On behalf of the Axa insurance group, the YouGov institute recently surveyed over 1,000 people in Germany and the USA about their attitudes toward starting a business. Many of the study's findings are surprising: Entrepreneurs enjoy significantly higher social recognition in Germany than in the USA (501 vs. 381).
In Germany, 47% of 25- to 34-year-olds feel confident about starting a business, compared to only 41% in the US. However, two out of three Germans believe that starting a business in Germany is difficult. Germans see the biggest obstacles for potential founders as lack of capital (72%) and bureaucratic effort (70%). The situation is different in the USA: 58% of respondents cite a lack of capital as a possible obstacle, while only 45% cite bureaucratic burden.
Germans are more afraid of failure
Significant differences between Germany and the USA are also evident in the “Culture of failure”While in the US, only 40% of people avoid starting a business for fear of failure, in Germany, the number is 54%. Furthermore, the good social security for employees reduces the motivation to start a business: 52% of Germans are put off by the lack of security – in the US, just 17% say the same. However, one thing is important to all founders: Contacts with other entrepreneurs are an essential success factor for founders.
