“…Perceived opportunities for start-up, fear of failure, and social support for entrepreneurial activities are also suffering due to deteriorating business conditions, and institutional barriers continue to stymie productive entrepreneurship. Moreover, there are significant challenges to developing effective entrepreneurship policies, such as resource scarcity, institutional turbulence, ineffective institutional cooperation and coordination, informal economic activities, complicated tax systems, access to finance by SMEs, and inadequate business support programmes (Pinto 2005;Williams, Franic, and Dzhekova, 2015). Indeed, the European Commission (2014) identifies the regulatory and legal environment, contract enforcement, administrative costs and barriers, and privatisation procedures as areas where further improvement is required.…”