India may be home to a huge number of start-ups in the world (3rd largest base, to be precise) but still remains a less desirable career option in comparison to lesser developed economies alongwith peer countries China, Brazil and South Africa, reveals a recent report of Global Entrepreneurship Monitor (GEM).
As per the GEM report, a mere 39.3 per cent in India consider of entrepreneurship as a good career choice, a figure which is lesser than factor-driven, i.e. the least developed, economies as well as the BRICS nation, except for Russia (whose data was actually unavailable).
“In India, 38 per cent adults perceive good opportunities to start a business and 38 per cent adults believe they have capabilities to start a business, while 44 per cent feel that the fear of failure is preventing them from taking the plunge,” stated the survey.
Topping the chart of entrepreneurship as a desirable career path is Brazil with 77.7 per cent of correspondents in the favour of the motion. Following the topper is South Africa, where 73.8 per cent stood for the motion. The third spot is occupied by China with 65.9 per cent correspondents approving entrepreneurship as a good career choice.
The survey also reveals that in India, 3.2 per cent adults are ‘nascent entrepreneurs’ (actively involved in setting up a business), while 7.7 per cent are ‘new business owners’ (in operation for more than three months but less than 42 months).
Though the only factor to cheer about is the low entrepreneurial exit rate of India, which according to the report is second from the bottom among all GEM countries.
