This module aims to explore the concept of restarting your business. Have you had a business beforehand and it failed and you are eager to set up another? Well, if that's the case this module, and in fact this course is tailored exactly for you. In particular, this module looks at why you might decide to start over and the steps you need to take to pursue this goal.

1. MODULE 1:
REFLECT
Why start over?

2. In this module,
you will:
 Determine why now is
a good time to start
again!
 Learn about key
trends in a new era in
entrepreneurship
 Get to know the
characteristics of
successful
entrepreneurs
 Investigate what it
takes to succeed in
business
 Review Incentives
available to you that
support Second
Chance
Entrepreneurship

3. Module 1
SUMMARY
 New era of entrepreneurship brings new
scope and new possibilities. The EU has
actually declared it wants more “second
chance” entrepreneurs .
 The Commission said it wanted to
showcase the “true grit” of people who
honestly fail and then pick themselves
up and relaunch businesses.
 In 2011, Antonio Tajani, vice-president of
the European Commission, said:
“Entrepreneurs who take a second
plunge at launching a new venture after
having gone through a bankruptcy are a
fundamental source of company and job
creation for the European economy.”
Why now is a
good time to
restart?

4. Module 1
SUMMARY
 You’ve already came so far, learned so
much and you’re here taking this course
– it’s time to scratch the
entrepreneurship itch again! Businesses
that are started by an entrepreneur that
has learned from a previous failure are
more successful in terms of turnover
and employment than new start-ups.
They also have a much higher survival
rate than a company launched by a new
entrepreneur.
 The higher tolerance of failure in the US
is frequently cited as one of the
explanations for its higher levels of
entrepreneurial activity.
Why now is a
good time to
restart?

5. Some Statistics on Restarters!
 You are not alone. 50% of enterprises don't survive the first 5
years and bankruptcies account for 15% of business closures,
affecting 700,000 SMEs per year and 2.8 million jobs (A Second
Chance for entrepreneurs, Expert Group Report, 2011/Small
Business Act 2008).
 The financial crisis caused a peak in business failure and Ireland,
Netherlands, Spain & Bulgaria were particularly hard hit:
corporate insolvencies more than doubled in Ireland between
2008-12, and rose 60% in Netherlands and 84% in Bulgaria,
compared to 20% across Europe (Bankruptcy and second chance
for honest bankrupt entrepreneurs, ECORYS, 2014).

6. Some statistics on Restarters!
 While only 4-6% of bankruptcies in the EU are fraudulent, public
opinion makes a strong link between business failure and fraud.
Many honest bankrupts feel discouraged to re-start due to the
stigma and difficulties or discrimination faced after a
bankruptcy.
 Fear of failure among the Irish entrepreneurial adult population
has risen from 35% to 45% (2006-13), and is more prevalent
among women (49%) than it is among men (42%).(2013 GEM
Report.)

7. Some Statistics on Restarters!
In 2002, 15 years ago, Joachim Wagner became interested in the subject of
entrepreneurial restarts in Germany. In his study he uncovered some interesting
statistics which we claim are still relevant today…
 Mindset:The majority (59%) of Second Chance Entrepreneurs are not afraid
to fail!
 Unemployment: If you are unemployed there is an increased chance you will
take a second chance at entrepreneurship
 Recovery Time: Average timespan between close of last business to start of
new business is between 6 -7 years
 Inspiration/Motivation: 80% of the restarters have personal contacts with a
young entrepreneur and take inspiration from same

8. A new era in entrepreneurship,
irreverent approach to business failures
Cc

9. A New Era in Entrepreneurship
Entrepreneurs are the lifeblood of any expanding economy, generating
jobs, introducing new products and services, and creating jobs for
ourselves and others. Entrepreneurship is fast emerging as a
transformational megatrend of the 21st century given its capacity to
reshape economies and industries throughout the world.
Some key trends in entrepreneurship include:
• Increase in Supportive Environments for Entrepreneurship
• New Approaches to Financing Entrepreneurship
• Rise of the Minority Entrepreneurs –
older/young/immigrants/women
• Increase in new Entrepreneurship Models – Slash Careers, Portfolio
Careers, Social Entrepreneurship

10. A new era in entrepreneurship, an
irreverent approach to business failures
Fuckup Nights is a global
movement founded in Mexico but
now spanning 200 cities, 70+
countries and 25+ different
languages where stories of failed
businesses and projects are
shared. In 2014,they founded The
Failure Institute as the research
arm. www.fuckupnights.com
DOWNLOAD THE FUCKUP BOOK
http://fuckupnights.com/wp-content/uploads/2015/08/Fuckup-Book-english-OK-FUN.pdf

11. Key trends in a new era in entrepreneurship –
Supportive Environments
Supportive environments are increasingly essential to successful
entrepreneurship and are steadily evolving throughout the world. If we want
to restart as an entrepreneur, we need to know we are supported.
The ideal entrepreneurial environment comprises five pillars:
1. Access to funding
2. Entrepreneurial culture (and new initiatives such as FuckUp Nights
network)
3. Supportive regulatory and tax regimes
4. Educational systems that support entrepreneurial mindsets (e.g this
course); and
5. A coordinated approach that links the public, private and voluntary sectors.

12. Key trends in a new era in
entrepreneurship … New
Financing Options that may
not have been in place the
first time you started
Examples - Micro financing,
crowdfunding and credit
guarantee schemes are
emerging in a range of
financing strategies to provide
capital to entrepreneurs.
We look at these
opportunities in detail in
Module 6.

13. Key trends in a new era in
entrepreneurship – Frugal
Innovation
Frugal innovation responds to
limitations in resources, whether
financial, material or institutional,
and turns these constraints into an
advantage. Through minimising
resources in development,
production and delivery, frugal
innovation results in
dramatically lower–cost products
and services.

14. Key trends in a new era in
entrepreneurship - Rise
of the Older
Entrepreneur
 With an ageing EU
population, we are
seeing a growing trend in
older entrepreneurs.
The financial crash
meant that self
employment was born of
necessity for many
The rise of the older
entrepreneurs is referred to
as the ‘Biggest Employment
Trend in the Past 100 Years’
by US based Aging Planet
In the UK the level of self-
employment in the 50-plus
age-group is about 1 in 5,
considerably higher than
the levels across all ages.

15. Key trends in a new era in
entrepreneurship - Rise
of Female Entrepreneurs
 Women across the
world are launching and
operating new
enterprises at a faster
pace than ever
Interestingly women are
nearly one-third more
likely to start businesses
out of necessity than
men
http://www.gemconsortium.org/report/49480

16. Video Case Study
Sandra Walsh Canopi Creative LTD
Watch our RESTART
interview with Sandra
– visit https://youtu.be/wvZEESg9xVA

17. Sandra Walsh: Canopi Creative Ltd
A flair for fashion helped former boutique owner overcome collapse of business
How ? A deep insight into the fashion business, a straight-up character and the
ability to leave certain aspects of her business to the experts brought
entrepreneur and designer Sandra Walsh towards the success of her second
business, Canopi.
Canopi is arm-covering garment which can be worn under sleeveless dresses,
eliminating the need for a cardigan or jacket to hide the dreaded “bingo wings”.
Sandra went from 0 to 50,000 units sold in two years. Her story is truly
inspirational to other ‘restarters’. Sandra owned two Boutiques in Dublin, Ireland
which were successful for 12 of the 14 years she was in business. The main
reason for the business’s downfall was the decline in footfall due to the
recession. Sandra found she didn’t know who she was buying for – “I had no
regular customers anymore.”

18. The failure of the business hit her hard but Sandra chose to look upon her
successful years in business positively. Within six months of her
boutiques closing, Walsh had her first Canopi prototype manufactured in
Ireland.
Having moved on from her first venture, she has learned:-
• to really listen in business
• to take things on board and yet at the same time, not to take things
too personally.
“It’s about being true to yourself, being confident in your product and having
100% conviction.”
Sandra Walsh: Canopi Creative Ltd

19. Key trends in a new era in
entrepreneurship - Social Entrepreneurship
 Social entrepreneurship focuses on
collective good and draws on
business techniques and experiences
to find solutions to social problems.
 According to the 2016 Global
Entrepreneurship Monitor’s (GEM)
Report, social entrepreneurship is on
the rise in both developed and
developing nations, with many
entrepreneurs proving that business
can be a path to social good as well as
profit.
http://blog.msc-entrepreneurship.com/social-entrepreneurship-rise/

20. Social
entrepreneurs
 Ashoka is the largest global
network of leading social
entrepreneurs/
changemakers. There are
over 3,000 Ashoka Fellows
working across 82
countries.
 Exercise :CHECK OUT
https://www.ashoka.org/
for great examples of
social innovation concepts

21. Case Study –
Female Led, Social
Enterprise
 FoodCloud was founded
by two young female
social entrepreneurs in
Ireland in 2013 and has
grown to work with over
400 business across
Ireland and the UK.
 http://food.cloud/

22. Key trends in a new era
in entrepreneurship –
Immigrant
entrepreneurs & a new
wave of globalization
 Entrepreneurship is often
a natural career choice
among migrants seeking
to integrate in an
economic independent
way

23. Key trends in a new era in
entrepreneurship - Slash Careers
Slash careers are part of a pivotal
change in how we work/create. So-
called “slashers,” (sounds violent at
first), simply describes anybody who
would tend to have multiple income
sources listed on their business card,
separated by a slash character……. / / /
/ / /
An example: food producer/fitness
instructor/food writer

24. Key trends in a new era
in entrepreneurship -
Slash Careers
 A Slash career person has a mixed
professional identity. In the current
economic climate, slash careers are
part of a pivotal change in how we
work. Can be a fulfilling work-life
blend, not to mention a safety net of
several income sources
 Slash careers are becoming much
more commonplace, stemming from
the growing desire of many people to
diversify their income streams, as
well as find a way to exercise multiple
passions in a professional context

25. Entrepreneurship Insights
 Two-thirds of adults, on average, think
entrepreneurship is a good career
choice
 42% of working-age adults see good
opportunities around them for starting
a business, but a little more than one-
third of them would be constrained
from starting a business due to fear of
failure.
 A lack of profits or finance explain half
or more of entrepreneurial exits
http://www.gemconsortium.org/report/49480
www.youtube.com/watch?v=iwl-Pe0FbSg

26. Spotlight on the UK – 2020 “Peak
Entrepreneur”
Experts suggest the UK’s start-up surge may only be just
getting going and that around 2020 the UK will be hitting
“peak entrepreneur”.
The fundamental reasons:
1. demographics: the “millennial generation” is about to reach
the age for launching its own ventures. The baby boomers are
finding a second wind as entrepreneurs.
2. Lots of bright and ambitious immigrants starting new
businesses
Daily Telegraph

27. Rejection is not
always the end..

28. Rejection is not always the end..
UK Dragons Den rejects who made it
big!
'Cup-a-wine' success after Dragon rejection (June
2010). James Nash is having the last laugh as
Marks & Spencer struggle to keep up with
demand for his 'cup-a-wine' concept - which was
rejected by Dragons' Den.
Dragons' Den reject lands deal with Boots
(August 2008). Shaun Pulfrey's Tangle Teezer was
rejected on the BBC show. Now he's struck a deal
to stock the £9.99 device in 600 Boots stores and
hopes to push turnover to £1.5m next year.
Read more: http://www.thisismoney.co.uk/money/article-1640358/Dragons-Den-The-rejects-that-got-rich.html#ixzz4XNWVIBIX

29. Rachel Lowe - She Who Dares
 Rachel Lowe has had an extraordinary
rollercoaster ride. Nine years ago, while working
as a taxi driver, studying for a law degree, and
bringing up two young children, she had the
idea for a board game, Destination, and set up
her own company.
 Looking for funding, she appeared on BBC’s
Dragons’ Den and was ’ripped to pieces’;
nevertheless, she launched Destination London
in Hamley’s in 2004 and it became the store’s
top-selling game, outselling even Monopoly and
Twister.
http://www.businessmag.co.uk/entrepreneur/rachel-lowe-she-who-dares/

30. Rachel Lowe - She Who Dares
 But in 2009, having spent six years
building her business, Lowe lost
everything: the company went into
administration, she was declared
bankrupt, her home was
repossessed, and she had a
nervous breakdown. In 2012, Lowe
bounced back, regaining her
Destination brand, as well as
launching a new fashion brand,
She Who Dares.
 http://www.shewhodares.net/
http://www.businessmag.co.uk/entrepreneur/rachel-lowe-she-who-dares/

31. Rachel Lowe - She Who Dares
“I would say my greatest
achievement is pulling myself up
from the gutter, getting back out
there, facing all of my fears and
having another go. This past two
years has taken me more guts and
strength than anything I did six
years ago, because I’ve had to come
back in knowledge of everything
that could go wrong.”Click to watch or follow link:
https://youtu.be/mQdF60rGJYQ

32. The hidden opportunity behind
every rejection | Jia Jiang | TEDx
 Story of Jia an entrepreneur, who’s
business failed and led him to an
exploration of rejection.
 Rejection became the catalyst that set
him towards his true calling. To conquer
the fear of rejection, Jia embarked on a
personal quest and started a blog to
face 100 Days of Rejection. His blog
reveals that people are much kinder
than we imagine. He discovered that
rejection can be much less painful than
we believe, and that it is the fear of
rejection that is much more destructive
than we know.
Click to watch or follow link:
www.youtube.com/watch?v=iwl-Pe0FbSg

33. Get to know
the
characteristics
of successful
entrepreneurs

34. Characteristics of Successful Entrepreneurs
 When you look at start-ups that eventually made it big,
you notice similarities about the businesses: for
example, their approach, team, or timing.
 But even the greatest ideas can struggle to gain
momentum without a resilient and capable leader at
their helm. Similarly, a great entrepreneur can take an
idea with moderate potential and transform it into
something legendary.
 There are certain traits that great entrepreneurs share,
we will look at 5!
Source: www.audiencebloom.com/the-modern-entrepreneur/

35. Characteristics of Successful
Entrepreneurs – 1. RESILIENCE
 Entrepreneurship is an bumpy,
uneven road full of constant
challenges, many of which you’ll
never see coming. You’ll face complex
financial problems, decision based
dilemmas, long hours, sudden
changes, and more!
 These challenges, while difficult to
face, are a natural part of being an
entrepreneur. How you face those
challenges can greatly impact your
business and its success.
 Triumphant entrepreneurs have a
level of resilience, which allows them
to face an almost constant slew of
challenges without ever weakening
their resolve

36. Characteristics of
Successful Entrepreneurs
– 2. AGILITY
 Startups by their nature are nimble. Agile
entrepreneurs are able to treat every
problem they encounter quickly and
adeptly, without taking too long to address
them. This agility allows entrepreneurs to
remain proactive and vigilant, preventing
small problems from becoming major
ones.
 On a larger scale, this ability also allows
entrepreneurs to constantly change, and
therefore improve, their businesses. With
new technologies, new resources, and
new trends emerging daily, the most
successful businesses are ones who are
able to adapt and grow with the times.
Remaining agile in a position of leadership
enables this course of growth.

37. Characteristics of Successful Entrepreneurs
– 3. PATIENCE
 Overnight entrepreneurial success is very,
very rare. The reality is that most success
only comes after years of hard, committed
effort. Successful entrepreneurs realize
that all great things take time, and aren’t
impeded when their great ideas don’t take
off immediately.
 Patience also goes a long way when
building the infrastructure of your
company. For example, great entrepreneurs
want to build the best team, not one
pieced together with the first candidates
that cross their paths.

38. Characteristics of Successful Entrepreneurs
– 4. TRUST
 Entrepreneurs often require help to get their
startup off the ground. This is where trust
comes in.
 Entrepreneurs need to trust their support
networks to accomplish their work without
interference. Cultivating a culture of trust
with workers, partners, and investors is
important for every entrepreneur. This can be
done by maintaining constant, transparent,
open lines of communication and a closer
sense of collaboration within the team.

39. Characteristics of Successful
Entrepreneurs – 5. PASSION
 Finally, it’s impossible to be a
successful entrepreneur if you
aren’t passionate about your work.
 Are you excited to go to work every
day? Without passion, your
productivity will suffer, but more
importantly, you’ll never be happy
with where you are. Only when
you’re truly passionate about your
work will you be able to find the
success you strive for.

40. Investigate what it
takes to succeed as a
restarter in business

41. What does it take to succeed in business?
Adapted from Tom Rich http://diybiztek.com/author/tom-rich/
There are several common features and traits that successful
entrepreneurs share. More than likely though, you already have
some of these traits or can refocus your new business approach to
take them into account:-
 You Are Fearless – but you feel fear. You have enough confidence
in your convictions to work through the fear and do it anyway.
 You Make Actionable Plans – An entrepreneur doesn’t just make
plans – they make plans that are actionable. Without action,
nothing becomes reality.

42. What does it take to succeed in business?
 You Understand Cash Flow – without adequate cash flow a
business that earns money can still fail. Cash flow management is
a critical element in running a successful business. Work hard to
understand cash flow so that you can be truly successful.
 You Know It’s Not About You – it is about the customer who is
always first. You must learn to separate your personal
preferences from your customers’ wants.
 You Aren’t Afraid to Self-Promote – you must let go of shyness
and promote yourself. Become the expert in your niche, be proud
of what you have created and share that pride through every
promotional opportunity you can take advantage of.

43. What does it take to succeed in business?
 You Act Decisively – Entrepreneurs are doers, not just idea
people. You know how to put ideas into action and find ways to
overcome obstacles.
 You Understand That Change is Inevitable (and good) – You
realize that every business that exists today will not be here
tomorrow. Think about the technology from the past that has
been killed by new technologies.
 You Listen – One skill trait that an entrepreneur has that really
helps them succeed is the ability listen to what their audience is
saying.

44. What does it take to succeed in business?
 You Keep Learning – Knowing how to research and evaluate the
market, your customers and competitors is a very important skill
that you have honed. It will help you avoid making errors and
keep you sharp
 You Network Smart – Successful entrepreneurs know how to pick
and choose the right events and the right way to network with
the right people. You know it’s about building relationships with
the right people.

45. What does it take to succeed in
business?
 Bill Gross has founded a lot of
startups, and incubated many
others — and he got curious about
why some succeeded and others
failed. So he gathered data from
hundreds of companies, his own
and other people's, and ranked
each company on five key factors.
He found one factor that stands
out from the others — and
surprised even him (watch the video
to find out!)
WATCH
www.youtube.com/watch?v=bNpx7gpSqbY

46. Key Learning Points from Bill
The factors that accounted the most for success and failure across all of
these companies were:
1. Timing. Timing accounted for 42% of the difference between success
and failure
2. Team and execution
3. The idea, the differentiability of the idea, the uniqueness of the idea
4. Business model -you can start out without a business model and add
one later if your customers are demanding what you're creating.
5. Funding, if your business is underfunded at first but you're gaining
traction, especially in today's age, it's easier to get funding.
Bill Gross believes that startups can change the world and make the world
a better place.

47. Before you begin again,
take some time for
reflection
 Evaluate why the business failed. Write
down everything that went well, and
everything that didn’t. Think about what
you can do differently next time if you are
faced with a similar situation. How can you
handle it better? How can you improve in
your problem-solving? There is nothing
wrong with making a mistake. The key is to
learn from those past mistakes so you
don’t repeat them. Take the knowledge
you’ve gained from your experience and
use it to build your next venture.

48. Before you begin again,
take some time for
reflection
Separate your identity from your
business. A true entrepreneur is
resilient. They are able to bounce
back and recover quickly after a
failure or misstep in business. You
didn’t fail; the business did.
Although you do have to reflect
and assess why it happened, it’s
important to not lose confidence in
yourself. A failed business does not
define who you are as an
entrepreneur.

49. Before you begin again,
take some time for reflection
Assess your attitude. In
order to succeed, you will
need determination and
a positive attitude. Many
top entrepreneurs share
a key trait: optimism.
Self Assessment
Exercise – Visit Module 2

50. Review Incentives
available to you that
support Second
Chance
Entrepreneurship

51. Incentives that support Second Chance
Entrepreneurship
The Small Business Act for Europe (SBA) is the EU’s flagship policy
initiative to support small and medium-sized enterprises (SMEs). It
comprises a set of policy measures organised around 10 principles,
one of whom is second chance entrepreneurship.
Each year, it publishes an annual fact sheet per country
e.g.2016 Ireland -
https://www.djei.ie/en/Publications/Publication-files/2016-SBA-
Fact-Sheet.pdf

52. The Context for Second Chance
Entrepreneurs, Ireland
The Financial Context
The Bankruptcy (Amendment) Act 2015
• Reduced the normal duration of bankruptcy from 3 years to 1 year
• Reduced the normal maximum duration of orders requiring payments to creditors from
any income of the bankrupt person from 5 years to 3 years.
• Extended the bankruptcy term (up to 15 years in serious cases) and the duration of
payments to creditors, if the bankrupt person tries to hide income or assets or does not
cooperate in the bankruptcy process.
• Stipulated that bankrupt people will re-gain ownership of their home, subject to any
mortgage, after 3 years, if steps have not been taken to sell it for the benefit of creditors
within that period.
• Introduced some key reforms to modernise and streamline bankruptcy procedures
All steps in the right direction.

53. Incentives that support Second Chance
Entrepreneurship
Financial Support
While SMEs still find it hard to get credit, the situation is improving. The proportion of
SMEs that reported rejected loan applications, access to public support instruments or the
willingness of lenders to provide loans is at its lowest since 2008.
IMPORTANTLY
The Credit Guarantee Amendment Act was passed into law in 2016. It
• Opened up the Credit Guarantee Scheme( introduced in 2012) to a greater variety of
lenders to make it more attractive to SMEs.
• It created a better balance of risk between the state and finance providers to make
credit more attractive to lenders.
• The Strategic Banking Corporation of Ireland (SBCI) with counter guarantees will
further improve the SBCI’s capabilities of developing targeted risk-sharing measures
with commercial banks.

54. Incentives that support Second Chance
Entrepreneurship
Entrepreneurial Support
In Ireland, we are somewhat fortunate to have a positive funding environment with
opportunities for all strands of entrepreneurship. In fact, there are over 170 different
Government supports for Irish start-ups and small businesses.
A good resource – https://www.supportingsmes.ie/BusinessDetails.aspx
This Online Guide is to help Irish start-ups and small businesses navigate the range of
Government supports to see which applies to your circumstances

55. As outlined there are New
Financing Options that may
not have been in place the
first time you started
Examples - Micro financing,
crowdfunding and credit
guarantee schemes are
emerging in a range of
financing strategies to provide
capital to entrepreneurs.
We look at these
opportunities in detail in
Module 6.