The EY G20 Entrepreneurship Barometer 2013
Culture is an important part of the entrepreneurial environment. To encourage more entrepreneurs, a country needs a set of beliefs that make entrepreneurship a valid and respected career choice.
|Andrea Vogel, EMEIA Growth Markets Leader at EY discusses entrepreneurship culture.|
Remove the stigma of failure
Establishing a business is inherently risky, and countries should not penalize entrepreneurs excessively if they fail. Repeat entrepreneurs who have failed before have been shown to have higher rates of success than first-time entrepreneurs.
Bankruptcy laws, therefore, must strike the right balance between protecting creditors’ interests and offering entrepreneurs another chance.
“A lot of countries have really poor public policy when it comes to bankruptcy. If we want people to take a risk, then we have to think through what are the consequences of what would happen if they would fail for their families and for their future.”
— Eric Ries, a Silicon Valley entrepreneur and author recognized
for pioneering the Lean Startup movement
Open the door for excluded talent
Women, young people and immigrants can make a huge contribution, yet today they are often under-represented in the entrepreneurial community. Supporting these groups into entrepreneurship can broaden the entrepreneurial base and accelerate success.
Getting local role models to participate in events and campaigns helps cost-effectively inspire a new generation of entrepreneurial talent. Businesses should emphasize the social benefits of entrepreneurship, from job creation through to innovation and broader economic growth.