There are millions of businesses across the world, spanning different sizes and industries. However, which country is home to the biggest business hubs of the world and how do their job markets fair in competitiveness?
A new study by Small Business Prices has examined the number of registered businesses per country and compared this to its size to reveal how many companies there are per square kilometre, as well as how many people there are per one business.
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With an impressive 61 businesses per square kilometre, the Netherlands ranks as the business hub of the world, closely followed by Israel and Belgium with 37.6 and 36.5 companies per square km respectively. The large number of businesses available make these countries a great destination for employment seekers, as there will be many different opportunities. Countries where the job market may be more competitive, due to a lower number of businesses per sq. kilometre include Romania (3.7), Lithuania (5.5), Bulgaria (5.7) and Switzerland (6.1). The UK ranks fairly well with 15.7 businesses per square kilometre, securing 9th place on the list.
However, it’s not only the number of businesses that need to be considered – there are many other factors both businesses and individuals can observe to help identify the prosperity of businesses/ jobs in certain countries. For example, looking at the number of newly registered businesses in each country may offer aspiring entrepreneurs insight into which countries offer support to new businesses to help them succeed.
The Best Country For Newly Registered Businesses
Small Business Prices revealed the UK as the leading country for most newly registered businesses, with over 660,000 in 2018 alone. Other countries that fared extremely well include Australia (235,654), France (201,087), and Chile (132,740). The research clearly highlights how the UK is vastly exceeding other countries in terms of newly registered businesses (by almost three times as many as the second-ranking country), crowning it a start-up hotspot. In contrast, Austria ranks last with just 3,830 newly registered businesses.
An increasing number of people are looking to make the jump from employee to CEO, which is highlighted by these figures. Unfortunately, due to the current global pandemic, thousands of people have lost their jobs and the job market has become increasingly hard to navigate. It will be interesting to see if people will use this “opportunity” to set up their own businesses and become their own boss.
A final aspect to consider, by both employers and employees, is the number of people per one business. Not only is this important for job seekers, as the more people per one business the harder competition may be/ less opportunities, but also for the employer, as the number of people per business may impact the potential for hiring people. The study found Austria to be the country with the most people per one business, with 15.11. However, this may be due to the generally small size of the country and its population. On the other end of the scale, the Czech Republic and Portugal rank as the countries with the fewest people per one business, with 6.5 people. Iceland follows closely with 6.9 people thanks to both its low population and low number of total businesses.
The business landscape is constantly changing and evolving, at an increasingly rapid pace. The research highlights how some countries offer far more opportunities to succeed, both in terms of available space to work and potential for hiring staff. These are important aspects businesses and individuals should consider before setting up new ventures or looking for job opportunities, for example.