Almost two-thirds of Indian view entrepreneurship positively, highlights a latest survey conducted by Amway along with its research partner Nielsen India. Kerala, Punjab and Uttarakhand have the most positive attitude towards entrepreneurship.
India Entrepreneurship Report 2015 by Amway, which was unveiled by the Union Minister of State for Skill Development and Entrepreneurship (Independent Charge), Rajiv Pratap Rudy tried to understand the latent enthusiasm for entrepreneurship in the country, as well as factors that motivate and obstruct the creation of new enterprises.
Research partner Nielsen India surveyed 250 households in each of the 21 states across 50 different cities. One male and one female member in the 21-65 age group were interviewed from each household taking the total no of respondents to 10,768 individuals (Male 5,402 and Female 5,366).
The findings of the report claim that there is tangible enthusiasm for entrepreneurship as being a good prospect to earn a livelihood in India, with nearly two-thirds of the respondents viewing it favourably. Kerala (78 percent), Punjab (77 percent) and Uttarakhand (76 percent) were the states with most positive attitude towards entrepreneurship.
Access to finance (41 percent) and Family support (35 percent) emerged as the most important factors to start one's own business. Around 73 percent of the respondents believe that anyone can be trained to be an entrepreneur. Nearly 62 percent of all respondents thought that the education they had right now was sufficient to start their own business.
Nearly 50 per cent of respondents considering to start their own business, said the report. Almost one in two respondents (47 per cent), said that they had either thought about starting their own business or are actively pursuing one. Overall, 19 per cent of respondents said that they are "very open to starting a new business and in fact are actively pursuing one".
Jharkhand has the highest number of respondents (60 percent) who say that they are actively pursuing a new business, followed by Uttarakhand (40 percent) and Uttar Pradesh (29 percent).
Nearly half of all respondents (45 percent) said the environment to begin a business in their state has improved over the past five years. Around 11 percent of the respondents felt that the environment has 'improved significantly'.
Around 83 percent respondents voted banks as their main port of call for starting a business. Friends and family came second on this index with 78 percent.
Across gender, income and age, the fear of failure emerges as a clear obstacle to starting a business with 63 per cent of the overall respondents saying so. The fear of failure is composed of different factors. 31 percent of respondents found "financial burdens up to bankruptcy" as the "most important" cause for the fear. Non-conducive market conditions (24 per cent) and fear of unemployment (23 per cent) were the other key causes of the fear.