INDIA ENTREPRENEURSHIP REPORT 2015

INDIA ENTREPRENEURSHIP REPORT 2015 Fostering A New Wave Of Entrepreneurship

Foreword Founded in 1959, Amway is today the world s largest Direct Selling FMCG Company in the world with operations in more than 100 countries and regions. For the past six decades, Amway s business has been built around providing self-employment opportunities to individuals to retail our world-class FMCG products, such as Nutrilite, Artistry, Persona, Attitude, Glister etc. We have been privileged to support 10 million individuals across the world to become self-employed or independent resellers of our products. Through this, we have gained a rich understanding of what drives entreprenuership and self-employment globally. We believe India can benefit from this vast repertoire of learnings. As the demographic dividend unfolds and the business environment changes in India, more Indians have reasons to start their own businesses. Amway is committed to helping this new wave of entrepreneurship and in line with our annual Amway Global Entreprenuership Report (AGER), we launched the India Entreprenuership Report last year to identify what motivates entrepreneurs here and understand the environments in which they operate. Our second edition, Amway India Entrepreneurship Report 2015: Fostering A New Wave Of Entrepreneurship, builds on our findings from last year. It reveals the regional variations, state differences, and the main drivers, obstacles and motivations that influence entreprenuership in India. Anshu Budhraja CEO, Amway India 1

Contents Foreword Introduction Facts & Figures Executive Summary Entrepreneurship Confidence in India India s Attitude Advantage Entrepreneurship Readiness Entrepreneurship: "The Way to Wealth" or an "Alternative to Unemployment" The Fear of Failure Entrepreneurship Can Be Taught Access to Finance is Key Governments Can Do More Recommendations 4 6 8 9 11 13 14 15 17 19 21 23 3

Introduction Why we must talk entrepreneurship Demographic opportunities and challenges are often talked about in the context of India s economic growth. According to the United Nations Population Database 2015, India is one of the youngest nations in the world with more than 62 percent of its population in the working age group (15-59 years) and more than 54 percent of its total population below 25 years of age. Our population pyramid is expected to bulge across the 15-59 age group over the next decade. In fact, during the next 20 years the labour force in the industrialised world is expected to decline by 4 percent while in India it will increase by 32 percent. Eleven to 13 million Indians are estimated to come onto the job market every year till 2025 1. To both absorb the growing bulge in our working population, and to speed up overall economic growth, India will have to create jobs in the primary, secondary and tertiary sectors at a brisk pace. Sparking entrepreneurship across all sectors will be crucial for this to happen. India has not efficiently harnessed its potential for entrepreneurship though; the MSME (micro, small and medium enterprises) sector contributes to only 17 percent of our GDP as compared to 85 percent in Taiwan, 60 percent in China and 50 percent in Singapore 2. The cost to start a business as a percentage of income per capita was 51 per cent in India, over five times the G20 average of 9.4 percent, the largest in the G20 by a significant margin (2010 12 average). To foster this spirit of enterprise, supportive ecosystems have to be shaped and created at various stages of entrepreneurship. Key parameters such as access to funding, social perceptions of entrepreneurship, government regulations, entrepreneurship education and an ecosytem that facilitates mentorship/advisory are important factors. The fears, motivations and drivers for the adoption and success of entrepreneurship can be found within these parameters. The Amway India Entrepreneurship Report 2015 (AIER), an extension of the annual Amway Global Entrepreneurship Report (AGER) 3, aims to train a spotlight on these issues. Our objective is to understand the latent enthusiasm for entrepreneurship in our country as well as the factors that motivate and obstruct the creation of new enterprises. Amway India hopes the insights will be useful reading for policy planners, government bodies, financial institutions and entrepreneurship evangelists to help create a more enabling, conducive environment for existing and potential business owners in India. The conversations sparked off from these findings, we hope, will give way to more progressive and timely policy interventions. John L Khiangte Senior Policy Analyst - Government Affairs, Amway India 1 The Great Unskilled, Kotak Institutional Equities http://www.kotak.com/kotaklp/kotak- TheGreatUnskilled/GameChanger.pdf 2 Global Employment Trends 2013, ILO http://www.ilo.org/wcmsp5/groups/public/--- dgreports/---dcomm/---publ/ documents/publication/wcms_202326.pdf 3 Amway Global Entrepreneurship Report 2015 http://www.amwayentrepreneurshipreport.com/

India s Demographic Dividend India s Population Pyramid in 2006 Age Group (years) 80+ 75-79 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-15 5-9 0-4 15% 10% 5% Precentage of 5% 10% 15% population (%) India s population will increase from from 1 billion in 2001 to 1.4 billion in 2026. 83% of this increase will be in the 15-59 age group. India s Population Pyramid in 2026 Age Group (years) 80+ 75-79 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-15 5-9 0-4 15% 10% 5% Precentage of 5% 10% 15% population (%) India will have the youngest and largest workforce in the world by 2026 Source: Population Projections for India and States 2001-2026, Census of India 5

Facts & Figures States covered 21 States and 50 cities Sample 250 households were surveyed from each of the 21 states. One male and one female member in the 21-65 age group were interviewed from each household taking the total no of respondents to 10,768 individuals (Male 5,402 and Female 5,366) Method Face to face Research Partner Micromarketing and Economics team, Nielsen India Pvt. Ltd 50% 50% All India Sample : 10,768 MALE - FEMALE SPLIT Male Female 37% 20% 43% BY AGE GROUP 21-35 years 36-49 years 50-65 years 25% 38% 37% BY INCOME upto 3 lakh 3 to 10 lakh above 10 lakh 14.7% 2.9% 0.7% 7.1% 3.3% 31.9% 39.5% BY EDUCATION M.Phil/PhD Graduate/PG (Professional) Graduate/PG (General) SSC/HSC School 5-9 years School up to 4 years Illiterate

CITIES AND STATES COVERED 1 Agra 2 Ahmedabad 3 Amritsar 4 Aurangabad 5 Bengaluru 6 Bhopal 7 Bhubaneswar 8 Chennai 9 Coimbatore 10 Dehradun 11 Delhi 12 Faridabad 26 Lucknow 27 Ludhiana 28 Madurai 29 Meerut 30 Mumbai 31 Mysore 32 Nagpur 33 Nashik 13 Gandhinagar 14 Ghaziabad 15 Gurgaon 16 Guwahati 17 Gwalior 18 Howrah 19 Hyderabad 20 Indore 21 Jabalpur 22 Jaipur 23 Jodhpur 24 Kanpur 25 Kolkata 34 Navi Mumbai, Thane, Kalyan, Dombivali 35 Noida 36 Panipat 37 Patna 38 Pune Metropolitan Region 39 Raipur 40 Rajkot 41 Ranchi 42 Rewari 43 Shimla 44 Solapur 45 Surat 46 Thiruvananthapuram 47 Vadodara 48 Varanasi 49 Vijaywada 50 Vishakhapatnam 7

Executive Summary Our survey shows that there is a tangible enthusiasm for entrepreneurship as being a good prospect to earn a livelihood in India, with nearly two-thirds of the respondents viewing it favourably. This is good news for India as entrepreneurship is an important source of competitiveness, growth and job creation in a country, especially in an emerging economy. Yet, even as our findings show a perceptible attitude advantage when it comes to entrepreneurship, the environment and the enabling ecosystem in India has not kept pace. Only 11 percent of the respondents said the environment to start a business in their state had improved significantly over the past five years. Only 14 percent of the respondents feel the government is doing the best it can under the given circumstances to promote entrepreneurship. Nearly eight in ten people (79 percent) felt that either their governments were not doing enough to promote entrepreneurship, or could do more. The awareness of government schemes and programmes were poor as well. Consequently, even as two-thirds view entrepreneurship positively, only three in 10 people said they could imagine starting their own business; and overall, only 19 percent of respondents said they are very open to starting a new business and in fact are actively pursuing one. A conducive, facilitating environment can enable more people to move towards actually becoming entrepreneurs. Interestingly, two primary reasons that might seem at opposite ends of the spectrum emerge as the biggest motivations for entrepreneurship. Of all the reasons that appeal most as a driver to start one s own business, 44 percent respondents cited wealth creation as the most important factor. Somewhat in contrast to the aspirational aspect of wealth creation, 70 percent of the respondents also said they believed people in their city/town started their own business because they were unable to find employment elsewhere. The dichotomy suggests a disguised positivity to entrepreneurship; a divergence in how people view themselves as entrepreneurs as opposed to how they view others who became one. Another obstacle for entrepreneurship in India is the fear of failure, with 63 percent of the overall respondents saying so. This is aligned to our global findings as well. The AGER 2015 found that for 70 percent of worldwide respondents, the fear of failing is an obstacle to starting a business. Globally, and in India as well, financial burdens up to bankruptcy is the main element breeding fear. It isn t surprising then that 77 percent said access to financing was either the most important or very important factor to starting one s own business, higher than other factors such as government schemes for entrepreneurs and family support. The role of financial services institutions is crucial to facilitating creation of new enterprises. 9

Entrepreneurship Confidence Nearly half of all respondents (45 percent) said the environment to begin a business in their state has improved over the past five years. But only 11 percent of the respondents felt the environment had improved significantly, indicating that while the business environment has seen some progress, and much more needs to be done to foster entrepreneurship in India. Gujarat (31 percent), Karnataka (26 percent) and Assam (22 percent) were the top-ranking states when it came to significant improvement in the environment. The environment for entrepreneurs to start businesses in India percentage of respondents who chose the following options 11% 8% 17% Has worsened significantly Has worsened marginally 34% Has remained the same 30% Has improved, but moderately Has improved significantly Infrastructure (road, electricity, ICT, water) was the area in which people perceived most improvement. Sixty six per cent of all India respondents said infrastructure had either improved moderately or significantly. Respondents in Kerala, Karnataka and Telangana were most satisfied with the pace of improvement in infrastructure. What do you think has changed over last 5 years? respondents average rating for each parameter Infrastructure (road,electricity,ict,water) Education (schools & colleges) Society s attitude to entrepreneurship Government policies and schemes Mushrooming of private industry & jobs 3.7 3.6 3.5 3.4 3.4 0 1 2 3 4 5 Respondents rating on a scale of 1 to 5; where 1 = worsened significantly; 2= worsened marginally; 3= has remained the same, 4 = has improved, but moderately and 5= has improved significantly

The environment for entrepreneurs to start businesses in the states percentage of respondents in each state Has worsened significantly Has remained the same Has worsened marginally Has improved, but moderately Has improved significantly All India 8 17 30 34 11 Andhra Pradesh 4 17 32 34 13 Assam 15 22 21 19 22 Bihar 2 9 25 51 13 Chhattisgarh 2 11 35 47 5 Delhi 11 14 26 38 11 Gujarat 4 6 18 41 31 Haryana 5 8 62 21 3 Himachal Pradesh 27 22 22 24 5 Jharkhand 9 49 28 13 1 Karnataka 1 2 7 64 26 Kerala 9 44 31 13 4 Madhya Pradesh 8 13 14 47 18 Maharashtra 6 13 24 44 12 Odisha 6 14 23 39 18 Punjab 24 7 45 23 2 Rajasthan 1 8 33 54 4 Tamil Nadu 6 23 38 32 1 Telangana 6 24 24 28 18 Uttar Pradesh 5 13 33 41 9 Uttarakhand 13 19 29 28 11 West Bengal 3 20 54 19 4 Respondents rated the changes over the last five years in their states on a on a scale of 1 to 5; where 1 = worsened significantly; 2= worsened marginally; 3= has remained the same, 4 = has improved, but moderately and 5= has improved significantly 11

The Attitude Advantage Entrepreneurship is valued in India. Nearly two-thirds (66 percent) of respondents consider it to be a good prospect. While encouraging, this is lower than the global average of 75 percent, according to AGER 2015 4. How would you rate entrepreneurship as a means to earning one s livelihood? percentage of respondents who chose from the following options Very risky prospect; would only consider if no other option Good prospect; but cannot imagine starting own business Good prospect; and can imagine starting own business 26% 30% 36% Don t know / Not sure 8% The gender gap in attitude percentage of respondents in each state 100 Male Female 80 60 40 20 - All India Andhra Pradesh Assam Bihar Chhattisgarh Delhi Gujarat Haryana Himachal Pradesh Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Odisha Punjab Rajasthan Tamil Nadu Telangana Uttar Pradesh Uttarakhand West Bengal 4 Amway Global Entrepreneurship Report 2015 http://www.amwayentrepreneurshipreport.com/

A Positive Landscape percentage of respondents who are positive towards entrepreneurship as a means to earning livelihood 39% 77% 65% 70% 77% 50% 67% 72% 68% 73% 52% 48% 55% 67% 73% 78% 73% 75% 76% 70% 49% While Kerala (78 percent), Punjab (77 percent) and Uttarakhand (76 percent) were the states with the most positive attitude towards entrepreneurship, more than half the respondents in Uttarakhand (57 percent), the highest in any state, said they could imagine starting their own business. 13

Entrepreneurship Readiness Nearly one in two respondents (47 percent) overall said they had either thought about starting their own business or are actively pursuing one. Overall, 19 percent of respondents said they are very open to starting a new business and in fact are actively pursuing one. Income doesn t lead to significant differences in the active pursuit of opening a new business. Jharkhand has the highest percentage of respondents (60 percent) who say they are actively pursuing a new business, followed by Uttarakhand (40 percent) and Uttar Pradesh (29 percent). How open are you to starting a new business? percentage of respondents who chose from the following options Very open, infact I am pursuing one 19% I have thought about it, but am yet to take any step 28% I have not thought about it, but open to explore 24% I am unlikely to start my own business 18% I don t think I will ever start my own business 11% The gender gap is striking here too. One in four men (25 percent) are actively pursuing a new business but only 13 percent of women are. The thought-to-action journey seems to be the toughest for women as well. The gender gap in people actively pursuing a new business in India Male Female 80 70 60 50 40 30 20 10 0 All India Andhra Pradesh Assam Bihar Chhattisgarh Delhi Gujarat Haryana Himachal Pradesh Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Odisha Punjab Rajasthan Tamil Nadu Telangana Uttar Pradesh Uttarakhand

The Way to Wealth or an Alternative to Unemployment Wealth creation tops the list of factors that would motivate people towards entrepreneurship in India. Of all the reasons that appeal most as a reason to start one s own business, 44 percent of all respondents cited wealth creation as the most important factor, different from our global findings 5 where independence from an employer, being my own boss and self-fulfilment, possibility to realise own ideas were the most appealing reasons. The other factors cited as choices came a distant second and all received almost equal weightage on being most important reason for starting one s own business. If you were to start your own business, which of the following factors would appeal to you the most? Not important Somewhat important Important Very important Most important Wealth creation 3 5 15 33 44 Better compatibility of family, leisure time and career 2 8 21 46 23 Second income prospects 3 8 27 41 22 Self-fulfilment possibility to realize own ideas 2 7 25 43 24 Independence from an employer, being my own boss 2 8 24 42 24 As an alternative to unemployment 3 8 25 41 22 Somewhat in contrast to the aspirational aspect of wealth creation, 70 percent of the respondents also said they believed people in their city/town started their own business because they were unable to find employment elsewhere, indicating a dichotomous, disguised positive perception. The respondents personal motivation to start a business is clearly in contrast to why they think others become entrepreneurs. Do you think people in your city/town start their own business because they are unable to find employment elsewhere? 24% 7% 33% 37% Yes, to a great extent Yes, to some extent I don t think so I can t say 5 Amway Global Entrepreneurship Report 2015 http://www.amwayentrepreneurshipreport.com/ 15

The Fear of Failure Across gender, income and age, the fear of failure emerges as a clear obstacle to starting a business with 63 percent of the overall respondents saying so. This is aligned to our global findings as well. The AGER 2015 found that for 70 percent of worldwide respondents, the fear of failing is an obstacle to starting a business. Unlike in India though where age doesn t seem to amplify or alleviate the fear, our global study found that respondents under 50 years see the fear to fail as a bigger obstacle than those over 50 years (under 35 years: 72 percent; from 35 to 49 years: 72 percent; over 50 years: 66 percent 6 ). Do you think the fear of failure is a major obstacle to starting a business? percentage of respondents who chose from the following options 32% 5% 63% Yes No Can t Say The Anatomy of Fear The fear of failure is composed of different factors. Overall, 31 percent of respondents found financial burdens up to bankruptcy as the most important cause for the fear. Non-conducive market conditions (24 percent) and fear of unemployment (23 percent) were the other key causes of the fear. Globally, as well, financial burdens up to bankruptcy and threat of the economic crisis - a major personal fear and a huge external influencer - were found to be the main causes for fear. 6 Amway Global Entrepreneurship Report 2015 http://www.amwayentrepreneurshipreport.com/

Which of the following obstacles contribute the most to this fear? percentage of respondents who chose the following ratings Not important Somewhat important Important Very important Most important Fear of unemployment 5 10 23 39 23 Non-conducive market conditions 4 12 24 37 24 Not to be given a second chance 5 14 27 35 20 Legal consequences, lawsuits 4 13 28 36 19 Being forced to take over the responsibility 5 11 29 37 19 Personal disappointment, loss of self-esteem 6 12 28 36 18 Reputation loss in front of friends, co-workers, or business partners 5 11 28 36 20 Disappointing or losing my family 5 11 26 39 20 Financial burdens up to bankruptcy 7 12 17 33 31 17

Entrepreneurship Can Be Taught On average, 73 percent believe that anyone can be trained/educated to be an entrepreneur. The level of education seems to have a reverse correlation with this notion of aspirational entrepreneurship. Only 50 percent of M.Phils and PhDs seem to think anyone can be educated/trained to be an entrepreneur. Do you think people can be trained/educated to become entrepreneurs? percentage of respondents who chose from the following options I can t say Entrepreneurs are born / entrepreneurship skills are inherited People can not be trained/ educated to become entrepreneurs Anyone can be trained/ educated to become entrepreneurs 3% 5% 19% 73% Most don t feel limited by their current level of education with 62 percent of all respondents saying the education they had right now was sufficient to start their own business. The gender gap raises its head here though with eight percent less women than men believing that they are sufficiently educated to become entrepreneurs. Level of education doesn t seem to influence this sentiment though. Considering only 27 percent of the nationwide sample said they had been introduced to entrepreneurship as part of their formal education syllabus, the positivity towards entrepreneurship being something they believe can be pursued is noteworthy. Do you think the education you have right now is sufficient to help you start your own business? percentage of respondents who chose from the following options 34% 4% 62% Yes No I can t say

Have you ever been introduced to entrepreneurship as a part of your formal academic curriculum? percentage of respondents who chose the following options All India 27 Andhra Pradesh 11 Assam 25 Bihar 40 Chhattisgarh 2 Delhi 59 Gujarat 55 Haryana 5 Himachal Pradesh 40 Jharkhand 3 Karnataka 44 Kerala Madhya Pradesh 27 28 Maharashtra 22 Odisha 60 Punjab 43 Rajasthan 21 Tamil Nadu 52 Telangana 19 Uttar Pradesh 3 Uttarakhand 5 West Bengal 2 What would you like to be trained /educated on to start your own business? percentage of respondents who chose the following options Financial Management 49 % 57% Marketing 55 % 44 % 58 % People Management Sales Product development 19

Access to Finance is Key When asked who they would approach when starting a business, 83 percent of the respondents said banks would be their main port of call. Who would you approach, if you were to start a business? percentage of respondents who chose the following options Banks Friends and family Concerned Department(s) in the government Consultants / professionals for advice Successful/established entrepreneurs for advice Micro-finance / Self Help Groups Institutes o ering Entrepreneurial skill training 58% 52% 51% 50% 47% 78% 83% Access to financing was either the most important or very important factor to starting one s own business for 77 percent of overall respondents, higher than any other factor. The above insights clearly point to the role of financial institutions in fostering and facilitating entrepreneurship. The reality though suggests that a lot of work needs to be done to respond to this. According to the World Bank, the ratio of domestic credit to GDP in India was 48.2 percent compared to an average of 99 percent across the G20 countries in the period of 2008 to 2010. In 2011, only 0.09 companies were registered in India for every 1,000 people of working age, among the lowest in G20 countries. As per data from the Reserve Bank of India, the share of small scale industries in gross bank credit from scheduled commercial banks has been continuously decreasing. Its share has fallen from 15.42 percent of the gross bank credit in 1991 to 6.34 per cent in 2006-07. Reinvigorating the flow of credit will give existing and potential entrepreneurs a huge fillip.

Factors important to start one s own business percentage of respondents who chose the following options Not important Somewhat important Important Very important Most important Political influence 10 14 27 30 18 Family support 2 6 19 37 35 Government support in terms of schemes and programmes for entrepreneurs 3 9 28 40 20 Mentorship from other successful/ established entrepreneurs 2 10 28 39 21 Understanding about the legal process 3 9 28 40 21 Assurance about a market for the business 2 8 25 40 25 Persistence and motivation 2 6 25 39 28 Managerial & accounting skills 2 8 25 41 24 Access to finance / money 3 6 14 36 41 21

Governments Can Do More Nearly one in three (32 percent) respondents believe their state government was not doing enough to promote entrepreneurship in their states. Only 14 percent of the respondents feel the government is doing the best it can under the given circumstances. 47 percent of the respondents feel the government is working to promote entrepreneurship but believe it can do more. Do you think the government is doing enough to promote aspiring entrepreneurs in your state? percentage of respondents who chose the following options All India West Bengal Uttarakhand Uttar Pradesh Telangana Tamil Nadu Rajasthan Punjab Odisha Maharashtra Madhya Pradesh Kerala Karnataka Jharkhand Himachal Pradesh Haryana Gujarat Delhi Chhattisgarh Bihar Assam Andhra Pradesh Not at all Yes, but it needs to do much more Yes, it is doing the best it can I can t say 0% 20% 40% 60% 80% 100% There are wide state-level variations on this issue with respondents in Telangana, Gujarat and Madhya Pradesh being most appreciative of their government s support to entrepreneurship. On the other hand, respondents in Jharkhand, Himachal Pradesh and Assam are substantially dissatisfied with their government s performance on this score.

Spread the Word Much of the perception that the government has either not done enough, or not done anything at all, could also be a function of the poor awareness of government schemes. Nearly half the respondents (49 percent) polled that they did not know of any government schemes or programmes to promote entrepreneurship. Even the ones (43 percent) who said they knew of some government schemes to promote entrepreneurship could not remember the details of such programmes. Governments would be well advised to invest in mass media communication campaigns and other outreach initiatives to ensure that lack of awareness isn t a stumbling block to the access and adoption of existing and future government schemes. Do you know any government scheme/programme to promote entrepreneurship in the state? percentage of respondents who chose the following options Don t know any Have heard, but can t remember Have heard, and could recall at least one All India West Bengal Uttarakhand Uttar Pradesh Telangana Tamil Nadu Rajasthan Punjab Odisha Maharashtra Madhya Pradesh Kerala Karnataka Jharkhand Himachal Pradesh Haryana Gujarat Delhi Chhattisgarh Bihar Assam Andhra Pradesh 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 23

Recommendations 1. Enhancing Infrastructural Development: The survey reveals a strong correlation between positivity towards business environment and development of infrastructure. In boosting entrepreneurship, creating new infrastructure such as roads, highways, ports as well as digital infrastructure that augments access to technology and the internet plays an important role. State governments will be well advised to focus on this aspect. Infrastructure is an expensive capital expense for governments but its impact on entrepreneurship makes the return on investment even more compelling. 2. Facilitating Financial Access: World over, fear of failure is the biggest stumbling block to entrepreneurship. The India survey found that to be true for India as well. Fears of bankruptcy and personal financial insolvency contribute most to this fear. Financial services institutions such as banks, micro-lending agencies or non-banking financial companies need to play an important role to help people negotiate this fear and design financing solutions that can facilitate new enterprises. Their role in de-risking start-ups and business owners will be crucial to the growth of entrepreneurship. Policy makers must work in close coordination with these financial institutions to ensure that capital is accessible and timely for aspiring entrepreneurs. 3. Providing Entrepreneurship Education: The survey revealed that most respondents consider their current education to be sufficient for becoming entrepreneurs, despite the fact that not a large percentage had received entrepreneurship-focussed training or skills enhancement. While aspirational confidence is positive, people might not be able to articulate its benefits in the absence of entrepreneurship education. To aid creation of enterprises, and to lead to productive entrepreneurship, policy makers would be wise to invest in establishing programmes, centres and modules that deliver relevant education. 4. Communicating Government Schemes: In the context of having articulated the National Skills Mission, where entrepreneurship is relied on to create jobs for India s rapidly-growing workforce, the government must be able to communicate and spread awareness of the various government schemes and programmes. The survey found that there was fairly low awareness of existing government initiatives to boost entrepreneurship. 5. Creating a Pull for Women: The survey found that women are almost as likely as men to be positively inclined to view entrepreneurship as a desirable livelihood choice. Yet, there exists a wide gap in their ability to become entrepreneurs. Entrepreneurship offers women many advantages - selfreliance, more independence, greater control on their time - and policy makers must make women a core target group. With special financing packages and better government schemes aimed at them, women can be encouraged to become entrepreneurs.

For more information on the Amway India Entrepreneurship Report 2015, write to: John L Khiangte Senior Policy Analyst - Government Affairs, Amway India Email: john.khiangte@amway.com About our research partner: Micro-market and Economics (MME) team, Nielsen India Pvt. Ltd. Previously known as Indicus Analytics, MME examines various aspects of the Indian economy both at the national and state level. It conducts research studies across macro and micro-economics domain and undertake research studies related to indexation, ratings, forecasting, consumer economics, impact analysis and applied economics. Its researches have fed into academic discourse, public policy and industry analysis outcomes that have been used by many national and international organisations such as Harvard University, Stanford University and Cambridge Universities, World Bank, UNICEF, UNDP, Reserve Bank of India, Finance Commission, IAMAI, Microsoft, IKEA, McKinsey, BCG, Ernst & Young, Apple, Amway, Unilever, Godrej Industries and many others. 25