Slovenia ranks 48th among the 65 countries surveyed with an entrepreneurial activity of 14.3% in 2016, a substantial rise from 5.9% in the year before.

Among the 27 participating European countries, meanwhile, Slovenia placed 16th, according to the Maribor Faculty of Economics and Business.

The rise was due to an increase in the number of individuals who have already made the first steps in establishing their own companies or have already established it, but no more than three months ago.

Head of the Slovenian team conducting the study Miroslav Rebernik said this period is the most important, as many individuals give up before officially opening their businesses.

"It is thus very important how Slovenia will motivate business-driven individuals in their efforts to stay on their path and open a company that will have all the objective possibilities for growth and creating new jobs," he said.

Creativity and business spirit cannot be forced, but individuals with the proper economic and developmental policy can be motivated to take a career in business as a real possibility.

Total early-stage entrepreneurial activity measures the share of the population in the process of establishing a company or having a company for less than 3.5 years.

The top of the rankings is dominated by developing countries, especially African and South-American ones, where most entrepreneurial activity is necessity-driven and self-employment has become the only chance for survival due to a shortage in jobs.

About 68% of Slovenians say that entrepreneurs are well respected in society, placing Slovenia in 12th place at the European level.

Meanwhile, 56.8% of Slovenians say that business is a good career-choice, placing the country in the middle of the scale.

Raising business potential is important, but it is not enough if it is not aimed at activities that bring new jobs and increase added value, the faculty said.