In general, everybody knows that Thailand is the “Land of Smile”, but do you ever have an idea that Thailand is one of the most entrepreneurial countries in the world! If you ever have a chance to walk on any famous roads in Thailand, you will see that there are lots of people selling different products along the way. Each person you see embodies the entrepreneurial spirit. They work on their own, become their own boss, set their own goal and motivate themselves.
Now, do you have any idea why Thailand, a small country in South-East Asia, becomes one of the most entrepreneurial counties? According to a survey by Babson College in the US state of Massachusetts on global entrepreneurship, here are some interesting reasons:
- A large number of Thais have a positive attitude towards being entrepreneurs, which carries a high status in Thai society.
- Many Thais are not inhibited by fear of business failures; in that category, the country ranked third highest of the 65 countries covered by the survey.
- As Thai society also does not punish mistakes or failures, it is easier for those who fail to start anew.
- Thailand has an established-business ownership rate of 27.5 percent. It is the second highest among 65 countries polled.
With these factors, there are many inspiring entrepreneurs in Thailand, for example, Aitthipat Kulapongvanich or Tob, the founder of TaoKaeNoi. He started his first investment since he was in high school. With a lot of effort, his brand became well-known in Asia when he was only 23.
Therefore, the idea is that Thai people are most optimistic and confident about being entrepreneurs. Plus, there is also cultural support for experimentation and innovation in businesses.