🧠 Entrepreneurialism

ISSUE #055

☕ Good Morning! Sippers,

A recent report by the Global Entrepreneurship Monitor surveyed 170,000 individuals across 49 countries and territories to determine the relationship between the perception of favorable conditions for entrepreneurship and the willingness to pursue business ideas.

In today’s Issue 📬 :

• Opportunity Knocks, but Fear of Failure Answers.

• Wealth = freedom?

• The Happiest State in India.

SIP WORTHY

Entrepreneurialism: Opportunity Knocks, but Fear of Failure Answers

📚The study found that in some nations, there are fearless entrepreneurs who won’t be dissuaded, while others have more timid populations that cite fear of failure as a reason not to start a business despite the agreement on ample opportunity.

Interestingly, this tendency is not strictly dictated by a country’s income level.

🌎 Perceived Business Opportunities vs. Willingness to Act: For instance, Venezuela and the Netherlands have similar levels of perceived business opportunity, but a third of people in each country decline to pursue entrepreneurship due to fear of failure.

Saudi Arabia and Indonesia were identified as countries where most people saw favorable conditions for starting a business. However, more than half of those identifying opportunity in Saudi Arabia wouldn’t act on it, while only a third of those in Indonesia wouldn’t.

In the 🇺🇸 United States, reluctance to start a business was low compared to the perceived opportunity to do so, in line with the country’s ethos of entrepreneurialism.

Answer patterns were similar in the UK, concerning bureaucratic ease and perceived opportunity, but differed in regard to the intention of actually starting a business, indicating deeper societal differences.

🤔 Factors Influencing Decision-Making 🤝 The report identifies factors that could influence individuals’ decisions on a deeper level, such as how collective good is viewed compared to individual success and how people and groups weigh risk against reward.

Interestingly, respondents in the rapidly developing economies of China and India acted timidly in a global comparison. In the end, the U.S. recorded more people who saw the potential and wanted to start a business than China, which ranked much higher for the opportunity but also for reluctance.

🌏 South Korea and Japan Struggle with Entrepreneurialism 🇰🇷 🇯🇵The lowest hesitation but also one of the lowest assessments of opportunity was recorded in South Korea. In Japan, only 12.7 percent thought it was a good moment for entrepreneurs, and a tiny 6.2 percent did not rule out the option of becoming one.

Overall, the study reveals that fear of failure hinders entrepreneurialism in some nations, while others have a more positive outlook on entrepreneurship.

Factors such as societal values and risk assessment play a significant role in individuals’ decision-making, highlighting the need for targeted policy interventions to promote entrepreneurialism in different regions.

HOT SIP

Mizoram: The Happiest State in India

What’s sipping? ☕ Mizoram has been declared the happiest state in India! According to a study conducted by Rajesh K Pillania, a professor of strategy at the Management Development Institute in Gurugram, the state offers its citizens opportunities for growth even in the most difficult of circumstances.

📈 Six Parameters for Happiness: Mizoram’s happiness index is based on six parameters including family relationships, work-related issues, social issues and philanthropy, religion, COVID-19’s effect on happiness, and physical and mental health.

Despite facing many difficulties since his father abandoned his family when he was young, a student from the Government Mizo High School (GMHS) in Aizawl remains optimistic and excels in his studies.

👥 Strong Social Structure: The teachers in Mizoram regularly meet with students and their parents to address any problems they may be facing. Mizoram’s social structure also contributes to the happiness of its youth.

“It is the upbringing that adds to youth being happy or not, we are a casteless society. Also, parental pressure for studies is less here,” said Sister Lalrinmawii Khiangte, a teacher of Eben-ezer Boarding School, a private school in the state.

💼 Early Employment: Every child in the Mizo community, regardless of gender, starts earning early. “No task is considered too small and youths typically find employment around the age of 16 or 17. This is encouraged, and there is no discrimination between girls and boys,” the report said.

👨‍👩‍👧‍👦 A Supportive Community: Despite a high number of broken families, Mizoram’s children are not left bereft. Working mothers and financial independence from an early age means that children have peers in similar situations.

“When both genders are taught to earn their living, and neither is dependent on the other, why should a couple continue to live together in an unhealthy setting?” asked Khiangte. Mizoram’s success proves that even in the face of adversity, optimism and a supportive community can make all the difference. Congratulations, Mizoram!

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