Report says 40pc of SMEs fail within first five years
IT IS difficult to get exact statistics for survival rates of new businesses in County Wexford.
But it is generally accepted that around 40 per cent of SME businesses fail within the first five years, acccording to John McGuire, chair of the David Manley Emerging Entrepreneur Awards.
A recently-published Eurostat report found that only 46 per cent of businesses that started in 2005 were still in business in 2010.
The 'Eurostat Business Demography Statistics' report looked at business demography across EU member states. Unfortunately the data for Ireland was estimated.
'Only one third of the 100 businesses that the David Manley Awards organisers spoke to recently had a mentor in their first five years and 'Planning and Strategy' was by far (59 per cent) the area in which the mentors helped the most,' Mr. McGuire said.
'Most successful business people will tell you they had - and still have - a mentor,' Mr. McGuire continued.
'Every person starting or running their own business in Wexford needs to have someone to give them objective advice.'
Mr. McGuire was speaking on the occasion of the launch of the 2014 David Manley Emerging Entrepreneur Awards which were the first entrepreneur awards in Ireland to offer mentoring from a panel of experts as part of the overall prize to the winner. A couple of years ago, the organisers extended the mentoring offer to all nine finalists. www.davidmanleyawards.ie
The aim of the David Manley Emerging Entrepreneur Awards is to recognise and nurture the enterprising spirit in Business, the Arts and in Social/community. Entry forms for the 2014 David Manley Emerging Entrepreneur Awards can be downloaded from www.davidmanleyawards.ie and closing date is Friday 6th September 2013.
The winning business will receive €10,000 in cash and mentoring worth €100,00 from companies including Mason Hayes & Curran, Deloitte, Dublin Chamber of Commerce, grainne byrne PR, Image Now, Islandbridge Brand Direction, Content Kings, Business & Finance, Kendlebell, Newmarket Consulting, Newmarket Partnership, Pigsback.com, Thesaurus Software and Ulster Bank.