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Top 10 Nations That Fear Failure When Starting A Business

Most people all over the world – especially young- are full of innovative ideas, determined to start their own companies. There are a lot of successful startups around us but also there are a lot of individuals who have failed to make their entrepreneurial dreams come true. Which countries are leading the way when it comes to entrepreneurship and which countries are the most fearful when it comes to starting a business?

Morocco comes out as the country with the highest percentage of people admitting fear of failure would prevent them from starting a business (64%), according to data published in November 2019 from The Global Entrepreneur Monitor. 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 second most fearful entrepreneurial nation is Thailand where 59% of the residents would not start a new business due to fear of failure. However, 20% of Thailand’s population consider themselves to be an entrepreneur and 32% of people from Thailand said they intend to start a business in the next three years.

The third most fearful country is Greece with 58% of the population afraid to start a new business due to fear of failure. Only 6% of Greece’s population consider themselves to be an entrepreneur and 7% of people from Greece said they intend to start a business in the next three years.

Next one is Italy with 52% of the population fear of failure. The countries that make the top 10 list are India (50%), Cyprus (48%), Israel (47%), Luxembourg (47%), Russia (46%) and Japan (46%).

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.

Top 10 countries that fear failure when it comes to starting a business:

  1. Morocco
    Percent of the population who fear failure: 64%
  2. Thailand
    Percent of the population who fear failure: 59%
  3. Greece
    Percent of the population who fear failure: 58%
  4. Italy
    Percent of the population who fear failure: 52%
  5. India
    Percent of the population who fear failure: 50%
  6. Cyprus
    Percent of the population who fear failure: 48%
  7. Israel
    Percent of the population who fear failure: 47%
  8. Luxembourg
    Percent of the population who fear failure: 47%
  9. Russia
    Percent of the population who fear failure: 46%
  10. Japan
    Percent of the population who fear failure: 46%

Top 10 countries that are leading the way when it comes to entrepreneurship:

  1. Angola
    Percent intending to start a business in 3-years: 80%
  2. Sudan
    Percent intending to start a business in 3-years: 67%
  3. Egypt
    Percent intending to start a business in 3-years: 60%
  4. Guatemala
    Percent intending to start a business in 3-years: 50%
  5. Chile
    Percent intending to start a business in 3-years: 49%
  6. Colombia
    Percent intending to start a business in 3-years: 49%
  7. Peru
    Percent intending to start a business in 3-years: 40%
  8. Morocco
    Percent intending to start a business in 3-years: 40%
  9. United Arab Emirates
    Percent intending to start a business in 3-years: 38%
  10. Iran
    Percent intending to start a business in 3-years: 35%

Top 10 countries that support financially new businesses and entrepreneurs:

  1. United States
    Availability of SME financial resources score: 3.57
  2. Indonesia
    Availability of SME financial resources score: 3.56
  3. Netherlands
    Availability of SME financial resources score: 3.54
  4. India
    Availability of SME financial resources score: 3.39
  5. Taiwan
    Availability of SME financial resources score: 3.27
  6. Thailand
    Availability of SME financial resources score: 3.21
  7. Poland
    Availability of SME financial resources score: 3.2
  8. Bulgaria
    Availability of SME financial resources score: 3.19
  9. Ireland
    Availability of SME financial resources score: 3.16
  10. Israel
    Availability of SME financial resources score: 3.15

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Maria Gourtsilidou
Maria Gourtsilidou is Senior Editor of Research and Data Analytics at the CEOWORLD magazine. She is responsible for driving thought leadership, using data analytics to showcase the company’s products and services, and fostering knowledge sharing between CEOWORLD magazine and client organizations. She studied Public Administration (Economics Of The Public Sector) in Greece and holds a Bachelor’s in Public Administration from the Panteion University of Political & Social Studies. Follow Maria Gourtsilidou on Twitter. Write at maria-gourtsilidou@ceoworld.biz.