Business failure fear hits Cypriots

A increasing fig of Cypriots judge the land is ripe for starting a business, but fearfulness of nonaccomplishment is still holding galore back, according to the National Report connected Entrepreneurship successful Cyprus 2023/2024, released connected Tuesday by the Center for Entrepreneurship astatine the University of Cyprus.

According to the findings, 39.8% of adults successful Cyprus judge there are bully opportunities connected the land to start a concern – up sharply from 26.8% the erstwhile year. Even much (60.5%) accidental they person the skills to bash so, a fig well supra the European average. But much than fractional of adults – 53.3% – accidental they are held backmost by fearfulness of failure.

That reluctance is “a communal hurdle,” said Minister of Energy, Commerce and Industry Giorgos Papanastasiou, who welcomed the report’s findings. “Those who neglect are usually the ones who either don’t take capable risks – oregon take too many. The cardinal is calculated risk,” helium said.

Fear of nonaccomplishment isn’t the lone stumbling block. According to the report, Cypriots are little apt than different Europeans to judge that starting a concern is easy, and galore consciousness that authorities programs and reddish tape marque it adjacent harder.