Entrepreneurial high: 37% Indians plan to start a biz in next 2 years, Ipsos study

The traditional definition of entrepreneurialism is now undergoing a metamorphosis of sorts and is moving from pure play business entrepreneurialism and is adding a key element of social entrepreneurialism to make a definitive impact. Thus, while starting a new set up is good, but giving back to society will now complete the picture. This was revealed in a study carried out by global market research agency Ipsos. The study coincides with the Global Entrepreneurship Week (November 12-18, 2018).

Conducted online in 24 countries including India, among a more affluent, connected population, the study has delved into new territory -entrepreneurship being manifested in non-economic start-ups (like Charities) and whether entrepreneurs are likely to be engaged in societies and emotions associated with entrepreneurialism. 

Capturing views on Entrepreneurial Experience, 40 per cent of Indians polled said that they have started at least one business in the past, while 39 per cent have considered starting it and 21 per cent denied. 25 per cent of those polled said they have started a Charity or Community Group in the past and 39 per cent have contemplated about doing it (balance, denied). 31 per cent Indians have started an Interest Group and 37 per cent have considered doing it (the rest, denied).

Parijat Chakraborty, Executive Director, Public Affairs, Ipsos India, remarked, “Business entrepreneurialism has been the primary motive of those who have forayed into entrepreneurship, in India. Social Entrepreneurship is the new emerging trend. It is either competing with business entrepreneurship or working in conjunction with business entrepreneurship and is creating a holistic picture of entrepreneurialism.”

Chakraborty is not alarmed with the figures: “Many of the business start-ups referred here are basic and rudimentary in nature, without demanding much investment or manpower. However, the sheer proportion of those who have dabbled in any business, two in five, is one of the highest in the world, points towards the high level of unemployment and underemployment in our country.”

The survey also mapped the entrepreneurial aspirations of Indians. And the response was quite encouraging. 50 per cent of those polled said that they would like to give wings to their aspirations and start a new business venture in the next two years. 19 per cent were neutral, while 31 per cent said that they were unlikely. Interestingly, 41 per cent Indians have shown high entrepreneurial aspiration for starting a Charity or Community Group in the next two years, 21 per cent were neutral, while 38 per cent were unlikely. Also, 45 per cent have shown entrepreneurial aspiration for starting an Interest Group. 18 per cent were neutral and 37 per cent were unlikely to do it.

Net-Net – Total Entrepreneurial Aspirations (Business + Charity/ Community Group +Interest Group) in the next 2 years showed that 37 per cent of Indians plan to start a business + 1 other (from social), 13 per cent want to kick off business only; 19 per cent are interested in Others (Charity/ Community Group/ Interest Group) only; and 31 per cent seemed to have no interest in entrepreneurship at all.

Entrepreneurial Emotions

Largely, Indians associate two salient emotions with entrepreneurship: Interested (74 per cent) and Inspired (73 per cent). While two negative emotions associated with entrepreneurship were: Nervous (37 per cent) and Afraid (33 per cent).

Entrepreneurship Spirit while starting a business was seen to be more positive than negative for 39 per cent of Indians polled, 60 per cent had mixed emotions, while balance 1 per cent were more negative than positive.

Technology & Entrepreneurialism

48 per cent of Indians polled said that they tend to have a hard time keeping pace with the rapidly changing technology. 18 per cent were neutral, while 34 per cent disagreed and said they have no problem with technology changes.

Half of Indians polled (50 per cent) said that they trust Artificial Intelligence; 26 per cent were neutral and 24 per cent disagreed that they trust AI.

Government & Entrepreneurialism

60 per cent of Indians polled are of the view that the government has a responsibility in actively assisting entrepreneurs.

Less than half of Indians polled (46 per cent) feel that government is doing commendable work in actively assisting entrepreneurs.

Performance falls short in expectation.

“In the World Bank’s latest Ease of Doing Business rankings 2018, India has climbed 23 places to the 77th spot for 2018. While we have a long way to go, this improved environment is surely going to give a further boost to entrepreneurialism, both business and social,” Chakraborty concluded.