Half of Cypriots find starting a business easy

A recent survey has revealed that half of Cypriots find it easy to start a business, and a majority feel equipped with the skills necessary for successful entrepreneurship. The findings come from the 'Global Entrepreneurship Monitor' (GEM) survey, which was shared at an event hosted by the University of Cyprus.

For the seventh year running, Cyprus has participated in this global survey. The University of Cyprus underlined the significance of this involvement, pointing out that it offers insightful comparative data on entrepreneurship in Cyprus, placing the country on the global map for business innovation.

According to a press release from the University of Cyprus, the GEM survey, which gathered feedback from more than 2,000 Cypriots, provides an optimistic assessment of the island's broader business environment and entrepreneurial scene.

Key findings from the survey include that 52.7% of respondents feel they possess the necessary skills for successful entrepreneurship, while 48.4% think starting a business is easy. However, only 26.8% see business opportunities in their local area, a significant drop of 23.4% from the previous year. The survey also showed that 82.4% of participants know an entrepreneur, reflecting an increasing familiarity with entrepreneurship across the population. Despite this, 50% of respondents report a "fear of failure" in entrepreneurship, which is partly attributed to a cultural aversion to risk-taking.

The survey also noted a decline in the advanced stage entrepreneurship index, which dropped from 8.6% to 5.7% compared to the previous year. In contrast, early-stage entrepreneurship (less than 42 months) is at 8.3%, showing signs of stabilization. Notably, early-stage entrepreneurs are becoming more aware of the social and environmental impacts of their business activities.

The survey identified physical infrastructure, commercial and service infrastructure, as well as government policies on taxes and bureaucracy, as strengths of the Cypriot business ecosystem.

Following the presentation of the survey results, a round table discussion was held on "Women's participation in early-stage entrepreneurship in Cyprus," led by Associate Professor Alexia Panayiotou, UNESCO Chair for Gender Equality and Women's Empowerment at the University of Cyprus. The discussion highlighted several issues, including the persistent gender gap in entrepreneurship, the need for actions and infrastructure to support families, and the heightened fear of failure among women entrepreneurs.