Europe’s economic growth and jobs depend on its ability to support the growth of enterprises.
Entrepreneurship creates new companies, opens up new markets, and nurtures new skills. The most important sources of employment in the EU are Small and Medium-sized Enterprises (SMEs). The Commission’s objective is to encourage people to become entrepreneurs and also make it easier for them to set up and grow their businesses.
What is entrepreneurship?
Entrepreneurship is an individual’s ability to turn ideas into action. It includes creativity, innovation, risk taking, ability to plan and manage projects in order to achieve objectives.
Challenges faced by entrepreneurs in Europe
Only 37% of Europeans would like to be self-employed, compared to 51% of people in the US and China. Some of the challenges to be tackled include:
- education should offer the right foundation for an entrepreneurial career;
- difficult access to finance and markets;
- difficulty in transferring businesses;
- the fear of ‘punitive’ sanctions in case of failure;
- burdensome administrative procedures.