Entrepreneurship seems to be the flavour of the season for Indians. A recent survey by Dutch multinational human resource consulting firm Randstad has revealed that the South Asian country is the keenest when it comes to taking the entrepreneurship route.
The survey highlighted that out of the 400 Indian workers the firm surveyed, 56 per cent were considering hanging their boots and starting businesses of their own. According to the global recruitment firm, the figure was the highest globally.
Considered as the world’s second-largest HR service provider after Adecco, Randstad publishes Workmonitor four times a year, making both local and global trends in mobility, job satisfaction and motivation regularly available. The results of its 2017 Workmonitor Survey, held across 33 countries, were published by the firm last week.
Randstad’ survey found out that 83 per cent of the employees surveyed said that they would love to pursue entrepreneurship and “be an entrepreneur”, a figure which is much higher than the global average of 53 per cent. The survey revealed that the inclination towards entrepreneurship is the highest among workers aged 25-34, with 72 per cent of the people favouring entrepreneurship over service. Additionally, the survey also highlighted that respondents aged 45-54 were less interested in startups and entrepreneurship in general.
According to industry experts, India is now seeing the emergence of a new generation of youngsters who are brave enough to capitalize on the hard-won financial security of their parents’ and venture out of the mundane 9 to 5 job routine and try their luck in the risky tech startup business.
More and more young people in the second largest populated country on the Earth are now embracing the startup culture, which can be seen as a stark contrast to the previous generations of the country which aggressively endorsed employment stability above all else.
According to the survey, the Indian youth’s attraction towards entrepreneurship and startups is sparked by the current startup friendly atmosphere in the country. Some even cited government’s initiative such as the Rs 10,000 crore Startup India fund when answering their reason behind favouring entrepreneurship over a regular service job.
The Indian startup industry is said to have more than 19,000 companies. The South Asian country is currently the third largest market for tech startups in the world. Success stories like Flipkart, Big Basket, Paytm, Ola etc. have contributed significantly in helping the country nab the number three position.
In addition to this, the growing digitally connected population and economy has also helped in attracting investors attraction towards the Indian subcontinent, which has inadvertently helped the Indian startup industry. Last couple of years have seen big global names like Alibaba Group, Tiger Global, and Temasek coming to the Indian market.
Though Indian’s interest in entrepreneurship is increasing by every passing second, startups in India haven’t always had it easy. A recent survey by IBM revealed that close to 90 per cent of startups in the country fail in less than five years of starting up. Another IBM study titled ‘Entrepreneurial India: How startups redefine India’s economic growth’ had reported that ‘unethical business conduct’ is the major cause behind the failure of Indian startups.