Germany, China and the US have been rated as the top locations for setting up a new business, according to a new report.
The Global Entrepreneur Report from BNP Paribas found that highly successful entrepreneurs favour the countries as the top locations to launch a start-up. It also revealed that Germany, Switzerland, the Netherlands and the UK are the countries where first generation entrepreneurs (those without a family history in business) are most likely to emerge.
While America was listed as one of the top places to start a business, the report found that American entrepreneurs are most likely to start later in life, launching their first business at an average age of 34.9 years. Whereas, Gulf countries’ entrepreneurs start much younger, at an average age of 26.1 years.
These 'millennipreneurs' (individuals born between 1980 and 1995 who are active in entrepreneurship) approach business by showing a number of characteristics around leadership, focus, ambitions and results.
Of millennial entrepreneurs who are highly successful, the research found that 78 per cent had a family history in business. This is particularly relevant as many young entrepreneurs reported that their number one influence in life was their parents – many of whom would be from the 'baby boomer' generation and have run their own successful entrepreneurs. However, their kids are now more successful than them, with businesses run by millennials outperforming those run by Baby Boomers by 46 per cent.
While you might think that this is down to the fact that millennials are likely to be running different types of business, focusing in digital areas that baby boomers might not understand, the reality is that millennipreneurs are actually running businesses that are very similar to those of older generations. However, the future industry 'hotspots' that millennipreneurs are focusing on includes financial services, social media and e-commerce.
The report also looks at the state of entrepreneurship for women, finding that female entrepreneurs are in fact more ambitious and, arguably, more successful than their male counterparts. The average turnover of businesses run by women is 13 per cent higher than the averaged managed by male entrepreneurs, and 61 per cent of female entrepreneurs expect their profits to increase over the next 12 months.
Poland, Spain and China were highlighted as markets with the highest levels of activity among successful female entrepreneurs, whereas there is significantly less success for women business owners in Turkey, the Netherlands and Taiwan. However, in Turkey, female entrepreneurs have the highest profit margin expectations for this year at 43 per cent.
According to the report, female entrepreneurs around the world are currently focusing on retail, professional services (such as consulting, accounting and law), and fashion but in the future the industries that they may switch focus to include e-commerce, travel, hospitality and leisure, and social media.
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