Many potential business men and women are being held back from entrepreneurship by fear of failure, new research shows.
On average, 42% of working-age adults in 60 selected economies in the world see good opportunities around them for starting a business, but a little more than one-third of them would be constrained from starting a business due to fear of failure.
However, more than half of the working-age population in the 60 economies, on average,
feel they have the ability to start a business.
This is according to the Global Entrepreneurship Monitor report on 60 countries around the world Africa included.
High levels on these three indicators can be seen in African countries (Senegal, Burkina Faso and Botswana) and Barbados, where over half see opportunities, with less than one-fifth of them feeling constrained by fear of failure, and close to three fourths or more believing they have
the capabilities to start.
High status for entrepreneurs
Twenty-one percent of people surveyed in the 60 economies, on average, intend to start a business in the next three years.
Across 60 economies around the world, 68% of working-age adults, on average, perceive high status for entrepreneurs in their societies, and 61% believe they receive positive media attention.
In the factor-driven which are least developed and efficiency-driven economies (moderately developed), two-thirds of adults, on average, think entrepreneurship is a good career choice. In the innovation driven economies (advanced) , 53% have this belief.
Rising unemployment among the youth the world over has spawned the search of entrepreneurship opportunities to help address the time bomb of youth unemployment but business is not for the weak at heart.
Three countries from the Asia region (Kazakhstan, Philippines and Indonesia) exhibit high levels
on all three indicators, with three fourths or more of people stating that entrepreneurs receive high status and are represented positively in the media, and that entrepreneurship is a good career choice.