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(Report) Global Entrepreneurship Trends: What Every Entrepreneur Needs To Know

This week the Global Entrepreneurship Monitor (GEM) released their 2014 report on the global ‘state’ of entrepreneurship. Here's what you should know.

  1. Entrepreneurship Ambition

    When it comes to ambition, North America has it in spades!

    The U.S. is generally optimistic and this also rings true for business ownership. Despite a high degree of fear, when global entrepreneurs were surveyed on ambition (i.e. job creation, innovation, and market expansion) “North American early-stage entrepreneurs stand out with optimistic expectations of high growth in job creation.”

  2. Entrepreneurial Innovation

    North American economies are more innovation-oriented than the rest of the world.

    When it comes to product/market fit, U.S.-based entrepreneurs exhibit high product innovation and the same zeal to reach new markets. According to the GEM, “Asia & Oceania are showing a different pattern: high product innovation, but less orientation to new markets due to their own huge markets.”

  3. Entrepreneurial Employees

    Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization and it’s on the rise.

    Since 2011, the GEM has acknowledged “the existence of different types of entrepreneurship (early-stage entrepreneurs, established businesses, and ambitious entrepreneurial employee activity), which together build an economy’s entrepreneurial capacity.”

    The GEM defines an intrapreneur as an employee who has “in the past three years was actively involved in and had a leading role in either the idea development for a new activity or the preparation and implementation of a new activity.” And as you might imagine intrapreneurs are taking the U.S. and Canada by storm.

  4. Age and Entrepreneurship

    You’re never too old, or too young, to start a business in North America.

    All countries share a similarity in that Gen Y and Millenials are on a full-tilt mission to build companies. However, in North America you are more likely to see a fuller spectrum of entrepreneurs across generations.

    The study reveals “across the world, the most active persons in early-stage entrepreneurial activity are in the 25-35 age group. The most balanced participation takes place in North American economies.”

  5. Women Entrepreneurs

    Across the globe, women entrepreneurs are more fearful than their male counterparts.

    North American entrepreneurs are more fearful — especially North American women. The GEW reports that, “the early-stage entrepreneurial activity is mostly performed by men, [yet] there are no differences in individual attributes, like perceived opportunities and perceived capabilities. Only in expressing fear of failure there is a slightly higher presence of women than men.”

    Yet, as a female entrepreneur I’m also well aware of the global rise of female entrepreneurs. “Women-owned entities in the formal sector represent approximately 37% of enterprises globally — a market worthy of attention by businesses and policy makers alike.” (HBR.org)  Which means, that while women might be “slightly” more fearful, we are still leaning in, pushing through the fear and thriving as entrepreneurs.

  6. Gender and Entrepreneurship Motives

    Gender motives prove unbalanced across the globe.

    When it comes to motives for early-stage entrepreneurial activity, “across the regions, women start a business venture more often out of necessity than men.”

    The most gender-balanced rates of starting the business out of necessity does not include the U.S. The reason? Well, there are undoubtedly a few good guesses, but as I shared in Forbes: “women still earn less than men. According to ThinkProgress contributor Sarah Glynn, in the U.S., “women on average make only $.77 cents to every dollar earned by men. Some of that wage gap is the result of women being more likely to work in certain industries or occupations, but about 40 percent of the difference in men’s and women’s wages cannot be explained by any measurable factor.” Anyone care to wager a guess?

What’s your take on these global entrepreneurship findings? Let me know in the comments section below.

Read the full report here.

 

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