ENN report on the “Business Start Up Barometer” from Bank of Ireland today.
According to Bank of Ireland’s Dermot Nolan, Head of Business Marketing:
“Ireland has been recognised by the Global Entrepreneurship Monitor as being the second most entrepreneurial country in the EU with one in twelve working adults currently engaged in entrepreneurial activity”
It’s a nice statistic, but the number of formations, while reflecting possible optimism, does not mean that there is any level of success. A lot of businesses fail within the first 24 months, so these kind of statistics should not be taken in isolation.
One of the figures that the report mentioned did amuse me, however. According to the report close to 4000 new business names have been registered so far this year. I wonder how many of those were soley to register an IE domain….
I’ve read figures that up to 95% of businesses fail in the first 5 years, and 95% of those that survive fail in the five after that.
As for RBN’s 🙂 🙂
Steve
Exactly.
I don’t want to sound like a pessimist, but these statistics are quite meaningless on their own.