Entrepreneurship excites Indians: Amway Report

Ahemdabad: The India Entrepreneurship Report 2015 has reported tangible enthusiasm for entrepreneurship as being a good prospect to earn a livelihood in the country. Nielsen India, that undertook the survey for Amway India, surveyed 250 households in each of the 21 states across 50 different cities and found nearly two-thirds of the respondents view entrepreneurship favourably.

Kerala (78%), Punjab (77%) and Uttarakhand (76%) were the states with most positive attitude towards entrepreneurship, the report released on Tuesday by Union Minister of State for Skill Development and Entrepreneurship (Independent Charge), Rajiv Pratap Rudy stated.

Access to finance (41%) and family support (35%) emerged as the most important factors to start one’s own business. 73% of the respondents believe that anyone can be trained/ educated to be an entrepreneur. 62% of all respondents thought that the education they had right now was sufficient to start their own business.

Almost one in two respondents said they had either thought about starting their own business or are actively pursuing one. Overall, 19% respondents said they are “very open to starting a new business and in fact are actively pursuing one”. Jharkhand has the highest number of respondents (60%) who say that they are actively pursuing a new business, followed by Uttarakhand (40%) and Uttar Pradesh (29%).

Nearly half of all respondents said the environment to begin a business in their state has improved over the past five years, while 11% felt that the environment has ‘improved significantly’.

Across gender, income and age the fear of failure emerges as a clear obstacle to starting a business with 63% of the overall respondents saying so. 31% of respondents found “financial burdens up to bankruptcy” as the “most important” cause for the fear. Non-conducive market conditions (24%) and fear of unemployment (23%) were the other key causes of the fear.

Anshu Budhraja, CEO, Amway India, said, “We are aiming to engage different stakeholders on what drives entrepreneurship in India and contribute to the on-going discussions on the role of skill development and self-employment in improving employability of the youth.

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