New study finds South Africans are (potentially) the world’s top entrepreneurs

But there’s difference between mindset and action .  

South Africans have the strongest entrepreneurial mindset in the world, according to a study by global mobile payments firm Remitly.

The study involved 7000 participants rated on the ‘grit scale’ - a concept developed and popularised by psychologist and science author Angela Duckworth. The participants from 26 countries completed a questionnaire to determine an overall picture of a country’s ‘grit profile’ - with higher scores indicating a more passionate and persevering country.  

“Leading the global list is South Africa, a nation whose entrepreneurial mindset reflects its traits of being resourceful, determined, and eager to innovate,” Remitly said in a news release.” The country has some rapidly expanding hubs, such as Cape Town and Johannesburg, where technology and start-up ecosystems are thriving, thanks to ambitious entrepreneurs keen to make their mark on the international stage.”

South Africa topped the charts with a score of 46.18 (out of 60), with the UK in second place with 42.54 and Ireland in third with 42.17.

The study also compared each country’s ‘grit score’ with their number of new businesses registered, to gauge the conversion rate of mindset to action. South Africa did not perform well in this regard, with a relatively large discrepancy between mindset and action. “High business creation rates can be attributed to strong governmental support, accessible funding, and streamlined start-up processes that encourage practical entrepreneurship despite mindset perceptions,” Remitly said in its study summary.  

“The results of this study underscore an important insight: having a strong entrepreneurial mindset - defined by passion, perseverance, and long-term commitment - is a vital but not sole ingredient in business success. While nations like South Africa and the UK show high grit scores, countries such as Estonia and Chile prove that action can sometimes outpace attitude.”

“For aspiring entrepreneurs, this means cultivating grit is a powerful personal asset, but it's just as crucial to operate in environments that nurture innovation and lower barriers to entry. As the global economy continues to evolve, the most successful nations may be those that strike the right balance between psychological readiness and real-world action,” the firm said.

News of the study has already prompted enthusiastic response on social media: “We have always known South Africans have entrepreneurial potential—and now the world agrees!” said Anita Nel, Chief Director: Innovation and Business Development at Stellenbosch University.