Entrepreneurship is a huge commitment. Being an entrepreneur means being the captain of the ship. While in service, you only have to look after a certain amount of work, but being an entrepreneur means having to make sure that each vertical of the company is working smoothly so that the ship can move forward. And, it seems, Indians are huge on this commitment. At least, we’re fairing better than much developed countries like France and Germany in the department.

According to Startup rate of leading economies made available by Statista and Global Entrepreneurship Monitor (2016-2017), 3.9 per cent of India’s population comprises of nascent entrepreneurs as compared to France’s 3.1 per cent and Germany’s 2.9 per cent. The list is topped by Canada with 10 per cent of its population comprising of nascent entrepreneurs. It is followed by the US at 8.9 per cent for the second place and Brazil at 6.2 per cent for the third place. India’s neighbour and close business rival China came just before India at the 5th place with 4.5 per cent of its population comprising of nascent entrepreneurs.

For the uninitiated, the nascent entrepreneurship rate or startup rate refers to the percentage of population who are currently a nascent entrepreneur, i.e., actively involved in setting up a business they will own or co-own; this business has not paid salaries, wages, or any other payments to the owners for more than three months.

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.

Furthermore, 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.

A recent survey by Dutch multinational human resource consulting firm Randstad had 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.

The Indian startup ecosystem is currently enjoying the title of being the third largest Startup ecosystem in the world. It 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.

[caption id="attachment_122095" align="aligncenter" width="250"]India Has More Nascent Entrepreneurs Than France and Germany Image: Times of India[/caption]

[Top Image: Wall Street Journal]

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.