Passion for Pursuing Dreams Contrasts with Low Business Creation
Despite Mexico’s strong entrepreneurial spirit, placing it among the top 15 countries with the most entrepreneurial drive according to a study by Remitly, a digital financial services provider, there remains a disparity between passion and actual business creation.
The entrepreneurial spirit reflects the perseverance of Mexicans in transforming their ideas into projects, despite challenges such as limited access to funding and insufficient business management skills.
Study Details
The study, conducted among 7,000 individuals across 26 countries using the GRIT scale—which measures passion, perseverance, and long-term commitment through a questionnaire—found that high scores (0 to 60) indicate a greater entrepreneurial mindset.
“A high score on this scale reflects a greater tendency to stay focused on goals, even when things get complicated. Conversely, a low score suggests a higher likelihood of abandoning ideas when difficulties arise,” the study highlights.
Mexico’s Entrepreneurial Spirit vs. Business Creation
The Remitly study indicates that although Mexico has a high level of entrepreneurial spirit, there is a gap between attitude and action, ranking 20th in the discrepancy between mindset and execution.
“This reflects that while the entrepreneurial attitude is robust, structural challenges still need to be overcome for more ideas to turn into established businesses. This scenario also demonstrates the immense growth potential of Mexico’s entrepreneurial ecosystem,” it explains.
The lack of public policies, funding, and business education that support an entrepreneurial ecosystem and help ideas develop into formal projects is a contributing factor.
Top 5 Countries with the Highest Entrepreneurial Spirit
South Africa leads with the highest entrepreneurial spirit, scoring 46.18 out of 60, showcasing its innovative, persistent, and ambitious nature.
“Cities like Cape Town or Johannesburg are experiencing a genuine boom in new businesses, with thriving technological and startup ecosystems driven by ambitious individuals eager to make their mark on the world,” the study notes.
United Kingdom follows closely with a score of 42.54, boasting a well-established startup culture and an ambitious spirit, particularly in cities like London and Manchester.
Ireland ranks third with 42.17, known for its resilience and creativity, as Irish people are recognized for their ingenuity, work ethic, and storytelling talent.
India secures the fourth spot with 42.06 points, thanks to its high education levels, ambition, and determination in the face of adversity.
Spain comes in fifth with a score of 41.3, distinguished by its passion, creativity, and desire to do things differently.
Top 15 Countries with the Most Entrepreneurial Spirit
- South Africa – 46.18
- United Kingdom – 42.54
- Ireland – 42.17
- India – 42.06
- Spain – 41.3
- United States – 40.96
- New Zealand – 40.62
- Brazil – 40.51
- Greece – 40.48
- Italy – 40.45
- Germany – 40.42
- Canada – 40.36
- Netherlands – 40.24
- Mexico – 40.19
- Australia – 40.09
Key Insights from Remitly’s Vice President of Marketing
“Entrepreneurship often begins with the right mindset. It takes determination, perseverance, and conviction that you can create something better, even when circumstances are against you. When obstacles arise, it’s this attitude that enables you to keep going,” explains Ryan Riley, Remitly’s Vice President of Marketing for EMEA and APAC.
