What do you need to know before you walk away from the 9-to-5 to start your own business? We asked two entrepreneurs who did precisely that.
2017 was a record year for the number of new businesses registered in Ireland. Tools like Kickstarter, Shopify, and WordPress mean it’s never been easier or less expensive to start a new company.
But is it really as simple as it sounds? Unfortunately, while 61 new businesses were formed in Ireland on average every day last year, three existing enterprises became insolvent. The failure rate of startups around the world is generally held to be at about 90%.
“Most people take the easy option and make excuses.”
Don’t quit the day job
As tempting as it might be, handing in your notice and starting your vegan smoothie brand overnight is probably the wrong move. In fact, many entrepreneurs will tell you that holding onto a steady income in the early stages of business makes it more likely that you will succeed.
Shane McCarthy studied finance at Queens University before embarking on a career as a trader that took him everywhere from Sydney, to New York and London. Today he is the founder and CEO of Ireland Craft Beers – an award-winning logistics and sales platform for Irish micro-breweries, cideries and distilleries.
Shane started the company as a side hustle while still working as a trader in London. “Even if you are working at an intense city job requiring ten hours sacrifice a day, you sleep for about seven hours, which gives you six hours to work and grind on something that you are truly passionate about,” he says. “Most people take the easy option and make excuses, though those who want it badly enough will put the time in.”
“When I first quit it was not to start a business.”
Build slowly
Similarly, Lorenzo
