According to Knoema, Ecuador has the world’s highest share of nascent entrepreneurs per capita at about 30 percent of the population. This measure is known as total early-stage entrepreneurial activity (TEA). But, does this mean that Ecuador is more entrepreneurial than the United States, which has a TEA of only 14 percent? The answer depends on how we define “entrepreneur”.
One key global economic growth driver is the ability of an entrepreneur to bring a concept to market, adding to national income, providing new goods and services, and creating jobs. In doing so, innovative entrepreneurship contributes to the foundation of a stable and civil society. By this definition, the United States is the most entrepreneurial country in the world, according to the Global Entrepreneurship Index (GEI).
The GEI is a complex, multifaceted measure of national-level entrepreneurship ecosystems. GEI evaluates 14 components of the entrepreneurship ecosystems of 137 countries worldwide. For evaluation purposes, GEI defines entrepreneurship ecosystems as the “dynamic, institutionally embedded interaction between entrepreneurial attitudes, entrepreneurial abilities, and entrepreneurial aspirations by individuals, which drives the allocation of resources through the creation and operation of new ventures”.
- According to the 2018 report, the top 3 countries based on the quality of entrepreneurial ecosystem are the US, Switzerland, and Canada – unchanged from the previous year.
- The 3 percent growth of the average GEI scores globally since last year’s Index could influence global economic growth and add as much as $7 trillion to global GDP because institutions that support entrepreneurship contribute to the economy as a whole.
The only African country to appear in the 2018 Global Entrepreneurship Index list is Botswana ranked #57 of 137 countries whiles the United States of America was ranked the best country in the 2018 Global Entrepreneurship Index list.
Botswana is one of Africa’s most stable countries, is the continent’s longest continuous multi-party democracy. It is relatively free of corruption and has a good human rights record.
Botswana is sparsely populated and protects some of Africa‘s largest areas of wilderness. Safari-based tourism – tightly-controlled and often upmarket – is an important source of income.
Botswana is the world’s largest producer of diamonds and the trade has transformed it into a middle-income nation.
Botswana has had its share of problems: It once had the world’s highest rate of HIV-Aids infection. UN figures for 2014 suggest that for adults aged 15 to 49 the prevalence rate is 25%.
Botswana has one of Africa‘s most-advanced treatment programmes, however, and medicine for the virus is readily available.