Uganda has the highest number of startups and businesses in a list of sixty countries around the world, according to the Global Entrepreneurship Monitor’s latest report.
The percentage of established business ownerships were 35 percent compared to 11 percent in China and ten percent in India. This however does not mean that Uganda is richer than China since China’s companies are big and most of the business is run by the government.
Fear of failure
The report shows that Ugandans have the highest rate of perceived entrepreneurial capabilities with the lowest rate of fear of failure.
About 84 percent of those interviewed said that they are capable of succeeding in a venture of their choice while only 12 percent said they are afraid of venturing out because they could fail.
Early stage entrepreneurship
The country also had 35 percent of those interviewed involved in early stage entrepreneurship compared with 17 percent in Nigeria and less that 10 percent in the rest of Africa and other countries surveyed.
Uganda also showed the highest number of female entrepreneurs as percentage of the total sample at 1.1 percent compared to 0.81 in South Africa.
In Uganda successful entrepreneurs are accorded high status compared to all the 60 countries surveyed followed by Israel and Botswana.
Botswana also has the highest percentage of those interviewed intending to start a business at 61 percent compared to China’s 19 percent.
Entrepreneurial thought and action
The research is aimed at mapping out the motivation for entrepreneurial thought and action in order to foster the drive for enterprise growth.
Nigeria had the highest percentage of people seeing business opportunities than the rest of the countries interviewed followed by Uganda and Botswana.
The rise in unemployment both in developed and poor countries alike has put emphasis on entrepreneurship to involve the youth in solving their own problems and create wealth.
The emphasis of the education system on finding employment has wasted a generation of wealth creators leaving behind massive unemployment.