A Comparative Study of Entrepreneurship Ecosystem of Selected Countries: An Empirical Exploration

Abstract

Entrepreneurship is impacted by factors like growth and development of a country, education, culture and government policies. The entrepreneurship ecosystem has been recognised as a reaction and its’ development is imperative for the growth of entrepreneur friendly environment in a country. Entrepreneurship ecosystem as a stream of research is relatively young. The study aims at bringing out a comparative analysis between the low and Middle-Income countries and High-Income countries using rank correlation analysis and highlighting the major areas of difference which if focussed on can help in creating an environment favourable for the establishment and functioning of entrepreneurial ventures. The data collected for fifty countries from the Global Entrepreneurship Monitor Report 2019-20 reveals that there is a need for Low and Middle-Income countries to identify the relevance of the current government policies and if they are actually fulfilling the objectives that they were formulated for, to focus more on providing entrepreneurial education at school and post school age. Internal market dynamics need more focus in High Income countries. Entrepreneurial finance and culture have been seen as well developed and that is positively reflected in the activity level of the entrepreneurs as they get their due recognition in the society and are able to have easy access to finance for their entrepreneurial activity.