development report 2012 - UMAR

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120 Development Report 2012 Indicators of Slovenia’s development Entrepreneurial activity Entrepreneurial activity in Slovenia also dropped notably in 2011, while in the EU it was already strengthening considerably. According to the Global Entrepreneurship Monitor (GEM), in 2011, the rate of the total early-stage entrepreneurial activity (TEA index) 1 dropped in Slovenia for the third successive year. Since the beginning of the economic crisis, it has already declined by as much as two fifths, from 6.4% in 2008 to 3.7% in 2011, which is the lowest level since 2004 (2.6%). The drop was mainly due to a significant decline in the share of new entrepreneurs, i.e. those who have been paying wages or salaries for no longer than 3.5 years (during the crisis by 0.6 p.p,). The share of nascent entrepreneurs, i.e. individuals actively trying to start a business or owning and running a business that has operated for no more than three months, also shrank, by 0.3 p.p. (during the crisis by 2.2 p.p.). The overall entrepreneurial activity rate therefore declined further last year, by 1.1 p.p., to a great extent precisely because of the decline in early-stage entrepreneurial activity, as the share of established entrepreneurs remained approximately the same as in 2010. In the 20 EU Member States that participated in the GEM project, 2 the average total early-stage entrepreneurial activity rate had already picked up substantially in 2011, totalling 6.9% (2010: 4.8%). The gap between Slovenia and the EU average thus widened markedly, by 3.2 p.p., being the largest thus far. 3 In the EU, the share of entrepreneurs who have operated a business independently for no more than three months strengthened significantly (to 4.3% or nearly by 60%), while the share of new entrepreneurs rose somewhat less (to 2.7% or by a fifth). The overall entrepreneurial activity has also already increased in the EU, to 12.8% on average, on account of both total early-stage entrepreneurial activity and a higher share of established entrepreneurs (by a good tenth). The decline in early-stage entrepreneurial activity is still characterised particularly by a lack of business opportunities. In 2011, the share of entrepreneurs engaged in early-stage entrepreneurial activity to exploit perceived business opportunities plunged to 3.0%, the lowest level since 2004 (2.2%). It shrank further relative to the preceding year, by 0.7 p.p. (by 1 For methodological explanation of measures of entrepreneurial activity see notes below the Table. 2 In 2011, 20 Member States were included in the GEM project (the same as in 2010 except Italy, plus the Czech Republic, Lithuania, Poland and Slovakia); in 2010, 17 Member States. 3 In 2008 and 2009, Slovenia’s TEA-index exceeded the EU average by 1.1 p.p. and 0.4 p.p., respectively. 2.6 p.p. since the beginning of the economic crisis). Perceived business opportunities nevertheless remain the main driving force behind the decisions to start an independent business, as was the case in favourable economic times, given that the share of necessity-driven early stage entrepreneurship still lags significantly behind the share of opportunity entrepreneurship (see Table). The share of necessity entrepreneurship shrank visibly 4 last year and was only slightly lower than in the period of good economic conditions (2005–2008). In the 20 EU Member States included in the survey, the average rate of early-stage entrepreneurial activity driven by perceived business opportunities strengthened substantially last year, by 1.4 p.p. to 5.0%, while the rate of necessity early-stage entrepreneurial activity rate grew much less, by 0.7 p.p. to 1.7%. Among EU Member States, opportunity entrepreneurial activity declined only in Slovenia and Hungary (to 4.1%), while strengthening most notably in Portugal and Romania (to 6.0% and 5.7%, respectively). The barriers to doing business in Slovenia did not change much in 2011 and the payment default risk remains the major limiting factor. According to Interstat 5 data, at the end of 2011 by far the largest share of entrepreneurs surveyed (60.5%) 6 reported payment default risk as the most serious obstacle to business operation. Troubles related to excessive administrative burden and tax policy eased somewhat towards the end of last year, but they are still recognised as an important impeding factor (cited by around 30% of entrepreneurs). On the other hand, issues related to competitiveness and access to funds for current operations, and a consequent decline in sales (perceived by around a fifth of entrepreneurs; in August 2011, by only a tenth) started to worsen towards the end of the year. 4 The decline in necessity entrepreneurship could be partly explained by a lower number of beneficiaries of selfemployment subsidies in 2011 (4,502; in 2010: 5,148). The interest in participating in this measure that was carried out by the Employment Service of the RS was high in 2011, but funding was limited. The Employment Service therefore stopped referring people to self-employment training programmes temporarily at the end of 2011 (Employment Service of the RS, 2011). 5 Interstat conducted a business climate survey in Slovenia last year, in August and December; before that, in June and December (Interstat, 2012). 6 The peak was recorded at the end of 2009 (74.6%).
Development Report 2012 Indicators of Slovenia’s development 121 Table: Selected indicators of entrepreneurial activity in Slovenia, 2002–2011 As a % of the population aged 18–64 2002 2005 2006 2007 2008 2009 2010 2011 TEA-index 1 4.6 4.4 4.6 4.8 6.4 5.4 4.7 3.7 TEA-nascent entrepreneurs 2 3.3 3.0 2.9 3.0 4.1 3.2 2.2 1.9 TEA-new entrepreneurs 3 1.5 1.4 1.8 1.8 2.4 2.1 2.4 1.8 TEA-opportunity 4 3.3 3.8 4.0 4.2 5.6 4.7 3.7 3.0 TEA-necessity 5 1.4 0.5 0.5 0.5 0.8 0.5 0.8 0.4 Established business 6 - 6.3 4.4 4.6 5.6 5.7 4.9 4.8 Overall entrepreneurial activity 7 - 10.1 9.0 9.3 11.8 10.8 9.5 8.4 Sources: Rebernik et al., 2002; Rebernik et al., 2004; Rebernik et al., 2005; Rebernik et al., 2006; Rebernik et al., 2007; Rebernik et al., 2008; Rebernik et al., 2009; Rebernik et al., 2010; Rebernik et al., 2011, Kelley et al., 2012. Notes: 1 The TEA-index is the rate of total early-stage entrepreneurial activity measuring the share of the population engaging in entrepreneurship. It includes individuals who have started setting up new businesses or engaging in new business activities, including self-employment 2 TEA-nascent entrepreneurs who have paid wages or salaries for no more than three months. It also includes individuals employed as owners/managers of new businesses who have been paying salaries for no longer than 42 months. 3 TEA new entrepreneurs. 4 TEA-opportunity measures the share of the population who engage in entrepreneurial activity to exploit a perceived business opportunity. 5 TEA-necessity measures the share of the population who have set up a business out of necessity. 6 Established business represents the share of people who own a firm that has been operating for more than 42 months. 7 The overall entrepreneurial activity includes the TEA index and the share of established business. Figure: Selected indicators of entrepreneurial activity in Slovenia and 20 EU Member States included in the GEM project in 2011 25 20 TEA-index Established business Overall entrepreneurial activity 15 10 5 0 Slovakia Latvia Lithuania Romania Poland Netherla nds Greece Czech R. Portugal U. Kingdom Ireland EU* Hungary Finland Spain Sweden France Belgium Germany Denmark Slovenia Source: Kelley et al., 2012. Note: * Weighted average of the 20 EU Member States included in the GEM 2011 project; calculations by IMAD.
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8 Development Report 2012 Main find
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10 Development Report 2012 Summary
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Part I Development by the prioritie
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Development Report 2012 Appendix 24
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