Fear of failure, the reason why Romanians are afraid to start new projects, EY study shows
The fear of failure remains one of the significant barriers that stop Romanians to open their own business. According to the study ‘EY Entrepreneurs Speak Out – The Romanian Entrepreneurship Barometer’, 65 percent of Romanian entrepreneurs believe the society penalizes business failure, and for 37 percent of the businessmen this failure is a barrier for future business projects.
According to the study, the percentage of those who believe that failure is an opportunity for learning has increased almost six times compared to 2014 by 29 percent and the number of those who believe that the failure does not affect future projects fell by 3 percentage points to 6 percent.
The students are more optimistic than entrepreneurs in the perception of business failure. Only 22 percent of students see failure as a barrier to future business plans, versus 37 percent of entrepreneurs.
The study ‘Entrepreneurs speak out – Romanian Entrepreneurship Barometer’is an annual barometer conducted by EY Romania, which measures perceptions of Romanian entrepreneurs on five pillars essential for the development of entrepreneurship: access to funding, regulation and taxation, entrepreneurial culture, education and coordinated support provided by associations specialized in supporting entrepreneurship.