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To be or not to be an entrepreneur
Economics

To be or not to be an entrepreneur

09.07.2014 From our online archive
More needs to be done to help potential entrepreneurs in Luxembourg after it emerged that only a fraction of hopefuls succeed in launching a business.

More needs to be done to help potential entrepreneurs in Luxembourg after it emerged that only a fraction of hopefuls succeed in launching a business.

Luxembourg Secretary of State for the Economy Francine Closener highlighted the paradox at the release of the results of the 2013 Global Entrepreneurship Monitor (GEM).

Luxembourg participated in this global survey for the first time last year. The results suggest that Luxembourg is improving, with 8.7 percent above the average when it comes to entrepreneurship activities.

However, there is room for improvement. Among those polled, the majority of entrepreneurs said they started their own businesses because they saw an opportunity.

Yet, the economic climate has hit entrepreneurs hard. Among those polled in Luxembourg, more than half (54 percent) said it had become more difficult to start a business.

At the same time, 42 percent were pessimistic when it came to their expectations for business growth and 42 percent said that the economic crisis had shrunk the number of business opportunities in the country.

Ms Closener said she would like to see more done to help entrepreneurs get back on their feet after a bankruptcy, provided there was no evidence of fraudulent activity.

She would also like to see more women starting their own businesses. “The low rate of women who said they were ready to start a business is another area where efforts need to be made,” she said.

The GEM is a global study incorporating more than 70 countries. In Luxembourg, 2005 people were surveyed, 1005 of the the respondents gave their answers online.

Click here for more information on this survey.

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