As if the news headlines weren’t already discouraging enough, they are now fraught with the predictions of a global economic downturn again. Since the recession of 2008-09, the recovery has been slow and tedious. It seems that the economic growth engines have once again stalled and another kickstart may be needed to rev them up and get them going. But evidently, there are certain entrepreneurial cultures that refuse to let these predictions dampen their spirits.
According to the most recent “Doing Business” report published by The World Bank, there are nearly 200 countries that are ranked according to 10 conditions that are essential to economic growth which include:
- Business Permits
- Cross Border Trading
- Protections For Investors
As it currently stands, the top 10 countries on that list includes Denmark, Georgia, Hong Kong, Korea, Malaysia, New Zealand, Norway, Singapore, the UK, and the US. However, those rankings shift somewhat when the focus changes to the best conditions for establishing an entrepreneurial culture. The list then changes to include Australia, Canada, European Union, France, Germany, Japan, Russia, South Korea, the UK, and the US.
In order for a start-up business to survive in the current economic climate, an entrepreneurial environment must be present. However, this isn’t the only factor that businesses need in order to thrive. For instance, Australia is one of the most asset rich countries in the world, yet they are continually for better tax policies that would remove certain obstacles when people get hired at new start-up companies.
We should be seeing increased economic growth despite the expert’s predictions about another global downturn. It is estimated that this growth will be attributed to the availability of global entrepreneurial knowledge and skills as well as an ever-increasing access to the internet and mobile devices. Furthermore, we should see more growth originating in some unpredictable areas and countries that would not normally be viewed as economic powers.
The World Entrepreneur of the Year global competition is conducted and sponsored by the London-based firm of Ernst & Young and then convenes in Monte Carlo so the winners can compete for the grand title. With the increasing number of entrepreneurs that continue to spring up in the most unlikely of places, the competition this year should be highly intriguing to say the least. Don’t be surprised to see a number of “green shoots entrepreneurs” among the final competition.