Entrepreneurship is widely recognised as a fundamental driver of economic growth, innovation, and employment creation.

By converting innovative ideas into viable businesses, entrepreneurs stimulate market dynamism, foster competition, and generate new job opportunities, significantly contributing to economic resilience and prosperity.

Understanding and nurturing entrepreneurship is crucial for the sustainable development of any economy and since its inception in 1999 through a partnership between Babson College and London Business School, the Global Entrepreneurship Monitor (GEM) has emerged as the world’s largest and most authoritative research project on entrepreneurship.

With participation from 56 economies in its 2024 cycle, GEM continues to provide vital insights to policymakers on global entrepreneurial trends, behaviours, and challenges and the 2024 report has a range of fascinating results on entrepreneurial activity and behaviour.

First, it shows a paradox between the increasing number of people who believe it is easier to start a business and rising fears of failure. Indeed, whilst 40% of adults in 35 countries found starting a business relatively straightforward, a similar proportion in 43 countries had concerns about potential failure as a deterrent to business creation.

However, it is worth noting the research also shows that exiting a business does not necessarily deter future entrepreneurship. In fact, GEM data reveals that individuals who exited businesses in the past year are more likely to plan another start-up compared to those who left their business........

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