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Russia ranked #3 in Europe for entrepreneurism

0 24 June 2014

Russia is Europe’s 3rd most entrepreneurial country, according to rankings compiled by Oracle Capital Group based on the European Commission’s “Flash Eurobarometer 354: Entrepreneurship in the EU and Beyond” and the Global Entrepreneurship Monitor (GEM)

Overall Russia was ranked 8th out of the 33 countries included in the study (26 European countries + Japan, Korea, China, Brazil, USA, Turkey and India). Compared to the rest of Europe, Russia scored well, with only Ireland and Iceland ranked higher. However, Russia was below BRIC nations China, Brazil and India, and also Turkey and the USA. 

Europe’s other big economies all received low entrepreneurism scores, with France, the UK, Italy and Germany falling in the bottom 7.

The rankings were calculated by adding together scores for nine entrepreneurism-related themes. 

Russians are particularly undeterred by the fear of failure - scoring the second highest score in this category (behind Switzerland). They also have a positive attitude to self-funding - with the 5th highest ranking for this indicator (Turkey is first).  

Russia does not appear in the top or bottom 5s for any of the other categories:

  • Image of entrepreneurs (best = Denmark, worst = Hungary)
  • Attitude to risk (best = China, worst = UK)
  • Feasibility (best = Brazil, worst = Japan)
  • Desire (best = China, worst = Sweden)
  • Prior Experience (best = Korea, worst = France)
  • Prior Success/Failure (best = India, worst = Italy)
  • Entrepreneurial Activity (best = China, worst = Italy)

Although Russia scores highly for its entrepreneurialism indicators, it also has the lowest proportion of individuals (5.8%) involved in early stage entrepreneurship (involved with a business or about to start one) of any top-10 country.  

This suggests that while Russia’s current stage of economic development is a promising one for entrepreneurism, comparatively few Russians are taking advantage of it. 

In addition to its low participation rate in early stage projects, noticeable few Russians (15%) indicated that their decision to start a business was borne out of necessity. This is in stark contrast to the other BRICs. In Brazil 29% of entrepreneurs felt compelled to start their own business, compared to 34% of Chinese entrepreneurs and 39% of Indian ones.

Source: Oracle Capital Group 

Homepage image via Shutterstock

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