Indian Youth Considering Entrepreneurship

According to a report, 61% students consider entrepreneurship as being a good prospect to earn a livelihood in India. Students from rural areas show greater willingness to start their own business over students from urban areas. Among the 28 states, students of Himachal Pradesh, Haryana, Gujarat, Assam, Delhi and Tamil Nadu can see themselves starting their own business. Student respondents rate good education, financial security and social/family network as the top 3 crucial mantras for entrepreneurial success. The perception of ‘riskiness’ of entrepreneurship was reflected in one-third of the respondents rating ‘financially secure family background’ as a most important determinant of success. There is a lot of hope for enterprise in this country. Notably, the entrepreneurship receptiveness is significantly higher among students from higher-income strata. Openness to start businesses is highest in Madhya Pradesh, followed by Gujarat, Bihar, Himachal Pradesh and Haryana. However, ‘the fear of failure’ was found to be the major obstacle in starting a business among 71% of the students. 80% of the respondents unequivocally state that they believe that ‘entrepreneurial skills’ can be taught and are not necessarily inherited. To facilitate this, a majority categorically expressed a need for substantial changes in the present education system with 75% appealing for entrepreneurial courses in the curriculum. Thus, to grasp and retain student interest in entrepreneurial education, which, in turn, will help make entrepreneurial education more effective, educators need to focus on more out-of-the-box techniques that are in touch with the reality of the everyday world of an entrepreneur and does not simply rely on theoretical pedagogy.

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