Record number of entrepreneurs established enterprises in 2015

There were over 61 000 entrepreneurs in 2015. Most of them established enterprises in professional, scientific and technical activities. The second economic activity of choice for entrepreneurs in 2015 was construction, and the third was wholesale and retail trade and repair of motor vehicles and motorcycles. Over half of the entrepreneurs were in the 25-44 age group and had an upper secondary education. Female entrepreneurs were on average younger than male entrepreneurs but were better educated. This has been the trend since the statistics began in 2002.

Higher survival rates for companies established by women

The statistics also show a five-year success rate for newly-established enterprises in terms of survival, turnover and employment. In 2009, there were only 14 034 entrepreneurs who founded limited companies. The corresponding figure for 2015 was 25 793. The survival rate for the newly-established enterprises varied with gender. A total of 49.3 per cent of limited companies founded by male entrepreneurs were still in business five years after being established. The survival rate for enterprises set up by their female counterparts was 54 per cent.

Men sell, women employ

Seventy per cent of male entrepreneurs with surviving personally-owned enterprises between 2009 and 2014 achieved turnover growth in their enterprises. The corresponding figure for female entrepreneurs was 57.8 per cent. However, female entrepreneurs were the more likely ones to attain employment growth. A total of 57.5 per cent of women and 51.5 per cent of men respectively employed more people in their companies. The same trends were seen in limited companies.

Turnover growth

One out of eight entrepreneurs aged 16 to 24 years with surviving personally-owned enterprises between 2009 and 2014 had turnover growth. This was above the average of 65.8 per cent. In limited companies, by comparison, it was entrepreneurs aged 67 years or more who were most likely to experience growth in turnover. There was no correlation between education and the likelihood that an entrepreneur achieved turnover growth. While 70.5 per cent of the founders of limited companies with over four years of higher education had turnover growth in their companies, 83 per cent of those with only primary and lower secondary education had turnover growth. The same pattern was seen in personally-owned enterprises, in which 39 per cent of the highest educated entrepreneurs attained turnover growth the first five years they were in business, while 77 per cent of their lowest educated counterparts achieved turnover growth in these years.