Lectures target would-be business leaders

ILAC Library's course may appeal to professionals who have been made redundant and are thinking of setting up a business, writes FRANK DILLON

WOULD-BE entrepreneurs can get access to valuable advice and encouragement for free in a series of lectures and workshops taking place at the ILAC library in Dublin. The initiative is supported by Dublin Public Libraries and the Dublin City Enterprise Board.

“We wanted to give people really practical information, such as whether their idea is likely to succeed, how much money they need and which banks are lending, so they can decide whether this is a good option for them,” says Geraldine O’Brien, senior librarian at the library’s open learning centre.

As well as lectures, participants will have a workshop at the end to assist them write a business plan.

O’Brien says the course is likely to appeal to those who have been made redundant recently and who may have a lump sum that they are thinking of investing in a business. So far about 100 people have registered for the course.

The series of lectures is led by author and business consultant Ron Immink, who has written books on starting a business here. It also has input from marketing expert Greg Byrne and Fionan Murray, chief executive of software firm Let Systems. All three are members of the smallbusinesscan.com entrepreneurs network. Immink says that, despite the recession, this is still a good time to launch a small business. “Studies from the London School of Economics and elsewhere have shown that it is small businesses that lead economies out of recession and if your business idea stacks up, it will take off regardless of the general state of the economy,” he says.

Essential ingredients for successful entrepreneurship include having a sound business proposition, the discipline to research the idea thoroughly before launching and the passion to drive a business forward. With rising unemployment, entrepreneurship is an option that many are now considering but Immink cautions that this is not necessarily the best motivation for going into business.

“It’s not for everyone. You have to ask yourself are you prepared to work 70 hours a week for less than the average industrial wage with no guarantee that you are going to succeed.”

While raising finance is not as easy as before, good business ideas can still attract support if promoters can tell a compelling story, be argues. Passion is the best motivation for launching a small business as this is a major tick-box point for potential backers and investors, he notes.

However, entrepreneurs need to think beyond one good product idea if they are to enjoy sustained success. “Entrepreneurs can often get fixated on one gadget, for example, but they need to think in terms of a stream of product ideas,” he advises.

Immink, who has run similar courses for Dublin City Enterprise Board for a number of years, says many would-be entrepreneurs are overly anxious about the regulatory requirements associated with running a business and many have an irrational fear of the Revenue.

“The solution is quite simple. Keep proper records from day one, employ a bookkeeper if you can and set up an additional bank account that you put a percentage of your turnover into regularly to cover your tax liabilities.”

The course, which takes place on Thursdays at 6pm at the ILAC Library, runs for six weeks and it will be repeated in the autumn.

Attendance is free but participants should register by calling (01) 873 4333 or by e-mailing openlearning@dublincity.ie