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Figure 1. Previous entrepreneurship experience. 
 
Figure 2. Previous sector experience.
 
Regarding previous activity, 20 out of 49 entrepreneurs 
were employees (40.8%), 8 were unemployed (16.3%), 7 
were part-time employees (14.3%), 6 were entrepreneurs 
(12.2%), 5 were members of the family business (10.1%) and 
3 were self-employed (6.1%) (Figure 3). 
Figure 3. Previous activities. 

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International Journal of Economic Behavior and Organization 2017; 5(2): 36-53 
48 
Regarding the previous activity, 4 of the entrepreneurs had 
a previous sector experience and 2 decided to establish the 
new company in a sector which had no experience. Most of 
the employees (12 out of 20) as well, decided to have a 
business activity in a sector not relative to the one they were 
working. Part time employees and unemployed had, as well, 
no previous experience of the sector. The vast majority of 
family business members decided to establish a company in a 
sector similar to the one they were working for. One of the 
main objectives of the study is to identify the key motive of 
entrepreneurs to establish their business. 
The findings are as follows: 30.6% (15 companies) 
established the company out of necessity since there was no 
other option of a source of income. 26.5% (13 companies) 
established in order to materialize their business idea. 22.4% 
(11 companies) established the company in order to have a 
permanent job.12.2% (6 companies) established the company 
in order to exploit a business opportunity, 8.2% (4 
companies) established the company in order to improve 
their income Figure 4). 
 
Figure 4. Motives for company establishment. 
Another main objective of the study is the identification of 
the main sources of financing of the new businesses. There 
are multiple sources of financing which can be used, which 
can be used in combination. 
The results show that: 55.1% (27 companies) used own 
savings, 46.9% (23 companies) used family and friends’ capital, 
32.7% (16 companies) have been financed through the European 
Union and government programs, 20.4% (10 companies) have 
been financed through bank loans, 2% (1 company) has been 
financed through venture capital / private equity, No company 
has been financed through business ‘angels’ (Table 1)