Fear of failure is the number one stumbling block for potential entrepreneurs – and it can be countered through education, a study in 24 countries has found.
Amway’s vice-president of corporate affairs in Europe, Michael Meissner, says the lack of an established culture of entrepreneurship in a particular country does not automatically increase the fear of failure in prospective entrepreneurs.
“There are other mentalities that create the fear like cultural [factors] or your economic environment. A high welfare system can also keep people away from taking responsibility for their own lives although welfare is not a bad thing,” he says.
In the US, 56% of people surveyed were positive about entrepreneurship. In Denmark, the figure was 89%.
Meissner says in countries where entrepreneurship is part of the education system, the fear of failure is found to be lower.
