Ada, Michigan — For seven years, Amway has partnered with GfK SE, one of the world’s most prominent market research institutes, to analyze the state of entrepreneurship around the world. The Amway Global Entrepreneurship Report (AGER) has examined a variety of topics over the years, including the gig economy, defining the entrepreneurial spirit, and attitudes toward entrepreneurship, among others.
This year’s report, released March 13, 2018, examines intrinsic and extrinsic factors that either help or hinder potential (and future) entrepreneurs. The data is based on survey data from nearly 50,000 people across 44 countries. Since it’s an extensive volume of data,here are five of the most important findings to get a high-level overview of this year’s results.
- The global business environment has room to improve to be entrepreneurship-friendly.
Nearly 50,000 people were asked about different aspects of entrepreneurship, including technology availability, the education system, taxes, rules and regulations, and their country’s economic situation. As you might expect, there remains great opportunity to improve the global business environment. Unsurprisingly, people don’t find their country’s taxes manageable (only 33 percent do), nor do they think their country provides easy-to-understand rules and regulations (only 24 percent do).
- One of the most significant barriers to starting a business is the fear of failure.
This is an insight that mirrors previous AGER data — it’s hard for people to start a business because they are afraid to fail. In fact, this year’s report found that less than half of people surveyed say they’d be willing to risk failure to start a business. Possibly, it’s because people see starting a business as a giant endeavor — a significant commitment. And it can be. However, there also are ways to start abusiness that are relatively risk-free – like Amway. Amway offers a 100 percent satisfaction guarantee.* Try it out; if it’s not for you, you can get your money back.
- People need the most help raising money for their business idea.
When asked about different areas respondents would need help with when starting a business, raising money rose to the top, at 23 percent. In the traditional business scene, you’re investing a lot of your personal money, asking friends and family for support or pitching investors to finance your business. That’s why it’s less than $100 to start an Amway business anywhere in the world with a money-back guarantee.*
- People prefer to build a team, rather than work alone.
When asked whether people prefer to work alone or hire people, the majority (57 percent) opted for building a team. It’s excellent news for Amway Business Owners, as Amway offers both dynamics. You can create your own business, on your terms, but you can (and many people do) choose to develop a team to work with, too.
- Personal service still matters
In today’s digitally connected world, personal service is still of high value, according to AGER data. The research found that 75 percent of people prefer to service customers personally than digitally. This trend remained consistent with even the under-35 demographic, countering the common perception that millennials prefer virtual interaction over interpersonal and indicating that personalized service is still highly valued around the world.
Interested in learning more about this year’s Amway Global Entrepreneurship Report? Access the full report here.
*Check your local market for specific terms and conditions.