Starting a business anywhere takes grit, determination, and a marketable idea, but certain economies make it just a little bit easier for entrepreneurs to get off the ground. If you’re looking for the best country to build a business, you may not have to look far.
A new report compiled by the CEOWORLD magazine has found the best countries to become an entrepreneur.
The Entrepreneurship Index evaluates a total of 100 economies based on a wide range of factors to create an overall “best countries for entrepreneurship” index, including innovation, competitiveness, infrastructure, labour skills, access to capital, and openness for business.
In order to determine the rankings, researchers at the CEOWORLD magazine compiled, analyzed, and compared 190 countries across 6 key categories: innovation, competitiveness, labour skills, infrastructure, access to capital, and openness for business.
To evaluate those dimensions, researchers looked at 18 indicators that fell into one of the 6 categories. An index was also created scoring the individual indicators on a scale of 1-100.
What are the most entrepreneurial countries in the world?
The United States has been recognized as the world’s most entrepreneurial country, according to the CEOWORLD magazine Entrepreneurship Index, 2021, while Germany and the United Kingdom placed second and third, respectively.
The most entrepreneurial countries in Africa
According to the report, South Africa tops the local ranking for the best African countries to be an entrepreneur. With a highly-skilled workforce, competitiveness and openness for business, the country has the second-largest economy in Africa, after Nigeria, and is also unarguably the most industrialised nation in sub-Saharan Africa.
The 2021 rankings placed Rwanda in second ahead of Morocco in third; while Kenya ranked fourth, and Nigeria fifth.
Here are the top 10 most entrepreneurial countries in Africa according to CEOWORLD magazine Entrepreneurship Index, 2021.
- South Africa – 15.42
- Rwanda – 14.96
- Morocco – 14.32
- Kenya – 14.2
- Nigeria – 14.11
- Tunisia – 13.38
- Ghana – 13.35
- Botswana – 12.85
- Cameroon – 12.65
- Egypt – 12.59