Indian College Students Show High Entrepreneurial Spirit: IIT Mandi Research

Up to 32.5% of Indian college students are already aspiring business owners who are actively working to launch their ventures. According to an IIT Mandi research, this percentage is greater than the global average of 25.7%.

According to a survey conducted by IIT Mandi, 14% of Indian students intend to start their own businesses as soon as they graduate, which is quite similar to the global average of 15.7%. Aspirations change over time, as seen by the fact that 31.4% of students plan to pursue entrepreneurship five years after graduation, which is higher than the global average of 30%. Furthermore, while 69.7% of students initially want to work after graduation, over the course of five years, this percentage reduces to 52.2%, with 31% of students hoping to start their own business, up from 14% at graduation.

This information was published in the "GUESSS India 2023 Report," a survey on Indian student entrepreneurship conducted by the Global University Entrepreneurial Spirit Students' Survey (GUESSS) India Chapter. GUESSS is a global research project that includes an extensive survey on student entrepreneurs across the globe (57 countries).

According to the IIT Mandi research, the biggest percentage of students worldwide—38%—are engaged in venture formation, with 33% of them in the early stages. But just 4.8% have made it to the point where they are making money, showing room for expansion.

Twenty-six percent of student businesses are incubated, and sixty-three percent of student entrepreneurs presently use institutional help. The study claims that Indian colleges are in the forefront of fostering a supportive environment for entrepreneurship, scoring 4.7 out of 7, the highest among the top startup ecosystems worldwide.

Dr. Puran Singh, an associate professor at IIT Mandi's School of Management and the country representative for GUESSS India, spearheaded the report's writing. Dharmender K. Yadav, a member of the national team and doctoral candidate at IIT Mandi's School of Management, co-authored it.