Country report All info is retrieved form the International Entrepreneurship website available at http://www.internationalentrepreneurship.com/europe/greece/

Compared to other Member States, Greece has a significantly higher than average share of businesses in a start-up phase and currently operational businesses (entrepreneurship rate). Nevertheless, the fact that the country is slightly below-average on the entrepreneurial activity index is due mainly to the outstandingly high share of “push” entrepreneurs. Indeed, nearly two thirds of Greek entrepreneurs are of this type, having a low risk-tolerance and having created their business out of necessity rather than out of opportunity.

O.E.SY.N.E. (Federation of Hellenic Associations of Young Entrepreneurs) is the main association of young entrepreneurs up to the age of 45 in Greece. It exists to stimulate exchanges between its members and promote cooperation, networking & sharing of best practices at National, European and Global level. Their primary goals are (1) support the extroversion of the innovative young entrepreneurs and transfer the best practices from Europe to Greece and vice versa and (2) develop the entrepreneurial culture for young people through the activities of the Global Entrepreneurship Week.

Top Entrepreneurial Industries

• Tourism
• Aquaculture – fish farming
• Food processing and packaging
• IT & Telecommunications – fastest growing segment

• Most entrepreneurs in Greece are motivated by necessity.
• A 16% of the Greek population 18-64 years old (>1.1 mil. People) were involved in some kind of entrepreneurial activity (3rd place in Europe)
• A 8.2% (~600 thousand people) were established entrepreneurs, owners (alone or with others) of a business venture older than 42 months (2nd in Europe)
• A 7.9% (~500 thousand people) were “early stage entrepreneurs” (3rd place in Europe) • The larger part are nascents (will be entrepreneurs) and not new entrepreneurs (ventures 3-42 months old)
• High levels of self confidence (knowledge and skills to start a business (1st in Europe)
• High fear of failure
• But entrepreneurship is a desirable career choice because there is a high level of status and respect for the profession
• Very high percentage of new ventures aim at the final consumer because networking is minimal between larger firms.

• 72% of new entrepreneurs are male
• One out of three is 25-34 years old and two out of three are 25-44 years old • ~90% are working (full time or part time)
• Greece was holding the 2nd lowest place in Europe in female entrepreneurship (2003-2005). But in 2006 a 4.7% of females, 18-64 years old, were new entrepreneurs (Europe average is 3.7%)
• But almost 40% of female ventures are crated out of necessity and not driven from an effort to exploit an opportunity

• It is expensive to start up in Greece (average initial capital investment is around 83,000 euros)
• It is risky in terms of personal funds
• Own capital from savings (53% of the investments cost)
• Half of the rest is from close family
• One third is from banks