Being an entrepreneur (someone who starts their own business) is an exciting endeavour with its own risks. Some people live for the highs and lows of operating a business, forging success by their own two hands and the support of their team and employees as they chase success, growth and profit. Others may operate for a time and be forced to or choose to withdraw from the game, potentially happy or disappointed in how their business performed.
But where in the world should one start their own entrepreneurial enterprise? Is it even possible to pinpoint a specific nation as a location where business thrives more than anywhere else?
We thought we’d take a look.
As experts in protecting businesses in the form of business insurance for when things go wrong, Compare the Market has crunched the numbers across several data metrics collected by the OECD (organisation for Economic Co-operation and Development) to see which country could be ripe with opportunity for the savvy entrepreneur. These metrics include the number of Small and Medium Enterprises (SMEs) as a percentage of all businesses, the number of active, medium, and high growth enterprises, the number of enterprise bankruptcies, the GDP per hour worked, the national GDP, and the self-employment rate.
All of these metrics can be signs that a country presents good opportunities for entrepreneurs, though there are other factors that can also have an influence on an entrepreneur’s success that aren’t collated in these results table.
Of course, this list is no definitive guarantee that your new business venture will find success if you go to a high-ranking country. That being said, it’s clear some countries are more of a haven for the self-employed entrepreneur than others.
So, who comes out on top?
How entrepreneurs can protect their work with business insurance
Starting a business can be a stressful, risky adventure. As an entrepreneur, you want to protect the business that you’re passionate about (and is the source of your income as a self-employed worker). Business insurance can provide peace of mind as it provides a financial safety net for a wide range of events– depending on what policy you get (coverage, exclusions, limits plus terms and conditions vary from policy to policy, so be sure to read your Product Disclosure Statement before you buy). There are different products to suit all kinds of businesses, and some may be a legal requirement depending on the laws in your jurisdiction and the industry you operate in.
As a busy business leader, you understand that time is precious. Comparison sites like Compare the Market can help you save time by collating a wide variety of products together and providing you quotes based on your needs with ease. Comparing insurance also helps you potentially snag a good deal, saving money in the process as well as time.