'Majority of Indians working in SMEs aspire to be an entrepreneur'

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SME Times News Bureau | 25 Oct, 2016
Majority of Indians, currently working in small and medium enterprises (SMEs); plan to be entrepreneurs over the next 10 years, said a study released on Monday in New Delhi.

GoDaddy, the world’s largest technology provider dedicated to small businesses, Monday released its 'Future of Work' survey, a global study that delves into entrepreneurial intent, attitudes and outlook when considering starting or running a small business.

According to study, 60 percent of the approximately 1,200 respondents in India, currently working in small or mid-sized organizations; plan to be entrepreneurs over the next 10 years.

Interestingly, the proportion of those wanting to start their own business is significantly higher in India when compared to Australia, Brazil, Canada, China, Hong Kong, Turkey, Singapore, the United States and United Kingdom, it said.

A remarkable 85 percent of aspiring and current entrepreneurs in India say that they are undeterred at the prospect of failure and are relentless in the pursuit of entrepreneurial success.

Andrew Low Ah Kee, Executive Vice President, GoDaddy International, said, "Entrepreneurial passion coupled with access to technology, is helping entrepreneurs realize their dreams today."

He further added, "The emerging and newer generation of India’s entrepreneurs are embracing technology like never before. 67 percent of budding entrepreneurs say that recent technologies have created newer business opportunities and 72 percent of respondents believe that online channels are important to be attractive to their customers. GoDaddy is committed to helping small businesses in India succeed with the right online technology to help grow their business."

The Future of Work Survey polled Millennials (new to the workforce), Gen X-ers (mid-career) and Baby Boomers (exiting the workforce) to pull in insights on how the Indian workforce perceives and approaches entrepreneurship and small business ownership.

70 percent of respondents in India mentioned that they were either employed or working when they decided to start their own business vs. developed economies where respondents chose entrepreneurship by choice or while they were in college and completing their graduate programs

Experience triumphs education when it comes to gaining the right skills to be an entrepreneur. Close to half of the respondents (45 percent) say that work experience is most valuable, while only 12 percent believe education gets them ready to become an entrepreneur

79 percent of the surveyed workforce believe technology has made it easier to become an entrepreneur in today's time

Around 63 percent of the future entrepreneurs believe in following their parents’ footsteps to start their own businesses and admire the hard work put in by their parents

The study said, 62 percent want their business to internationalize and have global customers. GoDaddy powers the world's largest cloud platform dedicated to small, independent ventures.