Finland

Region: Europe and North America
 

Classification of economies by geographic region is based on that of the United Nations Statistics Division.

High Income
 

Based on the income levels set out by the World Economic Forum (WEF) in its Global Competitiveness Report. However, the groupings are slightly different due to the numbers of economies covered. For GEM, the low income group contains both those classified as low income and lower middle by WEF, and the middle income group has those that WEF groups as upper middle. High income is the same for both GEM and WEF.

Population: 5.5 million (2018)
 

Population data is from the World Bank, except Palestinian Territories World Population Review and Taiwan Worldometers

GDP Growth: 2.4% (2018)
 

GDP growth data is from the World Economic Outlook Database, except Palestinian Territories Worldometers

GDP Per Capita: $45,938 (2017)
 

GDP per capita data is from the World Economic Outlook Database, except Palestinian Territories Worldometers

Entrepreneurial Behaviour and Attitudes

Most recent data: 2016
  • Finland 2016
  • Finland 2015
  • Global Average
  • Regional Average
  • Income Level Average

Self-Perceptions

  • 1
     
    Perceived Opportunities Rate:Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who see good opportunities to start a firm in the area where they live
  • 2
     
    Perceived Capabilities Rate:Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who believe they have the required skills and knowledge to start a business
  • 3
     
    Fear of Failure Rate*:Percentage of the 18–64 population who agree that they see good opportunities but would not start a business for fear it might fail. NOTE: this is a percentage of those seeing good opportunities, and not the total adult population
  • 4
     
    Entrepreneurial Intentions Rate:Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who are latent entrepreneurs and who intend to start a business within three years
  • 1. Perceived Opportunities Rate
  • 2. Perceived Capabilities Rate
  • 3. Fear of Failure Rate*
  • 4. Entrepreneurial Intentations Rate:

Activity

  • 1
     
    Total early-stage Entrepreneurial Activity (TEA):Percentage of 18-64 population who are either a nascent entrepreneur or owner-manager of a new business
  • 2
     
    Established Business Ownership Rate:Percentage of 18-64 population who are currently an owner-manager of an established business, i.e., owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than 42 months
  • 3
     
    Entrepreneurial Employee Activity Rate:Rate of involvement of employees in entrepreneurial activities, such as developing or launching new goods or services, or setting up a new business unit, a new establishment or subsidiary
  • 1. Total early-stage Entrepreneurial Activity (TEA)
  • 2. Established Business Ownership Rate
  • 3. Entrepreneurial Employee Activity Rate

Motivations

  • 1
     
    Motivational Index:Percentage of those involved in TEA that are improvement-driven opportunity motivated, divided by the percentage of TEA that is necessity-motivated
  • 1. Motivational Index

Gender Equity

  • 1
     
    Female/Male TEA Ratio:Percentage of female 18-64 population who are either a nascent entrepreneur or owner-manager of a 'new business', divided by the equivalent percentage for their male counterparts
  • 2
     
    Female/Male Opportunity-Driven TEA Ratio:Percentage of those females involved in TEA who (i) claim to be driven by opportunity as opposed to finding no other option for work; and (ii) who indicate the main driver for being involved in this opportunity is being independent or increasing their income, rather than just maintaining their income, divided by the equivalent percentage for their male counterparts
  • 1. Female/Male TEA Ratio
  • 2. Female/Male Opportunity-Driven TEA Ratio

Impact

  • 1
     
    High Job Creation Expectation Rate:Percentage of those involved in TEA who expect to create 6 or more jobs in 5 years
  • 2
     
    Innovation Rate:Percentage of those involved in TEA who indicate that their product or service is new to at least some customers AND that few/no businesses offer the same product
  • 3
     
    Business Services Sector Rate:Percentage of those involved in TEA in the 'Business Services' sector - Information and Communication, Financial Intermediation and Real Estate, Professional Services or Administrative Services, as defined by the ISIC 4.0 Business Type Codebook
  • 1. High Job Creation Expectation Rate
  • 2. Innovation Rate
  • 3. Business Services Sector Rate

Societal Values

  • 1
     
    High Status to Successful Entrepreneurs Rate:Percentage of 18-64 population who agree with the statement that in their country, successful entrepreneurs receive high status
  • 2
     
    Entrepreneurship as a Good Career Choice Rate:Percentage of 18-64 population who agree with the statement that in their country, most people consider starting a business as a desirable career choice
  • 1. High Status to Successful Entrepreneurs Rate
  • 2. Entrepreneurship as a Good Career Choice Rate

Entrepreneurial Framework Conditions

Most recent data: 2016

Expert Ratings: 1 = highly insufficient, 5 = highly sufficient

  • Finland 2016
  • Finland 2015
  • Regional Average
  • Income Level Average
  • Global Average
  • Finland 2016
  • Finland 2015
  • Regional Average
  • Income Level Average
  • Global Average

Finland Reports

Name
Report information
pdf
GEM Finland 2015 Report
Report information
pdf
  • Year of publication: 2014
  • Category: National Reports
  • Language: English
  • Upload date: 2015-10-14

  • Finland is a competitive and business friendly economy with its well-developed and well-functioning support system for entrepreneurship. As to overall economic performance and business environment Finland is still a prime member of EU countries. Despite the supportive policies and environment for entrepreneurship, positive perceptions on business opportunities and high entrepreneurial potential do not turn into potentially growing and remarkable start-ups and new businesses. Finland has potential entrepreneurs with new ideas and skills, but we still seem to lack the ones who take the initiatives and exploit the opportunities. Moreover, there is a danger that the prolonged economic downturn and the lack of other employment options create increasing amount of entrepreneurs with rather modest aspirations and performance levels, particularly with regard to growth expectations, innovation-orientation and international orientation. Fortunately, in Finland the entrepreneurial employee activity is still at the average level among EU member states although it has declined. Entrepreneurial employees have good perceptions of opportunities and their entrepreneurial skills. This asset is hardly fully exploited in existing organisations and continuous work needs to be directed to those existing organizations.
  • URL: http://gem-consortium.ns-client.xyz/report/49228
 GEM Finland 2014 Report
Report information
pdf
GEM Finland 2013 Report
Report information
pdf
  • Year of publication: 2013
  • Category: National Reports
  • Language: English
  • Upload date: 2015-03-27

  • Finnish governmental policies and regulation are supportive for entrepreneurship. Further, in Finland there is lot of support provided for female entrepreneurs and high growth firms. 

    However, according to expert opinions Finnish adults are good at spotting opportunities but lack the skills for entrepreneurial activity. ? Adult population in Finland shares the same view with experts: people are good at perceiving business opportunities but their perception of their entrepreneurial skills falls behind. Still, highly educated Finnish adults are more alert to new business opportunities than Finnish adults on average.

    Among adult Finns there are constantly a number of adults who perceive that they obtain both suitable opportunities and necessary skills, but who lack the entrepreneurial intentions. The question remains how to harness this potential.

  • URL: http://gem-consortium.ns-client.xyz/report/48593
 GEM Finland 2012 Report
Report information
pdf
GEM Finland 2011 Report
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