Infographic – National Attitudes on Entrepreneurship

Click on image for full-size view (Statista)

29 Apr. 2023. To start a new business, one needs to judge local business opportunities against an appetite for risk, with those attitudes now revealed for individual countries. The Global Entrepreneurship Monitor or GEM, an international organization based in London that carries out surveys on new business formation, issued its 2022/2023 Global Report, with data on selected countries displayed earlier this month by the business research company Statista.

The GEM report shows data from some 170,000 working-age individuals surveyed last year in 49 countries on a range of factors affecting entrepreneurship, including opinions on the business climate in those countries. The survey asked respondents if they see good opportunities for starting a business in their regions.

Results show, in general, developing countries more likely to favorably view their new-business opportunities than in the West. From eight to nine in 10 respondents in Saudi Arabia and Indonesia say they see good opportunities for starting a business, as well as two-thirds to three-quarters of participants in India and Venezuela. The Netherlands is the only country in the West displayed by Statista where a clear majority (62%) see good opportunities for starting a new business.

The survey also asked respondents if, given the opportunity, they would not start a business because it might fail. On this question, participants in developed countries show greater tolerance of risk. Only 8 percent of participants in South Korea express a reluctance to start a new business from fear of failure, along with 25 percent or fewer in the U.K., U.S., Switzerland, and Netherlands, as well as Venezuela and Iran. One-third to a majority — 32 to 58 percent — of respondents in China, India, Indonesia, and Saudi Arabia say the prospect of failure is holding them back.

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