A recent Fast Company article highlights research findings of countries with tenacious entrepreneurs who start businesses despite facing seemingly insurmountable obstacles. The following 15 countries ranked among the most challenging places to start a business - yet still had a proportionately large number of startups. Nine GIST countries made the list.
[Source: Fast Company]
The number-one place with the most determined entrepreneurs is Botswana. According to analysis, it takes 45 days, on average, to register a new business in the country. This is partly due to the lengthy registration process business owners must follow. Despite these hurdles, entrepreneurs in Botswana move forward with new ventures.
In Timor-Leste, entrepreneurs must deposit 260% of their average income in a bank or with a notary before business registration can be completed. Fortunately, startups are not deterred by this very large financial commitment.
Other GIST countries on the list include:
- South Africa
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