Indian Workforce Aspires To Be Entrepreneurs: Study

by CXOtoday News Desk    Aug 10, 2017

Indian Workforce

The ambition to become an entrepreneur is highest among the workers in India. 83percent of the Indian workforce said they would love to be an entrepreneur, with 56 percent of the overall survey respondents indicating that they are considering leaving their current job to start their own business. reveals the findings of Randstad Workmonitor survey.

A vast majority of male (81 percent) and female (85percent) respondents said this, while globally 53 percent of the survey respondents had this opinion. This preference does not change regardless the gender. However, it is interesting to note that workforce in the age group of 45-54 years (37percent) are hesitant to start their own business as compared to the workforce in the age group of 25-34 years (72percent) and 35-44 years (61percent).

“A stable business environment, market oriented reforms like raising of FDI caps, implementation of GST, and key initiatives like Make in India and Digital India are fostering a new aspiring and ambitious Indian. One who is eager to create and nurture his/her own venture rather than join a company. This shift is clearly reflected in our survey findings and augurs well for the country’s growth agenda. A robust SME ecosystem driven by aspiring entrepreneurs has historically seen higher growth for the formal sector, and has a knock-off effect on the evolution of other companies in the ecosystem,” Paul Dupuis, MD & CEO, Randstad India.

“However, the need of the hour is to address critical bottlenecks that are acting as deterrents to both entrepreneurial and enterprise growth. Improving the ease of doing business, passage of labor friendly reforms and bridging the skill gap deficit for the burgeoning Indian workforce will enable a conducive entrepreneurial ecosystem while helping larger organizations make the most of India’s enviable demographic dividend,” he added.

Around 70 percent of the total respondents said if in case they actually lose their current job, they would like to start their own company. On the contrary, though 76 percent considered entrepreneurship to be really attractive, they thought that the risk of failure is too big for them.

The study noted that over 80 percent indicated that the ecosystem to run a start-up was favorable in India and 84 percent of the respondents were of the opinion that the Indian Government actively supports new start-ups in the country and provides a favorable entrepreneurial climate. 80 percent of the survey respondents from India also agreed that due to globalization, small businesses have a hard time surviving now.

The study highlighted that 84 percent prefers to work for a multinational company. 76 percent of the workforce from India stated that they would like to work for a start-up, whereas 69 percent indicated that they would prefer to work for a small or medium enterprise or a privately managed company.