From Endeavor Insight: G20 nations’ top priority is job creation. Why aren’t they talking about entrepreneurship?
By Ha Le, Endeavor summer research associate
Nineteen countries and the European Union will meet in Mexico today for the annual G20 summit to hold discussions on the state of the global economy and financial system.
Endeavor Insight analyzed the most recent policy speeches of the G20 nations to better understand their policy priorities. The speeches we analyzed included most recent State of the Union address in the U.S. and similar speeches across the world. We found that job creation is the most important issue for G20 nations. In fact, the issue of job creation was much more important than other issues, such as food security and the environment, that are part of the priority agenda for this week’s summit.
Even though job creation is the most important issue for G20 nations, entrepreneurship is rarely discussed in policy speeches made by the leaders of these countries and is not part of the official list of priorities for the current G20 Summit. In fact, Australia, Canada, Indonesia, Japan, Saudi Arabia, South Africa, Turkey and the United Kingdom did not mention any words associated with entrepreneurship, such as “entrepreneur” or “start-up,” in any of the policy addresses that were analyzed. The most frequent mentions of this issue came from Brazil and the United States, which included three and four references to the issue, respectively.
Entrepreneurship is the best solution to the employment problem around the world. Entrepreneurs, more specifically high-impact entrepreneurs, create jobs and enhance the stability of economies around the world. In a five-year survey of 800,000 adults in over 60 countries, the Global Entrepreneurship Monitor shows that while only 4% of respondents were high-impact entrepreneurs, they generated 38% of all the jobs created by all the entrepreneurs.
If governmental leaders truly want to create jobs, the issue of entrepreneurship needs to be elevated in its importance. Here’s hoping that next year’s G20 priorities include discussion of the best job creation tool in the world: entrepreneurs.