Even in their home EU country, burdensome, expensive or complex procedures involved in starting a business are often major disincentives to many would-be entrepreneurs. However, public authorities and support networks can help.
One example is by providing one-stop shops for all sectors and points of single contact for the service sector to simplify the formalities required to register a company. These should enable entrepreneurs to register a new business in one go, saving time and money.
Outside their home EU country, the EU freedom of establishment principle allows entrepreneurs to create a company in any EU country on an equal footing with nationals there. As with nationals, entrepreneurs have to comply with certain conditions such as abiding by professional codes of ethics, acquiring proper authorisations and proving they have the required qualifications.
Instead of starting a new business, taking on an existing company might be an attractive option for budding entrepreneurs, with advantages such as ready-made production structures, customer networks and reputation.
If failure is a potential risk at any time in the business lifecycle, many successful companies only exist today because their founders refused to give up after failing and believed in second chances.