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In a surprising development, India has outshined other countries to become the global leader for entrepreneurism. In the Global Entrepreneurial Report published by Oracle Capital Group, the independent multi-family office and wealth consultancy, India has acquired the top position.

The report puts forth a ranking measure of entrepreneurism in 33 major emerging economies and industrial nations. It does so by measuring the attitudes, opinions, experiences and activities that contribute to entrepreneurism. All these things are measured by analyzing factors such as “attitude to risk involved in starting a new venture”, “perception and attitude of entrepreneurs”, “national levels of entrepreneurial  activity”, “fear of failure” and “willingness to take risks”.

The report is a comparative study of factors which discourage and drive entrepreneurism in these 33 countries versus the impact of these trends on the growth rate of national economies. The report further divulges important data on the key aspects of wealth development and distribution such as the governmental support to entrepreneurship.

The report puts forth some interesting facts like the developing countries rank best for entrepreneurism. It also shows that there is a strong correlation between the growth of national and personal wealth in the countries with high entrepreneurism. According to the report, legalization and red tape are one of the biggest inhibitors of entrepreneurism.

According to the report, a growing number of High Net Worth individuals come from ‘entrepreneurial’ countries and more than half of the world’s richest one thousand individuals come from the top ten entrepreneurial countries. The report also states that higher proportional of entrepreneurial activity in emerging economies is driven by necessity despite these countries being more difficult to do business in.

India has been able to acquire the top position because of its government and banking culture which nurtures and encourages startups. While India acquired the number 1 position, Turkey came in a close second and the US acquired the third position. What was shocking was that, the UK acquired the 28th position according to the report.

According to Oracle Capital Group, the group that carried out the report, India has scored highly on willingness to self-fund, feasibility-the ability to set up a business cheaply and quickly, experience, high early business activity and low failure rates.

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