Entrepreneurship made easy in five simple steps

Getting into business is seen by many as a very complex and complicated process.

Of course it can be – but only if you make it so. On the other hand Steve Sammartino, writing about it at over at Start Up Blog, chooses to make it a very simple five step process.

His five steps are:

First step – Idea: easiest bit.

Second step – Plan: Not as important as you think. A single page summary will suffice, at least until we get to revenue.

Third step – Funding: Better to use your own money. If you can’t fund it go back to first step and get a new idea.

Fourth step – Build it: This will be harder than you thought. Think QDOS. Quick & dirty operating system. Just get a product out there. You can improve it later.

Fifth Step – Sell it: This is the really hard part. Getting people to pay for your product or service. In an economy and where the latest buzz word is ‘free’ this is where you can see if you’ve got what it takes. If you can’t sell, get a job in a nice safe office. Selling is the vital final step for all entrepreneurs.

Simple or what?

Easy, of course, is another issue entirely!

Ireland is still well to the fore in the European Entrepreneurial League

The Global Entrepreneurship Monitor (GEM) research program is an annual assessment of the national level of entrepreneurial activity in participating countries. Started as a partnership between London Business School and Babson College, it was initiated in 1999 with 10 countries, and has evolved to the stage where it will have 56 countries participating in the current year.

The GEM Report for Ireland for 2008 has recently been published. It shows that with an average of 2,800 individuals setting up new businesses every month, entrepreneurial activity in Ireland remains high. 

Ireland as a nation remains well to the fore in Europe in both the rate of early stage entrepreneurial activity (7.6%) and in the rate of established entrepreneurs (9%) among the adult population. The rate at which individuals started businesses in Ireland (4.3%) continues to be well above the EU (2.7%) and OECD (3.3%) averages and compares well to the rate prevalent in the United States (5.0%).

The findings of the 2008 report confirm that culture and social norms remain broadly positive towards entrepreneurship in Ireland. The aspiration among people to become an entrepreneur in the medium term remains strong. The report also notes that in these more challenging times, there is an increase in the numbers who see entrepreneurship as an opportunity to create employment for themselves via the establishment of their own business.

There is also evidence in the report that compared to other developed countries, a higher proportion of Irish early stage entrepreneurs are innovative, are in technology sectors and are not exclusively focused on the home market.