individuals at all stages of life.”

Many of these programmes are subsidised or provide funding to support you in getting started.

For example, Tangent runs multiple subsidised programmes that support the development of the skills and competencies discussed above across such areas as climate, health, workplace wellness, creative and cultural and technology.

Returning to the theme of failure, even if all goes belly-up, Lally says employers will value the experience you’ll have accrued along the way.

“While many employers value entrepreneurial experience, some may have concerns about an ex-entrepreneur’s ability to transition to a traditional employment setting or their willingness to work within established structures and processes,” he says.

“However, these concerns can often be mitigated by highlighting relevant skills and demonstrating a willingness to contribute to a team-oriented environment.”

Key tips:

Don’t be afraid to fail

Access supports and funding opportunities

Know your strengths and weaknesses

Start early and plan meticulously

Avail of graduate programmes for experience