Half of Cypriots consider starting a business easy, and more than half believe they have the necessary skills for successful entrepreneurship, according to the Global Entrepreneurship Monitor (GEM) survey results presented at an event at the University of Cyprus.

Cyprus participated in the international entrepreneurship survey for the seventh consecutive year. The University of Cyprus described the country’s participation as "particularly significant," as it provides comparable data on entrepreneurship.

The GEM survey, one of the largest on entrepreneurship, has been conducted globally for the past 24 years, tracking entrepreneurship indicators in over 70 economies with more than 200,000 participants annually.

According to the University’s announcement, the GEM results, based on a sample of more than 2,000 respondents, paint an "encouraging picture" regarding Cypriots' views on overall entrepreneurial activity and the broader business environment in the country.

Specifically, 52.7% of the population believes they possess the skills needed for successful entrepreneurship, while 48.4% think starting a business is easy. Only 26.8% believe there are entrepreneurial opportunities in their area, marking a 23.4% decrease compared to the previous year.

Additionally, Cypriots are increasingly familiar with entrepreneurship, as 82.4% of respondents said they know an entrepreneur. Historically, 50% of the population reports a "fear of failure" in entrepreneurial activity, partly due to the lack of entrepreneurial culture and risk-taking mentality.

The late-stage entrepreneurship index has decreased compared to the previous year (from 8.6% to 5.7%), while the early-stage entrepreneurship index (<42 months) stands at 8.3%, showing stabilization in recent years. Conversely, early-stage entrepreneurs show greater sensitivity to the social and environmental impacts of their activities compared to the previous year.

The strengths of Cyprus’s entrepreneurial ecosystem include physical infrastructure, commercial infrastructure, and service infrastructure, as well as government policies related to taxes and bureaucracy.