Thirteen years ago, Forbes started a ranking on the best countries for business. The ranking measures countries that are most hospitable to capital investment.
The countries are ranked based on 15 metrics. The United Kingdom is the only country that landed in the top 30 in all metrics out of the 161 countries ranked, putting it at the top of the list for the second year straight.
Among the 15 different factors on which countries were ranked include property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection. Other metrics included were workforce, infrastructure, market size, quality of life and risk. Each category was equally weighted.
Sweden moved up two places to finish second. The business climate of the export-oriented economy received high marks for innovation, property rights, risk and low corruption. Stockholm is one of Europe’s leading tech start-up hubs.
Rounding out the top five countries overall are Hong Kong, Netherlands and New Zealand.
African nations populate the worst countries for business, with seven of the continent’s countries in the bottom 10 (Haiti is the weakest among non-African countries). These countries typically fare poorly on innovation, trade freedom and investor protection. The Central African Republic ranks last.
Kenya ranked 93 out of 161. From the factors ranked against, we can almost guess with certainty where we scored poorly.
Why side hustles are harder for women
Women have the tools, the wi-fi connection and are constantly inspired, yet research from the UK bank NatWest still found that women are a third less likely to start a business than men, with fear of failure cited as a major barrier. What else could be stopping women and what can they do about it?
It’s risky to quit your day job to concentrate 100 per cent on your side earner, but you can try and get up early and fit in a few hours before work. It’s so much more productive doing an hour or two before work and then having your evenings free than trying to come home early from work and finding a few extra hours to focus on your hustle.
Believing the myth
‘Oh, I’m going to be my own boss’ – no, you won’t. You always have a boss even as an entrepreneur. It’s just that the boss might last a day or hour – and you have your clients. Adjusting your expectations helps manage the curve balls.
Show me the money
Turning a profit immediately isn’t the norm for a fledgling start-up. It’s important to be patient in the beginning. Quitting your job that pays your bills and rent without a solid plan would be detrimental. Even focusing one day a week every week for a year on your side hustle is more than enough time to know if it will work for you. When it’s a vocational job, it will inform your side projects and also fuel your passion. Regardless, there is a lot of money to be made in a side-gig, so it’s a growing and desirable trend, particularly among millennials.
Running a business, whether full-time or as a side hustle, requires finding a niche. Find something that other people aren’t doing, or a unique spin to an existing idea.
Have some clear concrete goals in mind to motivate you and give you some direction. Even if it’s getting a new freelance client or getting a website up and running, set yourself a target, and set yourself a date you want to complete it by. Tell other people so you’re kept accountable. And then go for it.