A remarkable 85% of aspiring and current entrepreneurs in India say that they are undeterred at the prospect of failure and are relentless in the pursuit of entrepreneurial success. 60% of the approximately 1,200 respondents in India currently working in small or mid-sized organizations; plan to be entrepreneurs over the next 10 years, says GoDaddy’s Future of Work survey.
This global study delves into the entrepreneurial intent, attitudes and outlook when considering starting or running a small business. Interestingly, the proportion of those wanting to start their own business is significantly higher in India when compared to Australia, Brazil, Canada, China, Hong Kong, Turkey, Singapore, the United States and United Kingdom.
Andrew Low Ah Kee, Executive Vice President, GoDaddy International said, “Entrepreneurial passion coupled with access to technology, is helping entrepreneurs realize their dreams today.”
He further added, “The emerging and new generations of India’s entrepreneurs are embracing technology like never before. 67% of budding entrepreneurs say that recent technologies have created newer business opportunities and 72% of respondents believe that online channels are important to be attractive to their customers.”
The Future of Work Survey
The Future of Work Survey polled Millennials (new to the workforce), Gen X-ers (mid-career) and Baby Boomers (exiting the workforce) to pull in insights on how the Indian workforce perceives and approaches entrepreneurship and small business ownership.
The Baby Boomer generation is leading the way, but what’s most promising is the emerging class of Millennials who are hyper-focused on self-driven projects in every aspect of their lives — from entertainment to their livelihoods.
Many of the psychological barriers to entry have begun crumbling, and the capital and technological barriers are quickly declining as well. The survey further shows that for today’s entrepreneurs, goals for the scale of their business ride tandem with their goals for family, community and a general life balance.
While there are clear signs for an entrepreneurial era on the near horizon, entrepreneurs are still rare. Even though 45 percent of people reported that they intend to start their own venture in the next 10 years, only about three percent of the world’s population is currently entrepreneurs.
To close that gap, technological and financial barriers to entry will need to drop even further — and psychological barriers will have to be conquered once and for all.
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