Romania’s entrepreneurs struggle for financing and are unhappy with legislation

A new study has revealed some worrying characteristics in Romania’s entrepreneurial climate. «Romanian entrepreneurs lack relevant information about sources of financing, organizations that support entrepreneurship and specific entrepreneurial education and training,» according to the Entrepreneurs Speak Out report by Ernst & Young.

Negative perceptions of failure, rather than viewing it as a learning experience, is also a concern as it discourages the risk-taking mentality vital to successful entrepreneurship. «Romania cannot progress without strong entrepreneurship. We need this internal growth engine, in order to stimulate the sustainable development of our local economy,» said Bogdan Ion, Country Managing Partner Ernst & Young Romania .

The report published by consultancy firm Ernst & Young is based on a survey of over 100 local entrepreneurs and found that only 12 percent of them viewed business failure as a learning opportunity. Meanwhile, 32 percent of respondents saw failure as a barrier to future business projects and 24 percent as proof of a lack of necessary skills. These perceptions conspire to make Romania a far from supportive society for entrepreneurship, according to Ernst & Young.

Adapted from Romania-insider