About 200,000 Greek entrepreneurs and self-employed professionals suspended their business activities in 2015, says the Foundation for Economic & Industrial Research (IOVE) annual report.
According to the same study also, only 14.2% of people see that there are business opportunities in Greece. One of the reasons is that the cost of starting a business in Greece requires twice the initial capital (30,000 euros) than the European Union average (16,400 euros).
However, the main reason is the lack of profitability, as seven out of ten businessmen and professionals declare that the reason they stopped doing business because it was not profitable.
According to the report, the percentage of the population aged 18-64 who were involved in business activities decreased 6.7% (about 450,000 people) in 2015, versus 7.8% (about 520,000 people) in 2014.
At the same time, only 14.2% of Greeks believe that there are business opportunities in Greece, a significant drop from the 20% in 2014, one of the lowest percentages worldwide.
However, Greeks show a high level of confidence in their business acumen, as 46.8% of the population (compared to 45.6% in 2014) believe they have good entrepreneurial skills. At the same time, the fear of failure in doing business is among the highest in the world (64.2%).
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