Latona’s has analysed The Global Entrepreneur Monitor data to reveal the world’s most entrepreneurial nation. Analysing each country by a series of metrics on innovation, funding, education and fear of failure, what are the best countries to start a business in?
- Chile comes out on top as the world’s most entrepreneurial nation, with an overall score of 76 out of 100
- Luxembourg and Chile are home to the most innovative entrepreneurs, with 48% of starts-up reporting they bring a product or service to the market that is unique
- Angola has the most fearless would-be entrepreneurs, with just 17% of people there admitting fear of failure would prevent them from setting up a business
- The US ranks as the world’s seventh-best entrepreneurial nation, whilst the UK sits at a paltry 37th
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|
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.”
THE EMOTIONAL AND FINANCIAL COST OF WORKING WITH OUTDATED TECHNOLOGY
Slow Tech Could Waste 24 Hours of Worktime a Year
In this digital age, businesses are hugely reliant on technology to get work done. And this is especially the case for one-man-bands and small home-based businesses who may count on a single computer to keep things running smoothly from their home office space.
This said, if the technology at hand is slow or outdated, it could become more of a hinderance than a help. Investing in upgraded tech may seem like a steep expense, however, delays cost time and time is money. In fact, recent research looking at the impact of tech troubles in the workplace found that delays caused by slow technology could add up to a hefty 24 days’ worth of worktime a year per person.
Here’s why keeping hold of outdated tech when its past its best could cost your business in the long run.
The biggest tech hold-ups
Delving deeper into the research, it’s evident that the most time can be lost on some of the smallest of tasks. Simply waiting for your computer to boot up, for example, can add up to 8.8 days of lost time over the space of a year (17 minutes a day), while 8.5 days can be lost to opening emails (16.5 minutes a day). Slow software has the most to answer for, however, contributing 10.4 days’ worth of wasted worktime (20 minutes a day). When you think about your own day rate or that of an employee’s, this lost time all adds up to some serious money, right? Probably more than it would cost to upgrade your tech.
Productivity can suffer too
Glitchy tech may not only cost your business time and money; productivity can take a serious hit too. According to the study, a third of workers admit losing motivation when they have to wait on tech to respond. And this comes as no surprise. When faced with freezing programmes and buffering browsers every day, frustration can build up. And when someone’s suffering frustration, productivity and motivation can drop. As a result, it may turn out it’s not just the tech that is slowing down tasks, but a reduction in employee efficiency too.
Tech expert and anti-futurist, Theo Priestley, argues that the issues caused by outdated tech at work can even have a negative effect on someone’s work-life balance and wellbeing. He explains, “not being able to complete work or feel productive or have a sense of accomplishment in a task can be a stressful experience. And depending on the nature of the work, more often than not, employees will need to work additional hours to compensate for the wasted time, which has a knock-on impact on personal and family life.”
Outdated tech can put your business at risk
Beyond the costs to your business, outdated tech can also put it at increased risk of cybercrime. The older the technology, the easier it is for hackers to exploit it. What’s more, if you don’t update your security software regularly, it won’t be equipped to address the latest security threats.
Priestley explains “outdated technology and software means easy exploitation from inside and outside the organisation. If you’re not using the latest versions of operating systems, or software that you’ve invested in, then there’s greater chance for someone to exploit known weaknesses in that system and expose or steal data or valuable company information from them.”
What is the solution?
Regularly assess what condition your hardware and software are in and where delays are occurring. If you find yourself waiting on the same problem day in day out, it’s probably time to do something about it. But how often should you be upgrading your IT equipment?
In general, a computer being used for business could do with being upgraded every two to three years for optimal performance. Alternatively, sometimes simply upgrading the memory or hard drive can help applications run more quickly. Any other equipment such as printers, keyboards, etc. only really need to be replaced when they break.
As for software, upgrade it regularly. While it can be a temptation to stick with older versions that you’ve grown accustomed to, the newer versions will offer improved capabilities, efficiency and security.
While computers slowing down over time seems inevitable and something that we’ve accepted will happen, it’s important for businesses to recognise the problem can have a bigger knock-on effect than you may think. By investing in updated, efficient technology, the savings experienced via productivity are likely to vastly outweigh the price of the tech itself. So, next time your computer freezes, perhaps consider whether it’s time for an upgrade.
OFFSHORE COMPANY FORMATION TACTICS FOR SMEs
James Turner, Director at company formation specialists, Turner Little
Starting a business brings with it its own set of challenges, as well as opportunities. But when setting up a business, the where is often as important as the how, and knowing what to expect in terms of company formation regulations and requirements is key, so you can start your entrepreneurial journey on the right foot.
James Turner, Director at company formation specialists, Turner Little, takes us through what we need to consider when it comes to offshore company formation, and the benefits it can offer start-ups and SMEs.
“Despite what the media will have you believe, there are numerous legitimate reasons to use an offshore company. Offshore companies can often provide SMEs with access to better infrastructure and legal frameworks. Regulations in different parts of the world could prove to be restrictive for businesses by preventing foreign entities from launching factories, buying property or investing in local companies. In this instance, setting up an offshore company can help in completing transactions and provide you with the ability to hold any local assets necessary,” says James.
“However, one of the fundamental reasons for setting up an offshore company is often privacy. Moving assets or setting up a business is often done in a country that offers more tightly protected data security, has a robust legal framework and a network of service providers that streamline the setting up process. Switzerland is often the country of choice when it comes to privacy, as it’s synonymous with security and data privacy. Another reason SMEs should consider setting up an offshore company is tax efficiency. Tax advantages are offered by different jurisdictions. For example, Singapore has one of the lowest corporate tax rates, while the Cayman Islands might be more ideal for freelancers who are looking to minimise the effective tax rate on their businesses,” adds James.
“Offshore companies provide SMEs with the ability to mitigate risks that arise from political instability or currency volatility. We have already seen businesses starting to register European entities in order to limit their exposure to the fallout that may result from Brexit. Whatever the reason, spreading your operations across jurisdictions may be the best long-term business strategy SMEs can adopt to secure future growth,” adds James.
Turner Little specialises in creating bespoke solutions for individuals and businesses of all sizes. The knowledge and expertise of their specialists will be able to assist with any enquires, no matter how complex.
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