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Jugaad rocks! India is best for entrepreneurs

Last updated on: June 24, 2014 21:33 IST

Jugaad rocks! India is best for entrepreneurs

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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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Image: According to the Global Entrepreneurial Report, India is the world leader in entrepreneurism.
Photographs: Amit Dave/Reuters

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10. Austria

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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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Image: Austria is ranked tenth among countries that encourage entrepreneurship.
Photographs: Wiener Riesenrad/Creative Commons
Tags: Austria

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9. Estonia

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Entrepreneurism score: 128

The country ranked high on parameters like entrepreneurial activity and creation of personal wealth.

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Image: Estonia ranks ninth among countries that encourage entrepreneurship.
Photographs: Ivar Leidus/Creative Commons
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8. Russian Federation

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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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Image: Russia ranks eighth in the list.
Photographs: (Julmin)/Creative Commons
Tags: Russian

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7. Ireland

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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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Image: Ireland is seventh in the list of world's most entrepreneurial counties.
Photographs: StormontCarson/Creative Commons

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6. Iceland

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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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Image: Iceland ranked sixth in the list for world's most entrepreneurial countries.
Photographs: Cicero85/Creative Commons
Tags: Iceland

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5. China

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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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Image: China ranks fifth among countries that encouraged entrepreneurship.
Photographs: Bjoern Kriewald/Wikimedia Commons
Tags: China

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4. Brazil

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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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Image: Brazil is ranked fourth in the list of world's most entrepreneurial countries.
Photographs: Rodrigo Gomes da Paix?o/Wikimedia Commons

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3. United States of America

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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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Image: The United States of America is ranked third in the list.
Photographs: Elcobbola/Wikimedia Commons

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2. Turkey

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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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Image: Turkey is the second best country for entrepreneurs.
Photographs: Dennis Jarvis/Creative Commons
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1. India

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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.


Image: India tops the list of world's most entrepreneurial countries
Photographs: Muhammad Mahdi Karim/Wikimedia Commons
Tags: India

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