Are you thinking of starting a new business in Cookstown

ARE YOU THINKING OF STARTING A BUSINESS?        

Each week Nick O' Shiel, Chief Executive, Omagh Enterprise Company, blogs on issues related to enterprise, technology and the economy. This week Nick asks if you want to start your own business.

The number of people starting their own business has increased in recent years and looks set to continue. There is little agreement about what is causing the increase, whether or not it is a good thing, and whether or not the trend will continue as the economy picks up. While there are many possible reasons, it is worth looking at three: technology, companies, and people.

Technology

Technology provides a good starting point to understand why more people are starting their own business, as its influence is transforming every part of our lives.

Changes in technology enable more people to get into business and increases their chances of success, as set-up and running costs fall and keep falling.

Depending on the particular type of business entrepreneurs can get started with little more than a laptop, access to the Internet and a space from which to work.

The ease of getting into business has enabled more people to start part-time businesses, as a way to test the market and see if they can sell what they have to offer.

Companies

Companies are changing too and how they recruit, reward and retain staff is affecting the decisions staff make about whether or not to work for themselves or remain in employment.

Many organisations have reduced the number of middle-level jobs, which leaves fewer well-paid jobs and a lack of opportunity for the ambitious and the driven.

Similarly, many companies are locked in a cycle of cost cutting, as automation and robotics disrupt and destroy every part of the supply chain and reduce the demand for managers.

Many people are disillusioned about traditional employment and so are making the decision to work for themselves, rather than remain in, or look for, a job with an uncertain future.

Some of the benefits associated with being an employee such as good pay, job security and a generous pension are disappearing, which makes self-employment somewhat more attractive and a little less daunting.

People

People are also choosing self-employment for positive reasons as starting a business is seen as a worthwhile and credible career choice on a par with traditional disciplines and professions.

Similarly, people are looking for a greater sense of meaning and purpose in their work and want to do something that makes a difference.

People are also influenced by the fact that entrepreneurs are celebrated in the media and lauded by government, politicians and celebrities, as role models and exemplars of modern day success.

SO, if you are thinking of starting a business there are many reasons to do so but remember to think carefully and get good advice before taking the plunge.