Entrepreneurial ambition among the workforce is highest in India, a survey by global recruitment firm Randstad has noted.
India’s workforce is the keenest on pursuing entrepreneurship, with 56 percent respondents in the survey indicating that they are considering leaving current jobs to start their own businesses. This is the highest globally, Randstad stated in its annual Workmonitor survey which was held across 33 countries.
According to the survey, entrepreneurship was most favoured among Indians, with 83 percent of the employees suggesting that they would like to be an entrepreneur, higher than the global average of 53 percent. This inclination is highest among those aged 25-34 years and 35-44 years with 72 percent and 61 percent respondents, respectively, in these age groups favouring it. Whereas employees in the age group 45-54 years seemed hesitant to start their own businesses.
The main reason behind this is mostly because India’s young force believes that the ecosystem to run a startup is favourable in India. Many respondents said the Indian government actively supports new startups in the country. Some cited the Modi government’s initiatives like the 2016 announcement of Rs 10,000 crore - fund for the sector. Moreover, India’s flourishing startup atmosphere and a number of private startups worth more than $1 billion (unicorns) such as Paytm, Snapdeal, Flipkart, Ola, Zomato, Hike, has attracted a lot of attention in the past few years.
However, the startups' success rate remains appallingly low. According to a report by IBM, close to 90 percent of startups fail in less than five years of founding. The survey acknowledged a lack of innovation and an ongoing funding crunch as the reason for this.
Regarding the workplace preference, employers mostly favoured multinational companies for Indian workforce as a vast majority of respondents (84%) said they would prefer to work for a multinational firm. On the other hand, 76 percent of the respondents preferred to work for a startup and 69 percent indicated that they would prefer to work for a small or medium enterprise or a privately managed company.
Information source: The Quartz
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