Indians are Not Risk Takers and India is Worst Country in Asia for Entrepreneurs…..
According to a New Poll from Gallup India lags behind other Asian countries in promoting Entrepreneurship.
Gallup created a framework for Entrepreneurial ecosystem based on human capital, role of government and individual entrepreneurial traits.
Based on the latest Gallup World Poll results from March 2012,
- 16% of Indian adults report that they currently own a business.
- Of those, 22% say they formally registered their business.
In terms of business size, half of business owners report working alone, and 47% have hired five or fewer employees.
The key barrier to current and aspiring entrepreneurs is the lack of a favorable support system. The analysis based on the Gallup framework shows that India ranked in the bottom quartile particularly on external factors such as government support, culture, social capital, and access to training.
By contrast, intrinsic factors — such as entrepreneurial talents and attitudes — ranked much higher than external factors in enabling support for aspiring entrepreneurs. Improved external factors may help unlock more of the Indian population’s natural entrepreneurial potential.
Indians are Not Risk Takers
More than 60% of the Indian population possesses personality traits that are critical for success as an entrepreneur — such as business thinking (69%), optimism (66%), and persistence (65%) — which suggests a wealth of entrepreneurial capacity.
However, willingness to take the risk of running a business is not a common trait among a majority of Indians.
As the poll results suggest, work risk, risky was also used by couple of folks.
Lack of Support
Starting a business is USA is very simple. It takes less than 30 minutes of work to submit the paper work and you your business is ready to roll.
It costs like $200 to register a simple business entity online.
But, according to the poll –
- It is not easy to start a business in India.
- 46% of Indians say the government makes it hard to start a business.
- Nearly 3 in 10 (29%) aspirational entrepreneurs who plan to start their business in the next 12 months agree they have access to the money they need.
Indian Entrepreneurs need more access to mentorship and training.
Poll also states that Indians have the potential. With good support system more small business will flourish.
Don’t you think, colleges should business courses?
Even couple of courses for Engineering students in busioenss ca open world of possibilities.
Also, parents should encourage their kids to and help them cultivate entrepreneurial thoughts.
I haven’t seen any parent who looks for an school for their son and daughter, where business and entrepreneurship skills are taught.
So, do you agree to this?
Willingness to take the risk of running a business is not a common trait among a majority of Indians.