There aren't too many better than Michael O'Leary at grabbing a headline, even though it'll not always be a reputation enhancing one.  He was in the headlines again last week.  It was good this time, announcing that Ryanair plans to offer flights to the United States for as little as €10 (£8) when it eventually purchases long-haul aircraft, that's before the usual ‘add ons’ of course. 

But whatever your views on O'Leary are, there is no denying the success he has made of Ryanair and his ability to capitalise on opportunities. He knows his target audience and what they want, has come back from adversity on more than one occasion and above all he has ambition. 

In some ways O'Leary's tenacity is reflective of the Irish economy, although admittedly he hasn't had anywhere near the trials and tribulations that the Irish economy, or more notably the Irish people, have had to endure in recent years.  Yet, three years after the €85M bailout the Irish economy is being positioned as the number one place for business, according to Forbes who develop a report annually on the best countries equipped for business needs.  Using metrics like property rights, technology, monetary freedom, taxes and red tape, Ireland was the only nation that ranked among the top 15% in all 11 metrics the report examined.  Whilst Ireland has a long way to go, there are undoubtedly positive signs.  At the beginning of the year Dublin returned to the capital markets for the first time since exiting the bailout raising €3.75billion with rating agency Moody upgrading Ireland's credit to investment grade, highlighting 'an acceleration in Irish economic growth'.  However, this is no Celtic Tiger part 2 or a recovery based on big business but is increasingly being attributed to entrepreneurial spirit which has delivered innovation and growth despite the turmoil of the last few years. 

Having been served well by Enterprise Ireland which is providing opportunities for companies like Galway based Creganna enabling it to became one of the top 10 global providers of medical devices, the Irish system is well positioned to support entrepreneurs by the composition of its population.  Research (Frontline Ventures) has revealed that Ireland has the youngest population in the EU (a third is under the age of 25), two thirds are third level educated (the EU average is only 29%) with Ireland also having the highest proportion of science and technology students in the world.   Events such as the BT Young Scientist and Technology Exhibition which is accessed by students on both sides of the border, is an invaluable asset in harnessing and providing young entrepreneurs with the confidence to go on and achieve bigger and better things. Just look at 2005 winner Patrick Collison and the €1.75billion's worth of achievements of him and his brother John - more of the Collison's later.  Other start up initiatives Startupbootcamp, Nova UCD and the National Digital Centre Launchpad have added to the promise of opportunity and ambition.

The impact of Ireland's 12.5% corporation tax rate is immeasurable.  Companies such as Google, Paypal, Facebook and a series of other technology based businesses that locate their EMEA (Europe Middle East and Africa) Head Office's in Dublin is more than a significant help to the entrepreneurial culture.

Recently Dell has also got in on the act by launching a Centre for Entrepreneurs in Ireland providing access to funding, mentoring and technical expertise.  If entrepreneurial spirit wasn't alive and well in Ireland, irrespective of corporation tax benefits, centre's like this would not be launched.  Which brings me back to that word that I associated with Michael O’Leary- ambition?  Salvador Dali said, 'Intelligence without ambition is a bird without wings' and so unless entrepreneurs have the ambition to  go global, break new markets and adapt their concept, product or business, in many cases they'll not get off the ground.  The evidence is that Irish entrepreneurs have that ambition, an attribute that has to be encouraged and nurtured in schools and universities and something we must do more of in the North.  When asked about why Irish people are entrepreneurial, business journalist Conall O Morain said that one reason was that as a tiny nation Ireland has a good sense of how insignificant it is unless it goes global.  There are many examples of this global success, particularly in the technology sector.  Trustev, the Cork based company which uses social fingerprinting technology to combat e-commerce fraud is one, but the stand out story of technology based Irish entrepreneurs of recent times is Stripe  set up, by the Collison brothers, as competitor to Paypal enabling companies and individuals to quickly accept online payments.  As I've already alluded, the business which was set up in 2010 was last month valued at an incredible €1.75billion. 

The irony and the inherent challenge for Ireland is that the Limerick born and raised brothers emigrated to Palo Alto, California because funding for previous projects had been rejected in Ireland.  There can't be many better examples of the need to curb the Irish brain drain and to highlight the point that there is so much more work to be done.  Age and inexperience cannot be a hindrance to the provision of financial support. 

Another potential challenge for this entrepreneurial growth, and a concern for the Irish economy at large, are the international moves to tackle tax avoidance which could potentially make it less attractive for multinational firms to be based in Ireland.  The media in the South recently reported the unease within the Irish Government regarding moves by the Organisation for Economic Co-operation and Development (OECD) to tackle large-scale tax avoidance which could result in multinationals being forced to pay tax on their foreign profits. This would impact legal but controversial accountancy moves which enable firms to exploit differences between tax codes in various countries.  Time will tell on this but for now, at least, Irish prospects are very much looking up.

So what about a little closer to home?  Is the North a land of entrepreneurial opportunity? Leaving aside any potential or otherwise for the devolution of corporation tax powers as well as the issues around the paralysis of the past, there are signs that economic advances can and are being made.  There is an opportunity to create a culture of entrepreneurship in technology and IT start –ups and we've already made progress along this road.  We too have a young educated workforce, with the continued development of skills being key,  and unemployment is in a healthier position than in the South.  The investment in FDI, the opportunities presented by the G8 and the Investment Conference all with the commitment of OFMDFM have helped.  ICT financial services, advanced engineering, agri-food sectors as well as the creative industries and tourism provide the potential for growth.   Entrepreneurs can come from any of these backgrounds, and more.  The challenge for our society is ensuring we instill that ambition.

Shane Finnegan is Client Director at Public Relations and Public Affairs Company, Aiken PR