UK entrepreneurial spirit on the rise

The UK’s entrepreneurial spirit has seen it narrow the gap on America in the global business rankings, freshbusinessthinking.com reports.

In its latest ‘Prosperity Index’, Legatum Institute ranked companied from across the world on such aspects as safety and security, governance, job satisfaction and entrepreneurialism, among others. This year saw the UK rise in the overall prosperity ranking to 13th place, out of a possible 142. America, meanwhile, dropped to 12th place, which prompted forecasters to suggest the roles could be reversed by next year’s results.

Much of this growth came from the governance measurement, where the UK rose to seventh place in the world. The safety and security subcategory also saw a rise, meanwhile, reaching 20th place.

Where entrepreneurship was concerned, the UK rose to sixth place, whilst America could only achieve 12th.

This increase in entrepreneurial spirit could see more Brits looking to start a franchise as they look to capitalise on the UK’s rising profile in the global business market.

President and CEO of the Legatum Institute, Jeffrey Gedmin explained to bmmagazine.co.uk how the Legatum Prosperity Index allows a comprehensive picture to be painted of what makes a country truly successful, “encompassing traditional measures of material wealth, as well as capturing citizens’ sense of wellbeing – from how safe they feel, to their perceived personal freedom.

“GDP alone can never offer a complete view of prosperity, which goes some way to explaining why the UK has climbed the global rankings despite slow economic growth. In order to ensure it remains competitive, keeping in step with its European neighbours, Britain must focus on growth without losing out in other areas such as governance.”