Finns unusually cautious about entrepreneurship, new study finds

Finns have an exceptionally reserved attitude toward entrepreneurship compared to other countries at a similar income level, according to a new international study reported by Finnish public broadcaster Yle.

The Global Entrepreneurship Monitor survey reveals that both early-stage and established entrepreneurship have declined in Finland over the past four years. Only 30 percent of respondents felt that people around them view entrepreneurship as a desirable career—placing Finland last among comparable nations. In other Nordic countries, this figure ranges from 40 to 50 percent, while in the Baltics, it exceeds 70 percent.

Professor Matti Muhos of the University of Oulu’s Kerttu Saalasti Institute attributes the reluctance to deep-rooted cultural and structural factors. “We spend a lot of time worrying about what others think of us,” he said, calling it a “very Finnish” problem. Fear of failure, particularly among women, and the perception of entrepreneurship as a financially risky choice further deter potential business founders.

Despite these challenges, Finland ranks among the top countries for entrepreneurial conditions, excelling in physical infrastructure, supportive policies, and access to funding. However, social and cultural norms lag behind, with strong traditions favoring traditional employment and robust unemployment benefits reducing the incentive to take entrepreneurial risks.

The study offers a positive note: young adults show growing interest in entrepreneurship, with their intentions to start businesses on the rise.