This sentence sums up the Indian spirit of Entrepreneurship:
..today celebrate the ubiquitous Indian attitude of ‘Jugaad’ (a Hindi word roughly translated as ‘creative improvisation.a tool to somehow find a solution based on a refusal to accept defeat, and calling on initiative, quick thinking, cunning and resolve.to quickly fulfill market demands at the lowest possible prices’) as an entrepreneurial trait that has been as much a part of everyday Indian living as its rich tradition of philosophy and speculation.
NKC conducted a survey on entrepreneurship (sample size of 200) and here are the key findings:
- Key ‘Entrepreneurial Triggers’ are: Individual Motivations, Socio-cultural Factors, Access to Early-Stage Finance Education and Business Environment.
- Prominent ‘Motivation Triggers’ are ‘Independence’, ‘Market Opportunity’,’Family Background’, ‘New Idea’, ‘Challenge’, and ‘Dream Desire’.
- 99.4% of the entrepreneurs interviewed did not want to be in a routine job. 74% of the entrepreneurs interviewed received family support, underscoring its crucial significance.
- ‘Family background’ became less significant with increasing levels of work experience.
- Access to early stage finance from banks is perceived to be very difficult at the start-up stage but becomes comparatively easy at the growth stage.
- 63% of the entrepreneurs interviewed were self-financed, while other sources included banks, venture capital (VC), angel investors and state finance corporations. Among those financed by banks, a majority who approached banks (61%) did receive bank finance.
- 50% of the entrepreneurs experienced difficulties while seeking statutory clearances and licences. Two-thirds faced hassles while filing taxes and 60% claimed to have encountered corruption.
Read NKC’s recommendations below: