Romanians need to work for 1 day, 7 hrs & 3 mins to have enough money to set up a new business in Romania. Brits need to work just 1 hour and 21 minutes to afford the startup costs of a new business in the UK. Denmark (6 hrs & 6 mins) and Republic of Ireland (1 day, 1 hr & 47 mins) follow in second and third place respectively, acording to the Money.Co.UK analysts.
Many of us want to pursue our ambition of owning a business, yet few of us take action to make this dream a reality because we think we don’t have enough financial capital to start. But according to new research from the personal finance experts at money.co.uk, some of us could afford to in under two hours.
Interested in entrepreneurship, money.co.uk sought to discover how long employees in European countries would need to work in their full-time job to afford the startup costs of setting up their own business.
rits would need to work for just 1 hour and 21 minutes to earn the €14.00 (£11.68) required to startup their own business.
In second position is Denmark, as Danes would need to work for 6 hours and 6 minutes to cover the startup costs needed to set up their own enterprise.
The Republic of Ireland is in third place. 1 day, 1 hour and 47 minutes is the time the Irish would need to work to have enough income to fund the startup costs required for their independent business venture.
Workers in Romania (1 day, 7 hours and 3 minutes), Sweden (2 days, 1 hour and 41 minutes), Lithuania (2 days, 1 hours, and 54 minutes) and Finland (2 days, 6 hours and 26 minutes) require under four working days to fund the startup costs of their own business, respectively ranking fourth, fifth, sixth and seventh.
At the other end in 35th place is Italy. Italians must put in the most hours if they want to become their own boss – 11 weeks, 4 days, 5 hours and 42 minutes.
Slightly above Italy, in 34th spot is Albania. Albanians would have to work for 11 Weeks 3 days 7 hours 52 minutes to have a salary pot that is sufficient for them to fund the startup costs of their desired entrepreneurial idea.
Rank |
Country |
Cost of starting business |
Required working time to start own business |
1. |
United Kingdom |
€14.00 (£11.68) |
1 Hour 21 minutes |
2. |
Denmark |
€90.09 |
6 Hours 6 minutes |
3. |
Republic of Ireland |
€120.28 |
1 Day 1 hour 47 minutes |
4. |
Romania |
€30.92 |
1 Day 7 hours 3 minutes |
5. |
Sweden |
€229.51 |
2 Days, 1 Hour and 41 Minutes |
6. |
Lithuania |
€74.06 |
2 Days 1 hour 54 minutes |
7. |
Finland |
€328.00 |
2 Days, 6 hours and 26 minutes |
8. |
France |
€261.25 |
3 Days 4 mins |
9. |
Estonia |
€145.00 |
3 Days 2 hours 18 minutes |
10. |
Czech Republic |
€130.92 |
3 Days 3 hours 14 minutes |
11. |
Norway |
€626.00 |
3 Days, 4 hours and 56 minutes |
12. |
Iceland |
€870.61 |
4 Days 5 hours 20 minutes |
13. |
Slovakia |
€161.94 |
5 Days 1 hour 27 minutes |
14. |
Montenegro |
€91.00 |
6 Days 2 hours 13 minutes |
15. |
Kosovo |
€50.00 |
6 Days 2 hours 22 minutes |
16. |
Portugal |
€290.00 |
6 Days 7 hours 50 minutes |
17. |
Germany |
€650.00 |
1 Week 1 hour 28 minutes |
18. |
Bulgaria |
€144.57 |
1 Week, 2 hours and 49 minutes |
19. |
Greece |
€260.00 |
1 Week 5 hours 38 minutes |
20. |
Serbia |
€97.23 |
1 Week 5 hours 43 minutes |
21. |
Latvia |
€245.03 |
1 Week 6 hours 15 minutes |
22. |
Turkey |
€90.89 |
1 Week 6 hours 30 minutes |
23. |
Switzerland |
€1,252.20 |
1 Week 7 hours 7 minutes |
24. |
Luxembourg |
€1,106.38 |
1 Week 7 hours 16 minutes |
25. |
Spain |
€610.97 |
1 Week 4 days 7 hours 11 minutes |
26. |
Poland |
€296.80 |
2 Weeks, 5 hours and 54 minutes |
27. |
North Macedonia |
€163.69 |
3 Weeks 4 hours 58 minutes |
28. |
Netherlands |
€1,800.00 |
3 Weeks 3 days 1 hour 45 minutes |
29. |
Austria |
€2,034.00 |
3 Weeks 4 days 7 hours 16 minutes |
30. |
Hungary |
€505.92 |
4 Weeks 2 hours 21 minutes |
31. |
Belgium |
€2,144.65 |
4 Weeks, 1 day, 3 hours and 33 minutes |
32. |
Cyprus |
€1,515.00 |
4 Weeks 3 days 4 hours 36 minutes |
33. |
Croatia |
€750.00 |
4 Weeks 4 days 5 hours 31 minutes |
34. |
Albania |
€506.45 |
11 Weeks 3 days 7 hours 52 minutes |
35. |
Italy |
€3,941.87 |
11 Weeks 4 days 5 hours 42 minutes |
Source: Money.co.uk |
Salman Haqqi, personal finance expert at money.co.uk, offered guidance for budding entrepreneurs:
1. Make passion a priority
Sustained long-term success is easier to achieve when you are passionate about what you do and this rings true especially for entrepreneurship. You want to sell a product and/or service that you have a genuine interest in as well as a desire to understand how it can be continually improved to adapt to business changes/challenges.
2. Seek quality mentorship
As with starting anything new, why not make your life easier by reaching out to credible entrepreneurs for potential mentorship opportunities. With the presence of social media, this is now easier to do than ever before. Their valuable advice could shed some light on techniques, planning and awareness of relevant laws and regulations.
3. Find balance
Starting a business is undoubtedly a very stressful process because everything is on you. With this in mind, you could find yourself neglecting your physical and mental health. To avoid this, set time in your schedule each day to address these two important aspects of health. For instance, scheduling a daily half an hour walk at lunch and 15 minutes of peaceful meditation before bed.
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