The World Of Entrepreneurialism In Perspective: How Do Trends Vary Among Different Nations Today

A new study by the Global Entrepreneurship Monitor is shedding light on how trends of entrepreneurs vary from one nation to the next.

As per the recently conducted poll featuring 170,000 individuals present in 48 different regions, the figures for those who feel this is the best moment for entrepreneurs to make gains don’t correlate with those being brave enough to give their ideas a try.

The study further goes on to show how some countries are better equipped than others in terms of a fearless workforce of entrepreneurs who don’t get demotivated too easily. Meanwhile, other locations have a population that fears failure or is just too shy to begin a business as they lack the confidence of doing so, despite having so many opportunities.

The trend of being more confident or less confident in terms of entrepreneurialism isn’t linked to the country’s income either. For instance, the levels of business opportunities up for grabs are very much similar to the Netherlands as they are to Venezuela. This is where 60% of respondents see it as a favorable endeavor to begin a business.

Nearly a third of those individuals would still refuse to begin a business due to fears of failure. Similarly, patterns of responses were seen in countries like Iran and Switzerland. And that’s despite the fact that both these nations have polar opposite economic conditions.

As per the survey, countries like Indonesia and Saudi Arabia were found to have the most favorable conditions for a startup. Yet, more than 50% of the respondents claim they would refuse to do so in the Arab nation but that share correlated to just a third across Indonesia.

The news comes despite both nations having high shares but people feel there are plenty of bureaucratic hurdles that ensure entrepreneurship stays manageable. Many people in these regions not only know people who began businesses but also had the know-how to begin their own endeavors.

In places like the US, there was a low reluctance to begin a business against the perceived chances of doing so. But we need to mention how the pattern for the US was similar to the UK. However, a clear difference was seen in terms of really starting a firm as that meant social trends engrained in the society was quite different in both these regions.

When we looked at global comparisons in places like China and India, it was obvious that despite the booming economy, people were just timider to be entrepreneurs as compared to their global counterparts. But the lowest hesitation was seen in South Korea.

Then, the study shed light on female entrepreneurs and which nations were moving ahead when compared to all others. Overall, all countries had fewer female entrepreneurs but those having the most were developing countries like Togo and Guatemala.

On the other hand, developed nations like Saudi Arabia and Kuwait also had some great figures as did nations such as the US and Chile. But it’s interesting to note how several developed nations in Europe had lower figures for female entrepreneurs, similar to their Asian counterparts.

The authors of the study delineated how many low-income places have a certain type of activity called necessity-driven entrepreneurship. This arises due to very few employment chances in a nation. But when you look at developed countries, such activity is driven by innovation and it coexists with the sufficiently developed job sector.

Still, both kinds of economies have huge differences among them and that may account for the big differences in figures for female entrepreneurs.

H/T: Statista Charts

Read next: 77% of Tech Workers Want to Switch Jobs, New Survey Reveals
Previous Post Next Post