Entrepreneurship is a key driver of the global economy and the World Economic Forum (WEF) says fostering entrepreneurship pays dividends across all the sectors, allowing new ideas, models and energy to disrupt what goes before it.
New research from WEF breaks entrepreneurial activity down into two distinct areas. The first is total early-stage entrepreneurial activity (TEA) which covers the usual start-up organisations. The second is employee entrepreneurial activity (EEA) which incorporates intrapreneurship or the entrepreneurial behaviour of individuals whilst in the employ of an organisation.
When taken together TEA and EEA give a true indication of a country’s entrepreneurial spirit. Using these measures Sub-Saharan Africa is the most entrepreneurial region, followed by South East Asia, Latin America and the Caribbean. Europe trails the rest of the world.
However, whilst it might have the lowest levels of entrepreneurship, the continent has a disproportionately high number of intrapreneurs. For instance in Denmark and Sweden the majority of entrepreneurial activity is in EEA. At an EEA rate of approximately 9 per cent, Denmark and Sweden's rate is 2.5 per cent above the next entry, the United Kingdom, which has an EEA rate of 6.5%. EEA rates are also high across the US, Canada and Australia.
What the report tells us is that entrepreneurialism is no longer just the domain of start-ups and disrupters but is now at the heart of many established businesses. Employers are increasingly looking for candidates that bring with them the skills and relevant experience for their role coupled with the highly valuable competence of entrepreneurial flair.
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