Global Entrepreneurship Monitor India Report 2019/2020

Abstract

Key Points from the Adult Population Survey (APS): There is a strong percentage of the population who ‘know someone who has started a new business. The data highlights that around 64% of the population knows someone who has started a business recently. The data shows that 83% of the population perceives that there is a good opportunity to start a business in their area. Of the 50 economies who participated, India has ranked second for perceived opportunities. The perceived capability has increased as 85% of the population believes they possess the skills and knowledge to start a business. The statistics have greatly improved since last year. As likely as perceived opportunities have increased, the data for fear of failure among youth has also increased. The data shows that fear of failure has increased among people. Fear of failure has increased to 62% of the population to start a business. A significant change has been observed in entrepreneurship intention in youth. The survey results highlight that entrepreneurship intention has increased from 20.6 % in 2018–19 to 33.3 % in 2019–20. The data for easy to start business in India for 2019–20 reflects that 80% of the population of the country perceives ‘it is easy to start a business in India . The rate of total early-stage entrepreneurship (TEA) in India has also improved and in 2019–20 data TEA in adults has increased to 15% among adults and India now ranks 13th among 50 countries surveyed. Among female adults TEA has increased significantly as 12% of the total female population is engaged in entrepreneurship in India and 17% of the males are engaged in the same. The discussion for established business ownership is important. 11.9% of population is engaged in established business. Another important data to discuss is entrepreneurial employee activity for which India is ranked 47th and only 0.2% of the survey respondents are engaged in it. The data points are zero for females and it is 0.3 for male respondents. People are majorly motivated by four different reasons to start a business. 86% of the people in India want to start a business to make a difference in the world. The percentage is higher for females and it is 85% males in the population. Data show that 87% of the population is motivated by ‘to build a great wealth’ and 83% females and 90% of males from the same. Among people 79% are motivated because they want to continue their family tradition and it is 81% of females and 78% of males. People are also motivated to earn a living and it is 87% population who wants to pursue entrepreneurship because of this.