40% of SMEs fail in first five years

David Manley Emerging Entrepreneur Awards 2014 Launched!Supporting and Encouraging Emerging Entrepreneurs!The 2014 David Manley Emerging Entrepreneur Awards have just been launched and has a prize package including over �100,000 worth of mentoring.Pictured: Clodagh O'Brien, Managing Director, Newmarket Consulting, Gerard Tannam, Brand Director, Islandbridge Brand Development, Steven Menton, Chief Executive, Archipelago, Gavin Linehan, Managing Director, Content Kings,and Gerry O'Reilly, Managing Partner, Newmarket Partnership.Photographer: 1IMAGE/Bryan Brophy46% of businesses fail within first 5 years!Only 46% of businesses that started in 2005 were still in business in 2010 according to a recent Eurostat "Business Demography Statistics" report covering EU member states.  Unfortunately the data for Ireland was estimated.  "It is generally accepted that around 40% of SME businesses fail within the first five years," says John McGuire, chair, David Manley Emerging Entrepreneur Awards. "Mos
Around 40% of Small and Medium Enterprises in Co Leitrim fail in the first five years.

Around 40% of Small and Medium Enterprises in Co Leitrim fail in the first five years.

A recently published Eurostat report found that only 46% 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 only estimated, but it does give a good indication of the current state of play for SMEs.

Amazingly, only one third of the 100 businesses that the David Manley Emerging Entrepreneur Awards organisers spoke to recently had a mentor in their first five years and ‘Planning and Strategy’ was by far (59%) the area in which the mentors helped the most

John McGuire, Chairperson of the Awards said “Most successful business people will tell you they had – and still have - a mentor”.

He 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.

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 David Manley Awards are run with the support of Business to Arts, Social Entrepreneurs Ireland, Business Innovation Centres, Incubation Centres and Enterprise Support Agencies.

Dublin Chamber of Commerce and Ulster Bank (Small Business Can) are both sponsors of the David Manley Emerging Entrepreneur Awards.

The mentors who supply services worth over €100,000 as part of the Awards include 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.