NEW DELHI: The Amway India Entrepreneurship conducted a study and it came to light that as many as 61% students of India consider entrepreneurship as a lucrative source of livelihood than a job. The more intriguing feature of this study is that a majority of these students are from the rural areas who have shown their eagerness and willingness to start their own business than their urban fellows.
In its report in 2017 conducted by Nielsen, 71 % of them cited “fear of failure” as one of the biggest obstacles in starting one’s business.
The study was conducted on 10,809 final year undergraduate students, comprising of 6,269 male and 4,540 female students covering 28 cities, 28 small towns and students hailing from rural areas across 21 states of India in 2016, Amway India said in a statement.
Amway President Doug DeVos expressed that India’s reputation was at a favorable position for the entrepreneurial transformation. He also mentioned that the country is already in his top 10 global market lists and was excited to be part of its future growth. DeVos released the report at the ongoing Global Entrepreneurship Summit (GES) 2017 held in Hyderabad.
According to the reports, the statistics stated that the desire to set up one’s own business was recorded highest in Madhya Pradesh (47 percent), followed by Gujarat (45 percent), Bihar (24 percent), Himachal Pradesh (23 percent) and finally Haryana (21 percent).
The reports revealed that 80% f the survey participants believed that the “entrepreneurial skills” could be taught and not inherited necessarily.
“To facilitate this, a majority (78 percent) categorically expressed a need for substantial changes in the present education system with 75 percent appealing for entrepreneurial courses in the curriculum,” it added.
To substantiate this, nearly 78% are of the opinion that substantial changes in the sphere of the present education system are necessary with nearly 75% appealing for the entrepreneurial courses to be included as a part of the curriculum.
Abiding by the fact that family is equally important, nearly 81% expressed that they would rely on their family for support while starting new ventures and projects.
“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,” the report said.
“Riskiness” was reflected in nearly 33% of the respondents as they considered financially sound family background a major factor in the entrepreneurial sector.
Amway Regional President (Europe, Africa & India), Samir Behl, Amway said, “Millennials are quickly becoming the biggest demographic segment in the workforce. Their strong networks, collaborative culture and deep desire to learn to make them a perfect fit to take-up entrepreneurship as a career by choice.”
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