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The founders of Zocalo never considered manufacturing at home. “If we had tried to manufacture in Ireland we wouldn’t be in business now,” said Keogh, adding that coming up with new designs is an important part of staying ahead.

This approach means firms have more time and money available for research into new and better products, and it gives them the chance to stand out. This is one way that new firms can adapt to the changing market conditions, according to Nolan.

Outsourcing involves more than buying products from abroad, he says. In fact, it is behind the huge increase in the services sector here. “Services have grown in terms of employees from below 400,000 to close to 500,000 in four years,” he said.

“That’s because more companies are outsourcing in Ireland. They are sourcing in areas such as distribution, sales or finance. Most small firms don’t have an IT manager or a human resource manager. Outsourcing those activities makes sense.”

Rath agrees. “There has been a huge increase in the business services sector,” he said. The key to creating a business that survives is to offer a product or service that is not found on every corner, he added. “It’s harder to distinguish yourself from competitors as activity in the SME sector continues,” said Rath. “You have to find something where there are fewer suppliers and then do it better.”

As construction continues to thrive, many small businesses have grown up around this sector. “Employment in the construction industry has gone from 96,000 in 1995 to 200,000 this year. It’s doubled inside nine years,” said Rath.

“For craftspeople and tradespeople, who have the skills, they could certainly start a business and do so successfully.”

More modest employment growth in other sectors masks substantial entrepreneurial activity. The food and drinks industry is expected to grow by €1.4 billion over the next three years, according to Datamonitor.

Already Irish food, drink and horticultural products account for more than 55% of exports from indigenous Irish companies, according to Bord Bia. The value of the sector exports increased by 3% to €7.17 billion last year.

“The food industry has come a long way,” said Fielding. “A few years ago there was no value-added in food. That’s where a lot of innovation has paid off.”

All in All Ingredients, for example, makes seasonings, sauces, glazes, coatings, cures and marinades for meat. It is the biggest supplier of brines in Ireland. A large amount of the business is devoted to research and innovation, according to Daniel Hickey, the chief executive.

“There’s a rapid degree of change taking place and that’s why research and development is very important,” said Hickey. “The percentage of sales from new products is very high from year to year. You have to come up with improvements.”

The traditional food industry is fading as consumers’ desires change. “The demands customers are placing on us have changed,” he said. “The focus on convenience foods and nutritional values is far greater now.

“People shop less frequently. They buy more chilled products and more ready-to-eat products. All those things require new types of food and new demands are being placed on how you process the food.”

Delaney said changing lifestyles and increased wealth have created new business opportunities. “People see ideas all around them and create a new market for something which was lying idle,” he said, adding that garden centres and DIY shops have mushroomed as more people socialise at home and use their garden as an extension of the living area. “It’s an area where there’s a lot of innovation and product development,” said Delaney. “In the past, we wouldn’t have thought of having outside gas lights on a decking because nobody would have put decking down.”