Entrepreneurship in Greece: IntroductionThe goal of the current article is to examine the status of entrepreneurship in Greece and its contribution to the economy. It presents data on entrepreneurship and business demographic data as size classes employment, value added, business failure and barriers met by Greek enterprises. These data come from multiple sources as the Global Entrepreneurship Monitor (GEM), the Organization of Economic Cooperation and Development (OECD), the European Statistical Agency (Eurostat), the World Bank and various domestic public and private organizations. In order to have a better insight on the role of entrepreneurship in economic growth, the data are presented in comparison with other European countries. Based on the findings, a set of policy recommendations is provided in the end. Payday Loans Online

Entrepreneurship is a multifaceted phenomenon that cuts across many disciplinary boundaries. Studies falling under the rubric of “entrepreneurship” have pursued a wide range of purposes and objectives, asked different questions and adopted different units of analysis, theoretical perspectives and methodologies. This diversity is reflected in the many and varied definitions of entrepreneurship. Schumpeter defined entrepreneurship as the carrying out of new combinations and innovations, while Knight’s definition focused on the ability to predict the future successfully and to manage the market’s uncertainty. On the other hand, Leibenstein argued that entrepreneurship is the ability to work smarter and harder than the competitors. Kirzner’s concept was closely linked to the ability to correctly anticipate where the next market imperfections and imbalances will be. Accordingly, Cole defined entrepreneurship as purposeful activity to initiate, maintain, and develop a profit-oriented business. Stevenson et al suggested that entrepreneurship is being driven by perception of opportunity, rather than resources currently controlled. Similarly, Gartner defined entrepreneurship simply as the creation of new organizations. The problem with these definitions, is that though each captures an aspect of entrepreneurship, none captures the whole picture. Nowadays, according to Acs et al entrepreneurship has been placed as the missing link between investment in knowledge and economic growth.
Entrepreneurship is increasingly becoming recognized as a key factor contributing to economic growth. The finding that increased entrepreneurial activity leads to greater economic growth is now well founded at both the national and local level. Reynolds et al have argued that a country’s level of entrepreneurial activity explains a significant portion of the differences in national economic growth rates. According to Henderson, entrepreneurs significantly impact local economies by fostering job creation, increasing wealth and incomes, and ultimately helping to connect local economies to the larger, global economy. In the same manner, Minniti claims that the entrepreneurs are the catalysts for economic growth, since they have the ability to promote the creation of new ideas and new market formations.