1. Thriving entrepreneurship in India: It may be in our traits, says study

Thriving entrepreneurship in India: It may be in our traits, says study

According to a study by Aston Business School, there are more entrepreneurs in countries where ruthless business traits are held in higher esteem.

By: | Updated: September 5, 2017 5:05 PM
According to a Nasscom report, the Indian startup ecosystem is the third largest in the world. (Image: Reuters)

The rise in the number of Indian entrepreneurs may have something to do with the Indian ability to be competitive says a study conducted by the Aston Business School. According to the research, there are more entrepreneurs in countries where ruthless business traits are held in higher esteem. This is after controlling for factors such as gender, education level, and gross domestic product per capita according to a review by researchers at Aston Business School  and Kansas State University in the United States.

Ute Stephan, a professor at Aston Business School pointed out to Bloomberg, “You need to be able to elicit co-operation from others, but at the same time, you can’t give too much away, so you need to be a bit guarded, competitive and hard-nosed.” Talking about the synthesis of the two traits, he added, “When these two things come together in a culture, that’s when you have the highest entrepreneurship rates.”

The Indian startup ecosystem is the third largest in the world. According to Nasscom, until 2016, India added more than 1,400 new startups, taking the total to more than 4,750. Nasscom predicts the entrepreneurship ecosystem will more than double to reach more than 10,500 startups by 2020.

Sarat Pediredla, the CEO of  Hedgehog Lab who has experienced life working in offices in the United Kingdom, United States and India told Bloomberg, “In the west, we’re a lot more diplomatic,” he said. Comparing the competitive landscape between the west and India, he observed, “ In India, it’s very cut-throat in terms of the competition. I see a lot more collaboration in the U.K. than in other cultures.”

Aditya Malkani, the founder of Think Education Advisory Services wrote in a recent blog, “Entrepreneurs fundamentally see opportunity where challenges exist and what Indian entrepreneurs have to their advantage over their western counterparts is the opportunity to find solutions to emerging economy challenges that are visible all around them!”

According to him, the burgeoning population in the country provides an excellent opportunity. He observes,” With a population in excess of 1.2 billion, it will be impossible for the government to provide for the basic needs of all citizens and therein lies the opportunity for entrepreneurs and innovators –  particularly in areas of education & healthcare.”

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