- Thought on Global Entrepreneurship Index Report 2019
The common denominator of the Asia-Pacific region’s weakness in entrepreneurship points to Risk Acceptance. These facts were highlighted in the GEM report for both China and Japan.
On the upside, data reveals that Product Innovation scores high, so creating products and services that are new to the market indicate success in the Asia-Pacific general region.
- Further thoughts on Global Entrepreneurship Monitor 2022/2023
There was no research data on Hong Kong specifically but seeing the collected information and analysis on Japan was interesting. It’s not surprising to see that despite being a high income economy, there is very little entrepreneurial activity. Coming from a mostly Japanese background myself, the generally low intentions and motivation towards entrepreneurship in the country can be agreed upon and found within personally. Fear of failure and taking low risks is a shared attitude within the Japanese population and goes hand in hand with the typical tradition valuing culture and norms. In addition, an even less surprising fact is the severe gap between male and female entrepreneurs in the country. Setting up a new business and finding collaborators or the resources necessary for support in Japan, may prove to be slightly difficult. The building stages of a business may be better done elsewhere outside of Japan initially. Once proven successful, running the same establishment within Japan could seem like a possibility.
It’s hard to make a correct analysis of Hong Kong as there is no data, but if we glance at China’s data, it seems this may seem like a more viable option than Japan. The conditions within the country to support entrepreneurship is above the GEM (Global Entrepreneurship Monitor) average. Same goes for Taiwan as well, another neighbouring country.
The pandemic seems to have contributed to a steep decline in the economy and therefore entrepreneurial activity, especially within China. However the general mindset of entrepreneurship from motivation, attitude to outsourced support from the government and finance establishments, are far more significant in both China and Taiwan than in Japan.
Reference:
Ács, Z., Szerb, L. and Lloyd, A. (2017) Global Entrepreneurship Index 2018. Washington: The Global Entrepreneurship and Development Institute. Available at: http://thegedi.org/global-entrepreneurship-and-development-index/
Hill, S et al. (2023) Global Entrepreneurship Monitor 2022/2023 Global Report: Adapting to a "New Normal". Available at : https://www.gemconsortium.org/reports/latest-global-report
Good analysis and review of the data. Don’t forget to add page numbers in your in-text work so the reference is more accurate. Also don’t forget to talk about how you feel, questions, emotions etc.
Hi Reina,
As per your message above, two points have raised my interest:
1. The generally low intentions and motivation towards entrepreneurship in the country.
2 There is the severe gap between male and female entrepreneurs in the country.
Yet we still see Japan is very successful in certain industries such as car manufacturing, and manufacturing of famous electrical appliances such as Sony, Hitachi and Panasonic etc.
Therefore I guess Japan must have some strengths that enable it to compete and win in the international markets?