Impact of Behavioural Traits on Reasons for Commencement of Business Venture by New Age Indian Entrepreneurs

Abstract

Entrepreneurs play a very important role in a country's economy by creating jobs and providing the much-needed employment, which is an essential aspect in a vastly populated country such as India. They are often said to be the backbone of an economy. In this study, entrepreneurs who have established their businesses in India after 1991, have been named as new-age entrepreneurs, and they are the area of interest of this study. 1991 has been considered as a benchmark year for this type of classification, since it gave rise to significant changes in the Indian economy with the opening up of the economy. As per GEM (Global Entrepreneurship Monitor) 2021 data, four out of five Indians (adults) or greater perceived the availability of good opportunities to commence a business in the country and also according to them it is easy to begin a business. However, more than 50% of these adults did not begin a new business, according to GEM 2022 data. Hence, it is very alarming and one needs to investigate the reasons for new venture creation by the entrepreneurs, which will in turn motivate others to do the same. This study has examined the behavioural traits of new-age Indian entrepreneurs and how these traits have an impact on commencement of their businesses, and see whether any pattern arises.