To start a new venture anywhere takes a marketable idea, determination, and grit, although the business environment in certain countries makes it easier to start a business and be successful with a startup.
A ranking of the best countries for entrepreneurs was carried out by U.S. News and World Report recently based on a number of factors, including connectedness to the rest of the world, availability of a skilled and educated workforce, developed infrastructure, a well-developed legal framework, and easy access to capital.
Germany is a mix of friendly policies, highly educated workforce, and a transparent business culture making it to the top spot in the ranking.
“Germany has high standards in business culture when it comes to ethics, law, and regulations,” explained Irina Graf, who runs event management company The MICE blog and recently moved her company from the UK to Germany.
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The government also makes it easy to get started with a new venture. “It was incredibly easy to set up a business in Germany. At the time, I paid 20 euros and bam, I had a business,” said Guy Arthur, who runs the eponymous Guy Arthur School of English in Stuttgart. “The government allows for a lot of write-offs in order to keep the business growing, and clients here seem to be loyal as long as you provide them with high-quality service”.
Japan’s primarily Buddhist culture makes it a paradox of lower demand for consumer products compared to other developed countries. Yet, this country has spawned world changing innovation that helps it secure the second position. “Old technology such as faxes are ubiquitous, yet we are also surrounded by examples of cutting-edge robots and some of the coolest and most advanced ideas and gadgets,” said Joanna Crisp, general manager at travel company PEAK DMC Japan, Intrepid Group, who is originally from Australia and is now based in Kyoto.
The much talked about American Dream believe that anything is achievable if they put their mind to it. This defines the positive business culture of United States, including the ones starting their own startups. “We are willing to fight for what we want and demand a better life from those who seek to block progress,” said Jason Patel, Washington DC resident and founder of college prep company Transizion. “This rebellious nature is in our DNA: the American Revolution, coming back from the Great Depression, winning the Space Race and producing so many incredible inventions. We are a people who respect those who risk their livelihoods to live out their dreams”.
Despite impediments created through Brexit, there are many entrepreneurs who still believe the potential of UK to start a business with a strong talent pool, strong business community, and its low barriers. “I registered my business with Companies House for £12 (this can cost up to $500+ in some US states) and opened a business bank account online in minutes,” said David Murphy, who started watch company Oliver Coen in London last year. The government also makes numerous online resources available, such as government-backed start-up loans and free business plan templates, and filing business taxes can be fast and easy.