No pandemic dampener on Entrepreneurialism: Ipsos Global Entrepreneurialism 2021 Survey
No pandemic dampener on Entrepreneurialism: Ipsos Global Entrepreneurialism 2021 Survey; India is ranked 7 on Entrepreneurial Spirit; Funding, biggest barrier to entrepreneurialism
The pandemic spread its tentacles fast and suddenly most countries were in the throes of the lockdown, impacting jobs and livelihood. Entrepreneurialism is fraught with risks, so would have taken a back seat during the pandemic? Wrong? A global survey by Ipsos of more than 20,000 men and women in 28 countries shows entrepreneurialism was alive across all global markets, polled – at least 3 in 10 (30%) global citizens claim to have started a business and 1 in 10 (13%), say they have started an interest group; 4 in 10 urban Indians (45%) claim to have started at least 1 business in the time of the pandemic and 4 in 10 (42%) claim to have started an interest group.
"The pandemic and the lockdown made many rethink their priorities, with all the time on the hands, even thinking of new business ideas; for some, it would’ve been to get more freedom from their demanding jobs, for others it would’ve been the only recourse with job losses reaching a new high during the pandemic," says Amit Adarkar, CEO, Ipsos in India
One thing is certain, the Entrepreneurial Spirit was found to be bullish across most markets – for global citizens, entrepreneurial spirits was very high and high at 32% and 37% respectively. Among Indians 51% was Very high, 26% was high, 17% moderate and 7% low.
"Entrepreneurial Spirit was arrived at by capturing views on at least 100 attributes making it a highly rigorous process," added Adarkar.
Top attributes for Entrepreneurship
Entrepreneurial Spirit was defined by some of these top attributes among global citizens, that they felt they possessed:strong work ethic (74%), disciplined (73%), good planner (69%), flexible (69%), resourceful (68%), self motivated (68%), future oriented (68%), passionate of what they do (67%), good money manager (66%), strong belief in self (66%), creative (64%), can deal with failure (63%), can control my destiny (60%), among others.
Is Entrepreneurialism encouraged?
Entrepreneurialism is provided major thrust is India – urban Indians feel all key stakeholders of Banks (64%), business/ private sector (60%) and govt (54%) – are actively assisting entrepreneurs realize their dreams. Global citizens in comparison credit their institutions of banks (32%), business (32%) and govt (29%) far less.
For a job deficit market like India, entrepreneurialism is given huge emphasis, as it generates jobs and provides employment to many. Sometimes the idea is so strong that funding and systems all fit together with least effort. But sometimes, in a saturated market, with no takers, the plans fall through," said Adarkar.
Barriers to Entrepreneurialism
Everything is not hunky dory. Global citizens and Indians have identified some major roadblocks to entrepreneurialism – and both interestingly face the same hurdles: of funding, lack of interest, economy and knowledge. Though funding was far more pronounced. (See the PDF).
About the Study
These are the findings of a 28-country Ipsos survey conducted between November 20 and December 4, 2020, among 20,504 adults aged 18-74 in the United States, Canada, Malaysia, South Africa, and Turkey and 16-74 in 23 other countries; via Ipsos’ Global Advisor online survey platform. Each country’s sample consists of 1000+ individuals in Australia, Belgium, Brazil, Canada, China (mainland), France, Germany, Great Britain, Italy, Japan, Spain, and the United States, and 500+ individuals in Argentina, Chile, Colombia, Hungary, India, Malaysia, Mexico, the Netherlands, Peru, Poland, Russia, Saudi Arabia, South Africa, South Korea, Sweden, and Turkey.
About Ipsos
Ipsos is the world’s third largest market research company, present in 90 markets and employing more than 18,000 people. Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions. Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com.
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