Now in it’s 19th year, the Global Entrepreneurship Monitor tracks rates of entrepreneurship across multiple phases of entrepreneurial activity.
The region with the highest proportion of entrepreneurs expecting medium to high job creation(6 or more jobs in5 years) opportunities is North America (29.5%). The United States, in particular, stands out with 38.6% of entrepreneurs expecting to generate jobs. North America is followed by Asia and Oceania at 21.0%, Europe at 18.5%, and the region of Latin America and the Caribbean at 18.0%. Africa is at 17.0%
Despite the seeming lack of job creative potential in Africa, there are a lot of other promising indicators.
- Africa has the most positive perceptions of starting a business as a good career choice: 74.5 % of all respondents believe that entrepreneurs are positive role models in their societies and 76.2% believe that entrepreneurship is a good careers choice.
- Total Early stage entrepreneurial activity* in Africa is high. Over 70% of respondents stated that they had chosen to pursue an opportunity as a basis for their entrepreneurial motivations.
Total early stage entrepreneurial activity is defined as the percentage of the adult population aged 18–64 years who are in the process of starting a business (a nascent entrepreneur) or started a business less than 42 months old before the survey took place (owner-manager of a new business). This indicator can be enriched by providing information related to motivation (opportunity vs.necessity),inclusiveness (gender, age), impact (business growth in terms of expected job creation, innovation, and industry sectors)
3. Africa has a relatively high number of young(er) entrepreneurs. Entrepreneurs aged 25-34 and 35-44 are the most active entrepreneurs across all 3 development phases. In factor-driven economies the TEA rate of 55-64 year-old people (18.2%) is slightly higher than that of other age groups.
Read the report here to find out more. Let’s engage on how to translate some of the positives evident in the African entrepreneurial space into benefits for very young entrepreneurs.