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entrepreneurs in early stage of their entrepreneurship. Based on the GEM’s outcomes,
we defined the following key factors that, in our opinion, have impact on Slovakia’s
TEA:
high entrepreneurial capital of individuals,
self-employment opportunities provided by government,
employment issues, in general,
“artificial” entrepreneurship,
high business restart.
From the the declared extensive early-stage entrepreneurial activity, it is possible to
achieve economic growth in future, if conditions for Slovak entrepreneurs are created to
support their growth expectations.
High TEA in Slovakia is a product of both of its components; nascent businesses (0 - 3
months) and new businesses (3 - 42 months), which are in Slovakia 9.2% and 5.3% of
adult population respectively.
Slovakia placed in the bottom part of the ranking, when measuring the motivation for
improved income and higher level of independence, 43
rd
place out of 54 countries
globally and 22
nd
out of 26 countries in Europe. Among the countries of V4, Slovakia
place 2
nd
, this signals similarities in motivation to start new business with the other V4
countries. From the analyzing of motives to start a new business, it can be deduced
that the dominant motive in Slovakia is necessity.
Slovakia has the highest percentage of established businesses (more than 42 months)
among the countries of V4, it is 9.6% of adult population, which represents 355,000
established entrepreneurs. Furthermore, Slovakia placed 3
rd
in Europe and 10
th
globally. We find this high ranking very important. It signals possible positive impact
of entrepreneurship on stability of Slovak economy; mainly because of creating new
jobs as well as creation of new values in intellectual and social capital.
Slovakia’s high TEA combined with high percentage of established businesses
determine Slovakia’s first place in total entrepreneurial activity among the V4
countries. 855,000 Slovaks or 23.1% of entrepreneurially active adult popu lation puts
Slovakia in the first place in Europe (with Greece) and 13
th
place in global ranking.