A nation’s wealth is determined in large part by the human capital that is invested throughout its economy.
For a country to succeed economically, it must harness the ingenuity and knowledge of its people to find solutions to its local economic challenges.
As a result, commercial production is promoted and industries are established to realize the ideas of individuals who have economic expansion as their personal goals and as economic benefactors.
In this regard, governments too must play a role in tapping into the strengths of local culturally-influenced industries and stimulating economic growth within the skills of their people. But to be truly successful, governments need to create an ecosystem that supports diversification.
Diversification itself is more easily achieved through foreign influence: in this regard, the survey found that some regions are more eager to open their borders to foreign companies than others.
A report by U.S. News & World Report identifies the 85 best countries in the world to start a business.
The list was determined taking into consideration criteria such as global connectivity, educated population, entrepreneurial spirit, innovation, easy access to capital, skilled workforce, technological expertise, transparent business practices, well-developed infrastructure, well-developed digital infrastructure and well-developed legal framework.
Taking these parameters into consideration will determine not only how suitable it is for local entrepreneurs to thrive but also how accessible the country is for foreign businesses.
As a result, some regions are more naturally suited to supporting entrepreneurship than others. Below are the nine African countries that made the list.
Best African countries to start a business
