1) Get another job
2) Take the redundacy, pay off debts and have a holiday for a month
3) Start new job - lodge your 40k remainder in a high interest a/c
4) Work on your plan for your business in the background for 3-6 months to assess viability.
5) Take your 40k and apply for funding from EI
https://www.enterprise-ireland.com/en/funding-supports/Company/
They may match your 40k to 80k if they like it (i.e. its in Tech, Food, Bio, Pharma) and "if your start-up business has the potential to develop an innovative product or service for sale on international markets and the potential to create 10 jobs and €1m in export sales within 3 to 4 years of starting up, then you may qualify for assistance from Enterprise Ireland as a High Potential Start-up (HPSU)."
https://www.enterprise-ireland.com/en/funding-supports/Company/HPSU-Funding/
6) Subsequently it may be possible you can work 3 days a week on PAYE and 2 days a week on the basis of your plan. Maybe even only look for a part time job if you are sure you want to launch your business.
Go for it!
2) Take the redundacy, pay off debts and have a holiday for a month
3) Start new job - lodge your 40k remainder in a high interest a/c
4) Work on your plan for your business in the background for 3-6 months to assess viability.
5) Take your 40k and apply for funding from EI
https://www.enterprise-ireland.com/en/funding-supports/Company/
They may match your 40k to 80k if they like it (i.e. its in Tech, Food, Bio, Pharma) and "if your start-up business has the potential to develop an innovative product or service for sale on international markets and the potential to create 10 jobs and €1m in export sales within 3 to 4 years of starting up, then you may qualify for assistance from Enterprise Ireland as a High Potential Start-up (HPSU)."
https://www.enterprise-ireland.com/en/funding-supports/Company/HPSU-Funding/
6) Subsequently it may be possible you can work 3 days a week on PAYE and 2 days a week on the basis of your plan. Maybe even only look for a part time job if you are sure you want to launch your business.
Go for it!