“Luxembourgish early-stage entrepreneurial activity is confirmed to be one of the highest among other developed countries,” the report authors wrote.
The report identified infrastructure and governmental policies as the main strength of the Luxembourg entrepreneurship system. However, “financing and availability of key resources such as office space and qualified human resources are the main barriers to entrepreneurship in Luxembourg,” the report found.
The report comes too early to take into account the latest announcements for entrepreneurs in Luxembourg, such as the creation of an innovation hub in Dudelange and a city incubator to be created in the House of Start-ups, which opens in January 2018.
1 in 10 men early-stage entrepreneurs
Men were most likely to be early-stage entrepreneurs (10.9%) compared to women (6.2%). First generation immigrants were also more likely to run a business, with 13.2% involved in entrepreneurial activities compared to 8.1% of non-immigrants and 8.5% of second generation immigrants.
The report found that one in ten entrepreneurs started a business because of a lack of other options, compared to 21% of European entrepreneurs. Meanwhile, nearly one in five entrepreneurs said they were dissatisfied (18%), with a higher proportion of women entrepreneurs dissatisfied (1 in 4) than men (1 in 10).
The report was based on a survey of 2,024 people aged from 18 to 65 conducted in spring/summer of 2017 using a standardised questionnaire.
Future studies are expected to explore the relationship of entrepreneurship policies and the drivers of dissatisfied entrepreneurs as well as the work of cross-border entrepreneurs in Luxembourg.
The report was published by Statec, Luxembourg’s national statistics, the Luxembourg Chamber of Commerce and Luxembourg’s economy ministry on 24 October.