There is less entrepreneurial activity in 2012 than in any previous years Norway has participated in GEM. The TEA rate has continued to decline; there are fewer nascent entrepreneurs and new business owners and owners of established businesses. It seems to have become more difficult or less attractive to start a firm. There are fewer who expect to start a firm within the next three years. The fear of failing is still high. Entrepreneurial activity among women is at the lowest level in 2012, and hence the share of women among entrepreneurs has continued to decrease. There are fewer informal investors and fewer established business owners. This may be a consequence of a tight labour market, making waged employment more attractive, combined with increased uncertainty in outcomes from business start-ups. On the bright side there is an increase in TEA among the young adults (25-34 years) indicating a strengthening of the entrepreneurial culture. Further, the previous observed increase in experienced faire of failure and decrease in entrepreneurial competence seem now to stop and turn towards a better development. Further, there is still a high proportion of the population seeing good business opportunities locally.