KEY FINDINGS OF GEM-BELARUS, 2024–2025 The results of the GEM study show that the level of entrepreneurial activity in Belarus has been growing in recent years. Key indicators such as the percentage of the population engaged in early-stage entrepreneurship, the percentage of potential entrepreneurs, and assessments of the ease and opportunities for starting a business are increasing despite unfavorable external factors. At the same time, although fear of failure has increased since 2019 due to risks and uncertainty, it has not become a deterrent to starting one's own business, which reflects the resilience, adaptability, and self-sufficiency of Belarusian entrepreneurs. The positive attitude towards entrepreneurship in society remains stable: Belarusians still see business as a prospect for themselves and their children, associating it with opportunities for self-realization, freedom, and financial well-being. At the same time, the motivation of Belarusians to start their own business is changing. Although many entrepreneurs are still driven by the need to secure a source of income, their share has decreased significantly. At the same time, the proportion of those motivated by a desire to "make a difference in the world" is growing. This shift from survival to self-fulfillment and social influence can be attributed to the dynamics of socio-economic development and the willingness of entrepreneurs to take on new social roles. Despite positive attitudes in society, the entrepreneurial environment in Belarus is under pressure from political and social factors. Increasing state regulation and instability in the legal system create an atmosphere of uncertainty. The contrast between the population's positive attitude towards entrepreneurship and the difficult reality could become a fundamental fork in the road. Entrepreneurship could either become a real driver of sustainable development in the country or a "missed opportunity" (BEROC, 2024) if a favourable and predictable institutional environment is not created. Table 2 shows the dynamics of key indicators, allowing for a comparison of the main results obtained in the GEM-Belarus study in 2019, 2021, and 2024. All indicators presented in the table are explained in detail and interpreted in the following chapters of the study.