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Jugaad rocks! India is best for entrepreneurs
In a global report on countries that encouraged entrepreneurism, India was ranked higher than developed economies like United States of America and Russian Federation.
According to the Global Entrepreneurial Report published on Monday, India is the global leader in entrepreneurism.
The report published by London-based Oracle Capital Group used data from the European Commission Flash Eurobarometer 354: Entrepreneurship in the EU and beyond.
Thirty three major industrial nations and emerging economies were rated in the survey on various parameters that measured entrepreneurial activity.
Some of the factors that measured entrepreneurism include perception of entrepreneurs in the country, attitude to risks involved in starting a new venture, fear of failure, willingness to risk personal finance and national levels of entrepreneurial activity.
We bring you the Top Ten countries that encourage entrepreneurship as per the Global Entrepreneurial Report.
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10. Austria
Entrepreneurism score*: 132
Although the growth rate of the country is not at par with the global average of 67 per cent, the top ten most entrepreneurial countries in the list including Austria have experienced over six times the rate of increase in personal wealth, which is why it qualifies to the list.
Austria's taxation and regulation norms are very encouraging for businesses to flourish.
*Entrepreneurism Score (lowest=best)
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9. Estonia
Entrepreneurism score: 128
The country ranked high on parameters like entrepreneurial activity and creation of personal wealth.
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8. Russian Federation
Entrepreneurism score: 120.33
The Russian government has lately been very forthcoming of its entrepreneurs.
In January this year, it introduced federal laws targetted at assisting small and new businesses.
The Russian Federation showed relatively less fear of failure and had a positive attitude towards self funding options.
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7. Ireland
Entrepreneurism score: 119.67
In Ireland the government places emphasis on supporting new businesses with export potential which has really worked for the Irish economy.
As per the Oracle report, the country scores similarly to Iceland for themes such as image and experience.
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6. Iceland
Entrepreneurism score: 111.67
Iceland is one of the few countries in the list to have scored well for its image of entrepreneurs.
It also fared well for prior experience and early stage business activity.
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5. China
Entrepreneurism score: 109.33
With its friendly taxation and economic policies, China promotes entrepreneurship.
It also ranks high when it comes to its attitude towards risk, feasibility and early stage entrepreneurial activity.
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4. Brazil
Entrepreneurism score: 94
When it comes to image of entrepreneurs, Brazil ranks third in the list topped by countries like Iceland and Denmark.
It also ranks high on desire for entrepreneurship and attitude towards self-funding.
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3. United States of America
Entrepreneurism score: 82.33
The USA is perhaps the only developed economy to feature in the Top Ten.
It scores particularly highly on experience, early stage business activity and (lack of) fear of failure, but only moderately well for its image of entrepreneurs, willingness to self-fund and failure rate.
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2. Turkey
Entrepreneurism score: 79.33
Turkey, in common with most of the other developing economies, scores low on image of entrepreneurs.
It also scores fairly lowly for failure rate, but well on attitude to risk, low fear of failure, desire, willingness to self-fund and early stage business activity.
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1. India
Entrepreneurism score: 74
India tops the list of most entrepreneurial countries according to the measure.
According to the report, more people in developing economies start their own ventures because they believe that there is no alternative for them, whereas individuals from the established, economically developed nations are more motivated by the opportunity to earn more or 'be their own boss'.
India topped the global list by scoring high on factors like prior experience, desirability, willingness to self-fund, low failure rates and high early stage business activity.
India is also one of the few countries where there is a higher proportion of entrepreneurs driven by necessity than by improvement.