Entrepreneurs plays an important role in the economic development of a country or region and it is quite common to find academic literature validating entrepreneurship. It facilitates the development of an area then having a broader effect as the enterprise matures.

For a new enterprise to form and have a chance of success, the following four elements are needed:

  1. ideas;
  2. capital;
  3. entrepreneurship; and
  4. infrastructure.

Thunderbird School of Global Management conducted a survey and revealed that that are several positive factors facilitating entrepreneurship that were common among many respondents regardless of regions.

The top 2 traits that had the highest frequency of mention. These two traits scored in the top three for the questions asked.

1. Government support for programs – Especially in terms of policies and incentives such as tax benefits

2. Positive image of entrepreneurship in the media – Both for supporting its image and for sharing success stories

Other traits that were mentioned:

3.  Having a good infrastructure – Reduces friction and increase efficiencies. This includes a strong network and market readiness/opportunities/demand.

4. Having good educational programs and training – This should start as early as possible, both in school and in the family (exposure to entrepreneurs and entrepreneurial ventures)

5. Being risk tolerant  An entrepreneur should have a realistic understanding of his or her ability and willingness to stomach large volatility in the value of his or her ventures.

6. Having good economic stability  A stable financial system efficiently allocates resources, assesses and manages financial risks, maintains employment levels close to the economy’s natural rate, and eliminates relative price movements of real and financial assets

7. Being self-motivated – If you are self motivated you will be able to grow yourself as an entrepreneur as well as be able to meet the demands of your clients.

8. Having role models and a strong entrepreneurial network – The more we study our role models, the better our own performance usually gets.

9. Have access to finance – Accumulated evidence has shown that financial access promotes growth for enterprises through the provision of credit to both new and existing businesses. It benefits the economy in general by accelerating economic growth, intensifying competition, as well as boosting demand for labour.

10. Having good ethics and transparency in business operations  Transparency is about information. It is about the ability of the receiver to have full access to the information he wants, not just the information the sender is willing to provide.

Elements must co-exist with the right “spirit”, such as infrastructure and access to education and networks, government attitude toward transparent business and support for these efforts locally and globally, and access to capital. However, it is even more difficult in countries and regions that have additional challenges such as corruption and corporate tax barriers. In these situations, creating the right educational programs that can move the entrepreneur forward would be a strong facilitator to success.



Recently Published

Key Takeaway: The consumption of avocados has tripled from 2001 to 2020, with 90% grown in the southwest Mexican state of Michoacán. However, this intensive avocado production is causing significant environmental damage. Monoculture, which introduces homogeneous, high-yielding plant varieties, leads growers to abandon native crops, making the local ecosystem more vulnerable to threats such as […]
Key Takeaway: Archaeologists often find historical objects to be intriguing and fascinating. Some of these objects include carved stone balls, Roman dodecahedra, Neolithic chalk drums, bronze age “lock-rings,” and Romano-British cosmetic grinders. Neolithic stone balls, found predominantly in Scotland, are sculpted and have been a source of debate. Roman dodecahedra, found in Britain, are finely […]

Top Picks

Key Takeaway: The global demand for critical minerals, particularly lithium, is increasing rapidly to meet clean energy and de-carbonisation objectives. Africa hosts substantial resources of these minerals, leading foreign mining companies to invest in exploration and acquire mining licenses. The critical minerals market doubled in five years, reaching US$320 billion in 2022. The demand is […]
Key Takeaway: Oscar nominees Cillian Murphy and Bradley Cooper are gaining attention for their performances and preparation methods. Murphy lost 20 pounds and practiced fake cigarettes to mimic Oppenheimer’s appearance, while Cooper spent six years training in conducting. Method acting, a psychological approach, is often used to make characters seem more real and believable. However, […]


I highly recommend reading the McKinsey Global Institute’s new report, “Reskilling China: Transforming The World’s Largest Workforce Into Lifelong Learners”, which focuses on the country’s biggest employment challenge, re-training its workforce and the adoption of practices such as lifelong learning to address the growing digital transformation of its productive fabric. How to transform the country […]

Join our Newsletter

Get our monthly recap with the latest news, articles and resources.


Welcome to Empirics

We are glad you have decided to join our mission of gathering the collective knowledge of Asia!
Join Empirics