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British vs. American Entrepreneurship: The Surprising Differences That Could Impact Founders by 2025
A new report from the Global Entrepreneurship Monitor (GEM) has revealed some striking differences between entrepreneurship in the UK and the US that could have major implications for founders on both sides of the Atlantic in the coming years.
The GEM report, which surveyed over 100,000 individuals across dozens of countries, found that the entrepreneurial landscape is evolving quite differently in the UK compared to the US. Here are some of the key takeaways:
Startup Ambition: Americans are more likely to have high-growth ambitions for their startups. 16.7% of US entrepreneurs expected to have 20 or more employees within 5 years, compared to just 6.2% of UK entrepreneurs.
Access to Funding: UK entrepreneurs report greater difficulties in accessing funding, with 48% saying a lack of financial support is an obstacle compared to just 35% of US founders.
Fear of Failure: Britons are significantly more afraid of failing in business, with 42.6% citing this as a major deterrent versus 32.1% of Americans.
Opportunity Recognition: Americans appear better at spotting viable business opportunities, with 52.6% saying they see good chances to start a firm in their area versus 44.2% of Brits.
These divergent trends could have major implications, says GEM lead author Niels Bosma. "The UK may struggle to scale up its startups and compete globally if these gaps persist," he warned. "Meanwhile, the US could maintain its edge in producing high-growth, innovative companies."
The findings suggest policymakers in the UK may need to focus more on boosting entrepreneurial ambition, access to capital, and reducing the fear of failure if they want to close the gap with their American counterparts over the next few years.
British vs. American Entrepreneurship: The Surprising Differences That Could Impact Founders by 2025
A new report from the Global Entrepreneurship Monitor (GEM) has revealed some striking differences between entrepreneurship in the UK and the US that could have major implications for founders on both sides of the Atlantic in the coming years.
The GEM report, which surveyed over 100,000 individuals across dozens of countries, found that the entrepreneurial landscape is evolving quite differently in the UK compared to the US. Here are some of the key takeaways:
Startup Ambition: Americans are more likely to have high-growth ambitions for their startups. 16.7% of US entrepreneurs expected to have 20 or more employees within 5 years, compared to just 6.2% of UK entrepreneurs.
Access to Funding: UK entrepreneurs report greater difficulties in accessing funding, with 48% saying a lack of financial support is an obstacle compared to just 35% of US founders.
Fear of Failure: Britons are significantly more afraid of failing in business, with 42.6% citing this as a major deterrent versus 32.1% of Americans.
Opportunity Recognition: Americans appear better at spotting viable business opportunities, with 52.6% saying they see good chances to start a firm in their area versus 44.2% of Brits.
These divergent trends could have major implications, says GEM lead author Niels Bosma. "The UK may struggle to scale up its startups and compete globally if these gaps persist," he warned. "Meanwhile, the US could maintain its edge in producing high-growth, innovative companies."
The findings suggest policymakers in the UK may need to focus more on boosting entrepreneurial ambition, access to capital, and reducing the fear of failure if they want to close the gap with their American counterparts over the next few years.