Entrepreneurship fuels economic growth, creates jobs, and shapes the future of societies. But in 2024, many aspiring entrepreneurs are holding back.

Professor Sreevas Sahasranamam from the International Business and Enterprise cluster played a key role in writing the Global Entrepreneurship Monitor (GEM) 2024/25 Global Report, Entrepreneurship Reality Check. The study, based on surveys of more than 150,000 people across 51 economies, reveals that the fear of failure is rising. In 2019, 44% of people reported being reluctant to start a business due to it; by 2024, that number had increased to 49%. Even those who saw good opportunities were less willing to take the risk, climbing from 42% to 47%.

The report also flags a major gap in awareness about artificial intelligence (AI) among entrepreneurs, especially in the Global South. Many business owners simply don’t know how AI could affect their future strategies, potentially leaving them at a competitive disadvantage. Professor Sahasranamam stresses the need for targeted awareness campaigns and training to close this gap.

Alongside individual attitudes, GEM’s annual surveys capture expert views on entrepreneurial ecosystems. This year’s findings point to three pressing needs: better entrepreneurship education, stronger support for women entrepreneurs, and action to address gender differences in fear of failure. The data also show a shift in ecosystem quality toward the Global East, where conditions for starting a business are often stronger.

Now in its 25th year, GEM is the only study to provide such long-term, cross-country data on both formal and informal entrepreneurial activity. Policymakers can use this evidence to learn from global best practice and shape policies that make entrepreneurship more accessible and sustainable.

For further information, please contact business-school-research@glasgow.ac.uk 

First published: 24 February 2025

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