Chile revealed as the world’s most entrepreneurial nation
From central business districts to small start-ups, the world is full of innovative individuals determined to start their own companies. But which countries are leading the way when it comes to entrepreneurship and which countries are the most fearless and innovative when it comes to starting a business? Latona’s has analysed data from The Global Entrepreneur Monitor to find out.
You can view the full findings of the study here.
The Most Entrepreneurial Nations
The top 10 entrepreneurial nations are:
Rank Country Entrepreneurial score out of 100
1 Chile 76
2 India 69
3 Guatemala 67
4 Canada 66
5 Luxembourg 65
6 Angola 62
7 United States 62
8 Ireland 58
9 Turkey 58
10 Austria 57
Chile takes the top spot as the world’s most entrepreneurial nation with an overall score of 76 out of 100. The narrow country that stretches along the Pacific Coast of South America is all about innovation and entrepreneurial intentions when it comes to start-up businesses, scoring 40 out of 40 for innovation, with 48% of entrepreneurs saying that their product or service is new to at least some customers, and few to no businesses offer the same product. The country also scored 6 out of 10 for entrepreneurial intentions, with 49% of 18-64 year olds saying they intend to start a business in the next three years. Nevertheless, finance, education and training available to entrepreneurs are much less than in other countries, in fact, the index has shown that Chile came fourth from the bottom for offering basic school entrepreneurial education.
India takes second place with an overall score of 69 out of 100. Interestingly, India is the fifth most fearful country with half (50%) of its residents admitting fear of failure would prevent them from starting a business. Despite this, India comes in third place for innovation, with 47% of business owners and managers saying that their product or service is new to at least some customers and that few or no businesses offer the same product.
Other notable countries
Chile shares the top spot for innovation with Luxembourg, which also scores 40 out of 40 in the entrepreneurial index, with 100% of those involved in TEA (Total early-stage Entrepreneurial Activity) being confident that their product or service is new to at least some customers and that few or no businesses offer the same product.
Morocco comes out as the country with the highest percentage of people admitting fear of failure would prevent them from starting a business (64%). This figure is almost four times higher than the least fearful country, Angola, at just 17%. Angola also ranks first for entrepreneurial intentions, with 80% of its residents intending to start a business within the next three years.
The USA takes the crown with the most financial support for new businesses and entrepreneurs, with an index score of 15 out of 15. This means that the US is the best country for providing financial resources‚ such as equity, credit, subsidies and grants, to small and medium enterprises (SMEs).
When it comes to entrepreneurial education, Qatar leads the way with a score of 10 out of 10. The score for this was based on the extent to which training in creating or managing SMEs is incorporated within the education and training system at primary and secondary levels. Therefore Qatar’s education system is the best for preparing young people to start a business or become an entrepreneur.
Rick Latona, director of Latona’s, comments: “Our research shows there are a lot of factors that go into creating a nation of entrepreneurs. While funding and education play a big part in nurturing entrepreneurial intentions, it’s clear that creative innovation, courage and self-motivation are huge drivers of success when it comes to starting a business.
It’s great to see countries across the world are all ranking in the top 10 entrepreneurial nations and are being recognised for the efforts they are making to support up and coming entrepreneurs. With new businesses being of great benefit to both the economy and society, it is important for nations to encourage this activity.”