Greece’s business spirit appears to be very weak, having been negatively affected by the difficulty faced by new ventures in accessing funding, the strong fear of failure and the absence of any education on entrepreneurship at school.
Latona’s, a mergers and acquisitions expert, processed data from the Global Entrepreneurship Monitor (GEM) concerning 48 countries and created a list of the states with the strongest business spirit. Greece ranked in 36th place with 42.8 points out of 100.
The data analysis showed that 58 percent of Greeks daren’t start a business for fear of failure, which is the third highest rate among the 48 states monitored.
Just 7 percent of Greeks aged 18 to 64 appeared willing to start a new enterprise in the next three years, which is the fourth lowest among all countries, while only 6 percent of Greeks see themselves as potential entrepreneurs.
These figures clearly display a lack of business culture, but also show that starting an entrepreneurial activity constitutes a cautious choice, and not necessarily a way out of unemployment.
Greece scored 10.25 points out of 15 in funding new enterprises and 23.73 out of 40 on whether a new company employs innovation. The country scores poorly (4.6/10) in business education at school.