From Jeff Bazos, to Mark Zuckerberg, to Elon Musk, all successful entrepreneurs will have taken at least one risk at some point in their career. In order to succeed you must first fail is a mantra well established in the business world, but how many of us play by that rule?
Leaving a steady-paying job to start your own business is a risk in itself and it can often take a lot of time and bravery to take that leap of faith. Having a great business idea and actually seeing it through are two very different things. Unfortunately, many great ideas never become a reality, with fear of failure often preventing aspiring business owners from starting up.
The infographic below establishes which countries that have the most fearful wannabe entrepreneurs and how that compares with those who are taking the plunge.
The most fearful country when it comes to starting a business is United Arab Emirates with 61% of 16-64s citing fear as a reason not to start a business. This may come as a surprise as a business set up in the UAE is easier than the rest of the Middle East and it only takes eight days and six simple procedures to start a company in UAE. For those brave enough to take the leap of faith, some of the top industries to invest in at the moment are construction, hair and beauty and real estate agencies to accommodate the growing wealth and lifestyle of Dubai and places alike.
In the US, entrepreneurship plays a vital role in the growth of the economy, however 33% of 18-64s cited fear of failure would prevent them from starting a business. While the failure rates for new startups are high, business failure rates are actually in a pattern of long-term decline. According to Entrepreneur, the rate that entrepreneurs in the US have failed has fallen by 30 percent since 1977.
For those that do have the entrepreneurial bug, then industries experiencing disruptive technological advancements are ripe for the picking. According to a report from inc, which looked at data on the fastest-growing sectors, as well as interviews with industry experts, investors, and entrepreneurs, industries including beauty tech and eSports are the best industries for a starting a business in 2018.
In the UK, 36% of 18-64s indicated that fear of failure would prevent them from starting a business, but this hasn’t stopped everyone, as across all industries, the UK achieved Europe’s highest growth for startups over the last 5 years, with technology leading the way, according to reports.
Ecuador on the other hand, came out as homing the people most likely to take a plunge into the business world with 30% of 18-64s listed as new entrepreneurs. This was followed closely by Guatemala, with 25% of the population listed as new entrepreneurs. These may not be the first places you would think of starting a business, but due to the absence of formal job opportunities, these countries open up great opportunities, where people can find lots of opportunities to develop new and creative businesses.
The graph below highlights the different motivations and preventions that entrepreneurs have for starting their own business, and goes to show that not all entrepreneurs are alike. These are the most fearful and fearless countries when it comes to starting a business. Check out the full interactive graphic here.
Rashana Ahluwalia is a writer at GraphicSprings, specializing in branding, marketing, and entrepreneurship. With a passion for creative expression, her articles provide valuable insights for businesses striving to stand out.