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
European Commission's Actions
The European Commission’s initiatives promoting entrepreneurship are summarised in anEntrepreneurship Action Plan adopted in January 2013. They aim to reignite Europe’s entrepreneurial spirit by:
- educating young people about entrepreneurship;
- highlighting opportunities for women and other groups;
- easing administrative requirements;
- making it easier to attract investors.