FEAR TO FAIL AND ENTREPRENEURSHIP: A DETERRENT FACTOR FOR SUSTAINABLE DEVELOPMENT IN MIDDLE EAST?

All over the world scientists agree that entrepreneurship plays a significant role for the sustainable development and well-being of society. New business creation is undoubtedly one of the most relevant aspects for the economic growth, social development and competitiveness of countries (Wennekers, Thurik, 1999; Wennekers et al., 2005; Audretsch, Keilbach, 2004; Stel et al., 2005). Entrepreneurship can stimulate economy with the dynamism on macro level, future job creation and innovation. Positive entrepreneurial attitudes are generally linked to higher business start-up rates, but in the end – actual entrepreneurial actions (owning or co-owning) reveal the state of entrepreneurship in particular country. Therefore the aim of this paper is to analyse the state of entrepreneurial attitudes in 2009 – 2012 in Middle East region.Empirical data analysis is based on representative quantitative Global Entrepreneurship Monitor Adult Population Surveys and it includes countries like Egypt, Iran, Jordan, Saudi Arabia, Syria, Lebanon, Turkey, UAE, and Yemen. Data analysis shows that entrepreneurship in this region is interpreted as very desirable career choice. Despite this fact, not so many individuals have entrepreneurial intentions or/ and some of them also fear to fail, which could be interpreted as one of the deterrent factors for starting a new business.