Emerging markets more tolerant about failure: survey

91% Middle Eastern respondents, 80% Asians believe that viewing failure positively essential for exconomy to grow

High Networth Individuals from fast-growing emerging markets tend to have a more positive view of setbacks said a survey conducted by Barclays Wealth. According to the survey, 91% of Middle Eastern respondents and 80% of those in Asia believe that viewing failure positively is essential for an economy to grow. As against this, 71% of respondents in USA and 69% in Europe agreed to this view, said the report.

The survey was done on more than 2,000 high networth individuals comprising entrepreneurs, business leaders and investors. It explores how different cultures value traits such as persistence and optimism, the role of luck and how entrepreneurs view setbacks as a stepping stone to future success.

In India, respondents are far more positive about the opportunities presented by the recent global crisis (81%), compared to Saudi, Japan and China, at 21%, 22% and 27% respectively.
 
As many as 91% of the respondents in India said they would hire an individual who had experienced entrepreneurial failure, as compared to 42% in the UK.

The survey also said that 88% of the respondents in India said that entrepreneurs should persist following setbacks, rather than cut their losses and 81% believe that the global crisis has provided them with opportunities.