What are the factors facilitating or hindering entrepreneurship initiatives? A comparative analysis of Peru and Belgium using the Global Entrepreneurship Monitor

The approach to entrepreneurship varies from one culture to another. This thesis aims to understand the reasons that make Peru a highly entrepreneurial country, and Belgium a country more reluctant to undertake. Through our theoretical and practical analyses, the objective of this work is to highlight the factors that facilitate and the ones that hinder entrepreneurial implementation in the two countries. This study also involves a socio-economic and cultural analysis of both countries to understand the possible origins of these substantial differences. From our research it appears that, although Peru is lagging behind Belgium in terms of technological development, education, and infrastructure, the country possesses a very strong entrepreneurial culture. Peruvians are incited to undertake, and sometimes from an early age, as most of their relatives are involved in entrepreneurial activities. They tend to take more risks and better accept failure than Belgians, but they have less to lose by choosing this path. Indeed, compared to Peru, the conditions and stability offered to employees in Belgium do not necessarily encourage entrepreneurship. Although there are some governmental programs existing that facilitate the launch of new businesses, the country is missing some necessary incentives. Belgians remain too skeptical, overly afraid, and do not offer much recognition and admiration to entrepreneurs. However, the country has decent underlying conditions that could make entrepreneurial implementation accessible if some additional efforts were made.