How to stimulate entrepreneurship in Belgium ?

J. De Mulder and H. Godefroid
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J. De Mulder: National Bank of Belgium
H. Godefroid: National Bank of Belgium

Economic Review, 2016, issue ii, 63-80

Abstract: While the creation of businesses is very important for economic growth, Belgium’s performance in that regard has been below the EU15 average for many years. The same can be said of the percentage of self-employed workers in the population of working age. As well as establishing that fact, this article tries to identify some of the reasons behind it. Being multidimensional in character, entrepreneurship is influenced by numerous factors. They are grouped into five main categories. Belgium does fairly well in regard to market conditions, and is average in terms of the regulatory framework, access to finance, and entrepreneurial capabilities. However, in regard to its entrepreneurship culture, Belgium was at the bottom of the EU15 ranking between 2009 and 2015. That therefore appears to be one of the main factors explaining Belgium’s poor performance in regard to setting up new businesses. Consequently, it is vital to promote a positive view of entrepreneurship, helping to reduce the fear of failure and the associated stigma, and to encourage creativity and risk-taking. Stimulating the entrepreneurial culture requires an approach based on multiple channels, including schools and the media. Such a change of culture could make a significant contribution towards preserving and enhancing the future prosperity of Belgium.

Keywords: entrepreneurship; determinants; entrepreneurial culture (search for similar items in EconPapers)
JEL-codes: L26 M13 O31 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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