Hit The Ground Running

Denis O'Brien, Chairman, Newstalk 106FM

According to Denis O'Brien there is always a sweet spot, a time in your life where you have to hit the road and live the dream. Launching a new student competition, the search is now on to find Ireland's future generation of entrepreneurs. Niamh MacSweeney reports.

The Newstalk 106 Student Enterprise Competition, which is sponsored by the Irish Times and Campus.ie, is an all-island competition designed to foster a spirit of entrepreneurship among third level students and encourage them to realise their vision.

By using a case study format, participants are asked to research real life companies and devise a successful business plan.

Denis O’Brien says “this is an opportunity for students to learn away from the pressures of the exam environment to take a practical and more engaging approach in the real world. It is designed to get students to work together cooperating in teams, pooling their knowledge and obviously getting an end result”.

The competition organizers are hoping to attract a variety of students, across a broad range of subjects, who are studying at one of the 15 Institutes of Technology nationwide. “We are hoping to attract as many students as possible from different disciplines who are up for the challenge of putting an enterprise together,” explains O’Brien.

FLIP THE SWITCH

A great champion of the entrepreneur, O’Brien agrees with the suggestion that an entrepreneur is born, however he feels that many people are unaware of their potential and fail to tap into their entrepreneurial abilities. The competition aims to encourage, nurture and develop entrepreneurial activity among the student population, stimulating them to start thinking about becoming an entrepreneur at an early stage in their career.

“There are hundreds of thousands of people out there that don’t think they are entrepreneurs, but in fact they actually are and it’s a matter of flipping that switch,” he says.

SMALL IS BEAUTIFUL

O’Brien defines an entrepreneur as somebody who has started their own business, which is profitable and gives them a livelihood. However, he maintains the measure of success is not in the size of the company. “I’m from the school of thought that if somebody employs themselves they are an entrepreneur and if somebody employs themselves and maybe one or two others, than that is as successful as setting up a company the size of Intel. I’m a great believer that small is beautiful; I’d rather have ten small businesses than one big business.

CLIMATE CHANGE

O’Brien argues that there has never been a better time to start-up a business venture. He explains that it is not as hard to raise money and that people are more forgiving if a project fails. “With the economy growing as it is at 5% a year it creates an ideal environment for people to set up service businesses, particularly going after disposable income. But there is a whole raft of new industries and new businesses that are out there waiting to be started,” he says.

LIVE THE DREAM

His advice to potential entrepreneurs is simple; if you have an idea, don’t hang around. He points to the Ernst &Young Entrepreneur of the Year Awards in recognition of the diverse, determined and innovative entrepreneurs thriving in Ireland. He hopes that through the Student Enterprise Awards, a new generation will strive to be the master of their own destiny and create a viable and profitable enterprise.

COMPETITION RULES AND CONDITIONS

Teams from the 15 Institutes of Technology over Ireland, must submit written proposals to their local co-ordinator, for the preliminary round, which will be judged by their colleges. The top four entries from each college will then be given a second case study on which they present their submission to their local judging committee.     Undergraduates from all years and all faculties in the Institutes of Technology are eligible to enter and cross faculty participation will be encouraged, so teams can demonstrate a wide range of skills and benefit from the different areas of expertise.     The closing date for entries is 27th October, 2006 and entry forms must be completed through the competition website www.newstalkenterprisecomp.ie     The first case study will be available online from Monday 6th November and proposals must be submitted to the local co-ordinator on Monday 13th November.     This year, the National semi finals and the National final will be held in DIT Aungier Street in early February, 2007.

THE PRIZE

Each of the 15 judging committees will consist of top local business and media people as well as a local INTRE (Irish Network of Teachers and Researchers of Entrepreneurship) representative.     The winning team from each of the IT’s will receive prize money along with accommodation and hospitality in Dublin for attending the National finals.     The overall prize for the winning team and their mentor is a study trip to the Caribbean where they will shadow ‘real time’ decision makers in the Digicel Group.