Europeans are less prone to start their own businesses even if they obtain a windfall inheritance, compared to Americans and Chinese. Entrepreneurs are also more highly esteemed in the United States and Asia, compared to how they are viewed in Europe. These findings were in a recent survey by the European Commission, aiming to find ways to promote economic development on the old continent.
According to the survey, 45 percent of Europeans would prefer to be their own boss if they could, while 49 percent would still be willing to work as employees. That rate is lower than in the United States where 55 percent of Americans would prefer to engage in private business. However, even in the United States that preference is six points lower today than it was in 2007.
“The entrepreneurial potential in Europe is not fully exploited: 45 percent of all Europeans would like to become their own boss if they could, but only an average of 10 percent are actually self-employed today,” said European Commission Vice-President Antonio Tajani, commissioner for Industry and Entrepreneurship in a statement.
“If we could raise this percentage, we could have millions of new innovative and creative enterprises, which would rejuvenate Europe’s economic basis, make it more robust, more job-generating, and more resilient to stormy economic times,” continued Tajani.
The difference in willingness to become self-employed also reflects differences in how people look at the entrepreneur.
For example, in China where the survey was done for the first time this year, 71 percent of the population has a positive attitude toward entrepreneurs, while in Japan people have the weakest inclination toward private business. In the United States, 73 percent view businessmen favorably, but in Europe the figure is only 49 percent.
According to experts, the different attitudes toward private business can be explained by objective, economic conditions as well as cultural realities on different continents.
For example, in Europe entrepreneurship is seen as being stifled by strong institutions that strive to protect shareholders, resulting in lower GDP and higher unemployment. European entrepreneurs are looked on more as exploiters, according to the EU research.
Europe is also known for the huge influence of trade unions, monopolistic banks, and highly political environments, where creativity and entrepreneurship are suppressed.
In Asian countries, businessmen are seen as drivers of social prosperity and poverty elimination. That is why third-world countries strive to empower and promote individual entrepreneurship.
In the United States by contrast, entrepreneurs are regarded as job creators. The American dream depicts entrepreneurs as the symbol of wealth and creators of bright ideas. The idea of success in business is deeply embedded in the American psyche.
According to the survey, 45 percent of Europeans would prefer to be their own boss if they could, while 49 percent would still be willing to work as employees. That rate is lower than in the United States where 55 percent of Americans would prefer to engage in private business. However, even in the United States that preference is six points lower today than it was in 2007.
“The entrepreneurial potential in Europe is not fully exploited: 45 percent of all Europeans would like to become their own boss if they could, but only an average of 10 percent are actually self-employed today,” said European Commission Vice-President Antonio Tajani, commissioner for Industry and Entrepreneurship in a statement.
“If we could raise this percentage, we could have millions of new innovative and creative enterprises, which would rejuvenate Europe’s economic basis, make it more robust, more job-generating, and more resilient to stormy economic times,” continued Tajani.
The difference in willingness to become self-employed also reflects differences in how people look at the entrepreneur.
For example, in China where the survey was done for the first time this year, 71 percent of the population has a positive attitude toward entrepreneurs, while in Japan people have the weakest inclination toward private business. In the United States, 73 percent view businessmen favorably, but in Europe the figure is only 49 percent.
According to experts, the different attitudes toward private business can be explained by objective, economic conditions as well as cultural realities on different continents.
For example, in Europe entrepreneurship is seen as being stifled by strong institutions that strive to protect shareholders, resulting in lower GDP and higher unemployment. European entrepreneurs are looked on more as exploiters, according to the EU research.
Europe is also known for the huge influence of trade unions, monopolistic banks, and highly political environments, where creativity and entrepreneurship are suppressed.
In Asian countries, businessmen are seen as drivers of social prosperity and poverty elimination. That is why third-world countries strive to empower and promote individual entrepreneurship.
In the United States by contrast, entrepreneurs are regarded as job creators. The American dream depicts entrepreneurs as the symbol of wealth and creators of bright ideas. The idea of success in business is deeply embedded in the American psyche.
