As if we needed another reason to cheer for Team USA, CEOWORLD Magazine's Entrepreneurship Index for 2021 ranks the United States as the world's most entrepreneurial country. With Forbes magazine noting that nearly all the American billionaires are self-made and a 13-year high in the number of Americans starting their own businesses, the pandemic seems to have inspired new entrepreneurs.
Here are some reasons why the United States is the best place to start a new business.
Entrepreneurship Components
The Global Entrepreneurship Index dives into 14 components to determine the health of entrepreneurial systems. These components include:
- Perceived opportunities
- Cultural support
- Risk acceptance
- Capacity for growth
The United States continues to rank well in these components, improving and leading year after year. Here are some of the ways that America leads.
Culture of Independence
America is defined by independent idealism and offers every individual the opportunity to build something unique to them and have control over how much money they make along the way. Because of that, American culture and capitalism also generate competitiveness and self-reliance, the perfect qualities for successful entrepreneurs.
Skills and Adaptability
The United States has a highly skilled and adaptable, multi-generational workforce with over half of American entrepreneurs holding at least a bachelor's degree. Also, because the country was built on immigration, diversity leads to innovation and cultural connections with the rest of the world.
See also: Ready to Launch your SaaS Startup? Here's a Checklist
Access to Capital and Technology
Startup businesses with access to venture capitalists, human capital, and technology can launch businesses with a higher capacity for growth and success. The U.S. government supports this success, providing resources for starting a new business with clear steps, networking, events, and support.
Growing a Business, Growing the Nation
Most American entrepreneurs are driven by the motivation of working for themselves due to life events, losing a job, or simply wanting to pursue a passion. It's no secret that with entrepreneurs creating new and better ways of doing things, the country will continue to improve too. As CEOWORLD Magazine emphasizes, since, "independent businesses help foster employment rates, competition, and innovation, " entrepreneurship is a "key solution to the flagging growth of a nation."
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