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Starting One’s Own Business Still Popular among Hungarians

MTI-Hungary Today 2023.06.08.

Entrepreneurship is considered an attractive and socially valued career path in Hungary, and the number of businesses has started to rise again, according to research by the Global Entrepreneurship Monitor.

Despite the turbulence of the past year, the public’s assessment of the entrepreneurial climate in Hungary is basically stable, according to the latest data from the Global Entrepreneurship Monitor, the world’s largest entrepreneurship survey, based on recent Hungarian data. As in the previous year, almost one in two people (47.4%) think it is easy to start a business in Hungary.
At the same time, the proportion of those who think there are good opportunities to start a business in the next six months has fallen significantly (from 36.5 to 27.2 percent). There are also more people who are deterred from starting a business through a fear of failure, up to 43.5 percent from 38.2 percent last year, according to the survey.

The majority of Hungarians (64 percent) still think entrepreneurship is an attractive career path.

The survey also found that one in ten Hungarians plan to start a business (including self-employment) in the next three years.
The proportion of people leaving the business has also not changed significantly compared to the previous year. Family or personal reasons, the emergence of another job or business opportunity, or the effects of the coronavirus epidemic were the most common reasons for exiting a business.
Also on Wednesday, Erste Bank said that according to its research,

the largest number of businesses started this year were in the construction, transport, and services sectors.

A quarter of Hungarian businesses are in agriculture, and 98 percent are micro-enterprises: they operate without employees or with just a few workers.

Bayer Construct, a successful entrepreneurial company
photo: Facebook/Bayer Construct

According to the survey, last year’s negative trend following the abolition of the flat tax on small businesses (KATA) has been reversed this year, and the number of domestic businesses started to grow again in April.
Erste’s lending data also shows that entrepreneurial sentiment is holding up: the stock of newly extended small business loans grew by 23 percent over the whole of last year, and the pace of expansion has not slowed significantly this year, with a 21 percent increase in the first quarter compared to last year.

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Featured photo via Pixabay

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