Entrepreneurship: an important skill for everyone -

Entrepreneurship – an important skill

The European Commission views entrepreneurship as the act of seizing opportunities and ideas to create value for others, whether financial, cultural, or social. The Commission’s entrepreneurship policy aims to support businesses, particularly small and medium-sized enterprises (SMEs), throughout their lifecycle. This support covers entrepreneurial education, fostering entrepreneurial mindsets, and reaching out to specific groups with untapped entrepreneurial potential.

Here, we explore three ways how the EU Commission supports entrepreneurship.

1. Supporting Citizens

The European Commission is dedicated to improving the entrepreneurial capacity of European citizens and organizations. This commitment is realized through several initiatives, most notably the European Entrepreneurship Competence Framework (EntreComp).

A report by the European Commission highlighted that, in 2023, the gender pay gap in the EU was 13%. This means women earned, on average, 13% less per hour than men. To put it into perspective, for every €100 men earned, women earned approximately €87. Hence, women would need to work an additional 1.5 months to match the annual earnings of their male counterparts.

Promoting Entrepreneurial Learning

EntreComp provides a comprehensive framework that outlines the knowledge, skills, and attitudes needed to develop an entrepreneurial mindset. This framework emphasizes that entrepreneurship is not just about starting and running businesses but is also a skill applicable in various contexts, from education to community initiatives and workplace innovation.

Projects and Studies on Entrepreneurship Education

The Commission supports various projects aimed at improving, promoting, and assessing the impact of entrepreneurship education in Europe. Since the launch of the New Skills Agenda for Europe in 2016, these projects have been instrumental in stimulating an entrepreneurial mindset across different sectors and age groups.

EntreComp’s role is crucial in bridging the gap between education and the world of work, ensuring that entrepreneurial skills are cultivated from an early age and continuously developed throughout one’s career.

2. Creating a Beneficial Environment for Entrepreneurs

The European Commission aims to create an environment where entrepreneurs can thrive. This involves supporting start-ups, facilitating business transfers, and providing second chances for entrepreneurs facing insolvency.

Entrepreneurship provides a unique opportunity to bypass some of the systemic barriers that contribute to the gender pay gap. Here’s how:

Supporting Start-ups and Business Transfers

Starting a new business or taking over an existing one can be challenging. Recognizing this, the Commission provides solid support mechanisms for both scenarios. Buying an existing company can be advantageous, offering a head start over building a business from scratch. However, about one-third of business transfers may fail due to inadequate planning and management. The Commission addresses these challenges by raising awareness, improving advisory services, and standardizing quality support across online markets.

Second Chance for Unfortunate Entrepreneurs

Entrepreneurial ventures are not without risks, and sometimes businesses fail. The European Commission promotes a culture that allows entrepreneurs to learn from their failures and start anew. By creating favorable conditions for second chances, the Commission ensures that past failures do not hinder future entrepreneurial attempts.

3. Empowering Specific Groups with Untapped Entrepreneurial Potential

The European Commission places a strong emphasis on empowering specific groups such as women and young people, recognizing their untapped entrepreneurial potential.

Women Entrepreneurs

The Commission has launched several initiatives to support women entrepreneurs. WEgate, an online platform, provides a comprehensive support system for women looking to start, finance, and manage their businesses. By uniting various initiatives and facilitating access to mentoring and business networks, WEgate empowers women across Europe.

Enterprise Europe Network (EEN) for Women

EEN has a dedicated group of experts focusing on women’s entrepreneurship, connecting women entrepreneurs with the network’s business and innovation support activities. This initiative provides concrete services, including business partnering, market access, and cooperation with local networks.

Business Angels and Gender-Smart Finance

The Commission is also promoting the emergence of women business angels and increasing access to alternative funding sources. Pilot projects across 14 EU countries have successfully raised awareness and trained women to become business angels. Additionally, the Commission’s gender-smart finance initiative under the InvestEU programme aims to stimulate funding for female-led companies and funds, further supporting women entrepreneurs.

Conclusion: Entrepreneurship as a Skill

The European Commission’s multifaceted approach to supporting entrepreneurship demonstrates its commitment to creating a dynamic and inclusive entrepreneurial ecosystem. Through stimulating entrepreneurial capacities, creating a conducive environment for businesses to thrive, and empowering specific groups, the Commission boosts the entrepreneurial mindset in Europe. These initiatives not only contribute to economic growth but also to the cultural and social framework of Europe, making entrepreneurship an important skill for all citizens.

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