Not all entrepreneurs have the same experience starting a business, the level of difficulty varies greatly from country to country due to legislation and the paperwork needed in order to get your business off the ground. Expert Market sought to find the nation with the most determined entrepreneurs by cross-referencing the number of new businesses started in 130 countries with the ease of launching a new venture in that particular region.
The results show the countries where the most businesses are started, in the most difficult of environments which indicates the nations with the most grit and determination.
The vast majority of countries occupying the top positions were developing nations including Belize, Suriname and Timor-Leste where the barriers to entry for entrepreneurs are notoriously difficult, but where the locals still fought to get their new ventures up and running.
Botswana placed first overall. Despite the fact that the nation makes it relatively hard to get a business off the ground, its residents still managed to top the table, launching a vast number of businesses per capita. This suggests that entrepreneurs in Botswana are somewhat more driven than their international neighbors. With an average time required to process all necessary legal documents of anywhere up to 9 weeks or a staggering 48 working days, it’s no surprise to see this nation crowed as most determined.
The US was the only Western superpower to place among the top 15, with the second highest number of new businesses launched in 2016. American entrepreneurs were ranked as some of the most determined not for the amount of time it would take to launch a business but because of the amount of red tape entrepreneurs would need to overcome and the associated cost.
In stark contrast, Canada emerged as one of the nations with the most missed opportunities, where starting a business requires a significantly lower number of legal procedures. Despite a quick registration process and inexpensive fees, the volume of new enterprises remains relatively very low.
Check out the world map below, along with the 15 countries with the most determined entrepreneurs and the 15 countries with the most missed opportunities;
If you would like to know more about where your country placed or the entire 130 countries in the study please contact firstname.lastname@example.org.
Infographic design by Ross Thompson.