Entrepreneurship in Greece: Established Business Ownership RateThe status and attitudes towards entrepreneurship in Greece can be examined from the data gathered by the Global Entrepreneurship Monitor (GEM). The Global Entrepreneurship Monitor project is an annual assessment of entrepreneurial activity, aspirations and attitudes across 85 countries. The data collected by GEM is ‘harmonized’, so as to facilitate cross-national comparisons. In order to make comparisons with other European countries, the Greek data will be presented along with the data for six other European countries: Sweden, Portugal, Spain, France, the United Kingdom and Germany. Five main indicators will be analysed:
1)    Established Business Ownership Rate
2)    Total early-stage Entrepreneurial Activity
3)    Necessity-Driven Entrepreneurial Activity
4)    Entrepreneurial Intention
5)    Fear of Failure Rate Public Service

According to GEM, Established Business Ownership Rate refers to the percentage of 18-64 population who are currently owner or manager of an established business, i.e. owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than 42 months. The rates for the seven countries are presented in Table 1. By looking at Table 1, we can see that Greece clearly has the highest rate of established business owners from the seven countries compared (available data for Greece start on 2003).
The percentage of business owners has increased from about 6.5% of the population on 2004, to almost 15.8% on 2011.
Figure 1 presents the mean value for the seven countries, for the 11 year period. Greece has the highest mean value of established business ownership for the 11 year period (12.9%), followed by Spain (7%). The country with the lowest mean value is France (2%).
GEM defines Total Early-Stage Entrepreneurial as the percentage of 18-64 population, who are either a nascent entrepreneur or owner-manager of a new business. The results are presented in Table 2. Figure 2 indicates that total early-stage entrepreneurial activity in Greece ranges from 6.8% on 2003, to almost 10% on 2008 and back to 8% in 2010. A decline in the percentage in early stage entrepreneurial activity can be observed after 2008 (after the economic crisis broke out).
Figure 2 presents the mean value for the seven countries, for the 11 year period. Greece has the highest mean value of total early stage entrepreneurial activity (7.2%), followed by the UK (6%). Sweden and France have the lowest ones (4.3%).
As defined from GEM, Necessity-Driven Entrepreneurial Activity refers to the percentage of people who are involved in entrepreneurship, because they had no other option for work. The results are presented in Table 3. Table 3 indicates that in Greece, from 2007 onwards, there has been a large increase in the necessity-driven entrepreneurial activity, from 10% on 2007 to 25% on 2011. The highest overall necessity-driven entrepreneurial activity can be observed in Germany, ranging from 17% to 36% during the last decade.
Figure 3 presents the mean value for the seven countries, for the 11 year period. As seen in Figure 3, the highest mean value of necessity driven entrepreneurial activity for the 11 year period can be observed in Germany (26.5%), followed by Greece (24.7%). The lowest value can be observed in Sweden (10.8%).
GEM defines Entrepreneurial Intention as the percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded), who intend to start a business within three years. Table 4 presents the results. As seen in Table 4, the highest rates of entrepreneurial intention can be observed in France (17.7% in 2010) and Greece (12.8% in 2010). Sweden presents a decline in entrepreneurship intention (from 14.3% in 2005 to 9.8% in 2010), while Portugal presents a large increase (from 2.2% in 2004 to 12.2% in 2011).
Figure 4 presents the mean value for the seven countries, for the 11 year period. From Figure 4 we can observe that Greece has the largest mean value of entrepreneurial intention from the 7 countries examined (12.3%). The lowest value is observed in Germany (5%).
Finally, GEM refers to Fear of Failure Rate as the percentage of 18-64 population with positive perceived opportunities about entrepreneurship, who indicate that fear of failure would prevent them from setting up a business. The rate is presented in Table 5. As seen from the table, the fear of failure rate is quite high in all the sample countries, ranging from 22% to 54%. The highest fear of failure percentage is observed in Greece (54% in 2007), while the lowest value is observed in France (22% in 2002).
Figure 5 presents the mean value for the seven countries, for the 11 year period. In Figure 5 we observe that the highest mean value of fear of failure for the 11 year period, was recorded in Greece (47.7%), while the lowest one in Sweden and Portugal (30.5%).

Table 1: Established Business Ownership Rate

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Greece 19.6 6.5 10.5 8.2 13.3 12.6 15.1 14.8 15.8
Sweden 5.7 6.8 5.3 6 6.3 5 4.7 5.2 5.8 6.4 7
Portugal 4.7 5.6 6.5 7.3 7.2 7.1 7.1 6.5 6 5.4 5.7
Spain 4.7 8.4 4 7.8 7.7 5.4 6.4 9.1 6.4 7.7 8.9
UK 3.3 5.5 5.8 5.1 5.1 5.4 5.1 6 6.1 6.4 7.2
France 1.6 1.3 1.6 1.5 2.3 1.3 1.7 2.8 3.2 2.4 2.4
Germany 4.2 4.8 4.6 4.3 4.2 3 3.5 4 5.1 5.7 5.6

Table 2: Total Early-Stage Entrepreneurial Activity

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Greece 6.8 5.8 6.5 7.9 5.7 9.9 .88. 5.5 8
Sweden 3.8 3.9 4.1 3.7 4 3.4 4.2 4.4 4.6 4.9 5.8
Portugal 5.2 4.9 4.2 3.8 5.6 7 8.8 7.2 5.9 4.4 7.5
Spain 5.4 4.6 6.6 5.1 5.7 7.3 7.6 7 5.1 4.3 5.8
UK 5.4 5.4 6.4 6.2 6.2 5.8 5.5 5.9 5.7 6.4 7.3
France 2.6 3.1 1.6 6 5.4 4.4 3.2 5.6 4.3 5.8 5.7
Germany 5.8 5.2 5.2 4.4 5.1 4.2 4 3.8 4.1 4.2 5.6

Table 3: Necessity-Driven Entrepreneurial Activity

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Greece 38 29 14 21 10 31 26 28 25
Sweden 11 17 9 9 14 7 10 11 12 13 6
Portugal 19 21 23 26 21 15 10 14 18 22 18
Spain 22 22 5 12 14 15 15 15 16 25 26
UK 14 13 15 10 11 15 11 14 17 11 17
France 17 3 22 23 39 39 24 10 14 25 15
Germany 17 22 23 28 31 36 32 26 31 26 19

Table 4: Entrepreneurial Intention

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Greece 11.4 11.4 14.7 12.5 11.8 12.6 14.6 12.8 10.5
Sweden 12.5 12.7 10 14.3 9.3 9 8.9 .88. 8.7 8.5 9.8
Portugal 2.2 4.8 7.2 9.8 9.5 9.2 8.8 12.2
Spain 7 4.9 4.3 4.2 4.4 4.3 5 4.3 5.8 8
UK 4.2 5.4 7.4 6.7 5.6 5.6 5.3 4.3 5.1 8.9
France 3 5.8 11.6 11.4 13.3 15.3 12.7 15.9 14.2 17.7
Germany 4.5 5.6 4.2 5.3 5.3 4.7 4.2 5.3 6.4 5.5

Table 5: Fear of Failure Rate

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Greece 49 48 50 48 54 46 45 51 38
Sweden 31 30 30 32 34 28 29 29 29 29 35
Portugal 31 30 29 29 29 29 29 29 30 30 40
Spain 36 42 40 45 42 44 47 47 45 36 39
UK 33 33 31 33 33 33 34 34 32 30 36
France 29 22 34 42 42 43 41 52 47 40 37
Germany 42 37 33 30 40 34 36 40 37 34 42

Figure-1

Figure 1: Established Business Ownership 11 year period mean %

Figure-2

Figure 2: Total early-stage Entrepreneurial Activity 11 year period mean %

Figure-3

Figure 3: Necessity-Driven Entrepreneurial Activity 11 year period mean %

Figure-4

Figure 4: Entrepreneurial Intention 11 year period mean %

Figure-5

Figure 5: Fear of Failure Rate 11 year period mean %