According to the Global University Entrepreneurial Spirit Students’ Survey (GUESSS) India 2023 Report, more than 32.5% of students in Indian universities identify as “nascent entrepreneurs,” actively working towards establishing their own businesses. This finding, shared by the Indian Institute of Technology (IIT) Mandi, underscores a notable increase in entrepreneurial aspirations driven by supportive policy initiatives in India.
The GUESSS Report, led by Dr. Puran Singh from IIT Mandi’s School of Management, analyzes the entrepreneurial spirit among students across 57 countries. It seeks to understand their intentions and activities in entrepreneurship. The survey reveals that 14% of Indian students plan to become entrepreneurs immediately after graduation, slightly below the global average of 15.7%. However, a significant 31.4% of Indian students intend to pursue entrepreneurship within five years post-graduation, compared to a global average of 30%.
Understanding the Rising Entrepreneurial Aspirations Among Indian Students
Conducted between November 2023 and February 2024, the GUESSS India 2023 Survey gathered responses from 13,896 students across various higher education institutions. This first-of-its-kind survey for India provides comprehensive insights into the entrepreneurial ambitions of students and establishes a solid foundation for understanding the student entrepreneurship landscape.
Dr. Puran Singh commented on the findings, stating, “India has emerged as the third-largest start-up ecosystem in the world. Harnessing the entrepreneurial potential of our youth is vital for the country’s growth.” The report emphasizes India’s robust entrepreneurial intent, with students scoring an average of 4.6 on a 7-point scale for entrepreneurial spirit—significantly higher than the global average of 3.7. Furthermore, the involvement rate in venture creation stands at 38%, with 33% of students at the nascent stage of their business ventures, marking India as a leader among global peers.
The insights from the GUESSS India 2023 Report highlight a critical opportunity for India to cultivate and support its nascent entrepreneurs. By fostering an environment conducive to entrepreneurship, educational institutions and policymakers can contribute to sustainable economic growth and innovation in the country.
In conclusion, the GUESSS India 2023 Report presents a promising picture of the entrepreneurial landscape among Indian students. With a significant proportion of students inclined towards entrepreneurship, India is poised to harness the potential of its youth, ensuring that they can thrive in a competitive global economy.
