The GUESSS survey, which is the world’s largest research project focused on student entrepreneurs, spans 57 countries and aims to assess the entrepreneurial intentions and activities of students worldwide.
According to a recent report by the Indian Institute of Technology (IIT) Mandi, over 32.5% of Indian university students are actively involved in starting their businesses, identifying them as "nascent entrepreneurs." These findings were part of the Global University Entrepreneurial Spirit Students' Survey (GUESSS) India 2023 Report, which draws attention to the rising entrepreneurial spirit among Indian students and their increasing inclination toward business ownership.
The GUESSS survey, which is the world’s largest research project focused on student entrepreneurs, spans 57 countries and aims to assess the entrepreneurial intentions and activities of students worldwide. In its first-ever assessment of Indian students, the survey captured responses from 13,896 students enrolled across various higher education institutions in India. Conducted between November 2023 and February 2024, the survey highlights the growing entrepreneurial ambition among Indian students, showcasing how various policy initiatives in the country are encouraging business start-ups.
The report reveals that 14% of Indian students plan to become entrepreneurs right after graduating, nearly matching the global average of 15.7%. Meanwhile, 31.4% of Indian students expressed intentions to venture into entrepreneurship five years after graduation, slightly above the global average of 30%. This data points to a strong entrepreneurial trend among Indian youth, suggesting that students are increasingly considering entrepreneurship as a viable career option.
According to the survey, Indian students exhibit the highest level of entrepreneurial intent globally, scoring an average of 4.6 on a 7-point scale. This figure is significantly higher than the global average of 3.7, highlighting the entrepreneurial mindset that is prevalent among Indian students. Additionally, 38% of the students are currently involved in venture creation, with 33% of them in the early stages of their business ventures. These statistics place India ahead of its global peers in terms of student involvement in entrepreneurship.
Dr. Puran Singh, Associate Professor at IIT Mandi and the lead researcher of the report, pointed out that India’s entrepreneurial potential is closely tied to its large youth population. As the world's third-largest start-up ecosystem, the country’s ability to harness its youth’s entrepreneurial capabilities will be crucial to driving economic growth in the upcoming years.
Singh emphasized that India’s robust pipeline of nascent ventures reflects the immense potential for further growth, positioning the country as a hotbed for future innovation and entrepreneurship. The GUESSS India 2023 Report provides a detailed understanding of Indian students' entrepreneurial ambitions, which can help guide policies to support student-driven business ventures.
With a thriving start-up ecosystem and growing entrepreneurial intent, Indian university students are set to play a pivotal role in shaping the country’s future business landscape.
(This article is the reworked version of a PTI feed)