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.

• 70% of respondents in India mentioned that they were either employed or working when they decided to start their own business vs. developed economies where respondents chose entrepreneurship by choice or while they were in college and completing their graduate programs.
• Experience triumphs education when it comes to gaining the right skills to be an entrepreneur. Close to half of the respondents (45%) say that work experience is most valuable, while only 12% believe education gets them ready to become an entrepreneur.

See: Hiring Expectations of Indian Employers Continue to Remain Strong in Q4 2016

• 79% of the surveyed workforce believes technology has made it easier to become an entrepreneur in today’s time.
• Around 63% of the future entrepreneurs believe in following their parents’ footsteps to start their own businesses and admire the hard work put in by their parents.
• 62% want their business to internationalize and have global customers.
• 21 percent of Baby Boomers, 47 percent of Gen Xers and 62 percent of Millennials intend to start a business before 2026.

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.

Also read: 59% of Entrepreneurs Globally Expect to Increase their Workforce in 2016: Survey Finds

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