UK Scores Low on Global Entrepreneurial Scale
UK listed 28th on a global entrepreneurial scale that featured 33 major industrial nations and emerging economies
The UK was ranked 28th in a recent report, conducted by the Oracle Capital Group, which measured 33 developed and developing economies in order to gage opinions, experiences and activity that contribute to entrepreneurism.
Neighbouring country Ireland was named the most entrepreneurial country in Europe, featuring seventh, and India secured the highest global ranking. The results were generated by looking at influences such as perception of entrepreneurs, attitude to the risks involved in starting a new venture and national levels of entrepreneurial activity.
‘The Global Entrepreneurial Report’ was conducted in order to measure factors driving entrepreneurial activity in the various nations against the impact it has to the growth of economy. The UK, Belgium and Germany, the more successful European economies, came in low on the scale as all were risk averse; the US was the only large developed country to score high on the scale.
In general, developing countries came in highest due to necessity, despite being more difficult to do business in and the richest individuals coming from the higher ranking countries.
Legislation emerged as the biggest barrier to entrepreneurialism, regardless of a direct connection between the high growth of personal and national wealth in countries ranked higher on the list.
Martin Graham, chairman of Oracle Capital Group, commented on the results:
“The report is a valuable insight into the significance of entrepreneurial contribution to the growth of national economies and underscores the importance of businesses receiving support at government level. The striking results for emerging economies are a positive indicator of ongoing market development and growth in these regions.
“These findings match a clear trend we are seeing amongst our client base reflecting the significant rise of ‘new’ wealth originating from emerging markets.”