Ever wondered why the number of entrepreneurs in India keep multiplying each year? Yes, one can argue that India is a land of abundant talent with passionate people who are willing to fight the odds and bet on their talents, but according to a recent study conducted by the Aston Business School, there might be a couple of other reasons for this upward trajectory in numbers.
According to a meticulous review done by researchers at Aston Business School and Kansas State University in the United States, there were more entrepreneurs found in countries with ruthless business traits. This is after controlling for factors such as gross domestic product per capita, gender, and education level.
The study further added, in addition to the existence of ruthless business traits in the Indian subcontinent, the one other thing which might be contributing to the increasing number of entrepreneurs in India is the Indian ability to be competitive and be on the top of the game.
Explaining it further, Ute Stephan, a professor at Aston Business School spoke to Bloomberg and said, “You need to be able to elicit co-operation from others, but at the same time, you can’t give too much away, so you need to be a bit guarded, competitive and hard-nosed.” Talking about the marriage of the aforementioned two traits, Stephan said, “When these two things come together in a culture, that’s when you have the highest entrepreneurship rates.”
India, which is currently enjoying the title of being the third largest Startup ecosystem in the world, is said to be home to more than a whopping 4,750 startups. According to Nasscom, this figure is all set to more than double in another three years and reach 10,500 startups, meaning more entrepreneurs will be entering the ecosystem.
Considering India as a country is still developing and has a lot of problems that still need to be addressed, creative minds in India have a lot of opportunity to explore. This is an advantage they have over their western peers. In addition to this, the ever-growing Indian population also presents an exciting opportunity for Indian entrepreneurs as one can’t expect the government to cater to the demands for basic needs of 1.2 billion people alone. This is where entrepreneurs can step in and cash on, on the opportunity.
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