Entrepreneurial Passion vs. Business Creation in Mexico
Despite Mexico’s strong entrepreneurial spirit, placing it among the top 15 countries for such passion, there remains a significant gap in business creation, according to a study by Remitly, a digital financial services provider.
Mexicans’ determination to transform ideas into projects is evident, yet they face challenges such as limited access to funding and inadequate business management skills.
The GRIT Scale: Measuring Entrepreneurial Mindset
The study, conducted among 7,000 individuals across 26 countries using the GRIT scale—which measures passion, perseverance, and long-term commitment—revealed that a high score (0 to 60) indicates 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 explains.
Mexico’s Entrepreneurial Spirit vs. Business Creation
The Remitly study highlights that, although Mexico boasts a high level of entrepreneurial spirit, there’s a discrepancy between attitude and action, placing it 20th in terms of the gap between mindset and execution.
“This reflects that, while the entrepreneurial attitude is robust, structural challenges remain to be overcome so that more ideas can turn into established businesses. This scenario also demonstrates the immense growth potential of Mexico’s entrepreneurial ecosystem,” it adds.
The lack of public policies, funding, and business education that support an entrepreneurial ecosystem and help ideas materialize into formal projects is a contributing factor.
Top 5 Countries with Highest Entrepreneurial Spirit
South Africa leads with the highest entrepreneurial spirit, scoring 46.18 out of 60, showcasing a nation that is inventive, persistent, and eager to innovate.
“Cities like Cape Town or Johannesburg are experiencing a genuine boom in new businesses, with thriving tech and startup ecosystems driven by ambitious individuals eager to make their mark,” the study notes.
United Kingdom follows closely with a score of 42.54, thanks to its well-established startup culture and 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, attributed to its high education levels, ambition, and the ability to persevere through difficulties.
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 Highest 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
The Importance of Entrepreneurial Mindset
“Entrepreneurship often begins with the right mindset. It requires 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.
