Amway has published its 2023 Amway Global Entrepreneurship Report (AGER), revealing comprehensive data on trends around starting a business.
The Amway-sponsored study examined the state of entrepreneurship in a post-pandemic world, collecting data from more than 15,000 respondents in 15 countries including Singapore and presenting five major takeaways. Key findings include:
Nearly 6 in 10 people are interested in starting their own business.
For a large percentage of people, it’s not about if they’ll start a business, but when. 37% either already have a business or plan to start one within the next year.
More people feel they have the necessary resources to start a business.
Raising capital is perceived as the largest barrier for starting a business—just like it was in 2019 before the Covid-19 pandemic—but people see it as less of a barrier now than before. 39% now feel they have the necessary resources to start a business, up from 35% in 2019.
Emerging forms of commerce spark greater levels of acceptance.
E-commerce and digital technology experienced massive growth during the COVID-19 pandemic, and AGER found that 77% are now comfortable buying products through social media. In facts a massive 81% of Singaporeans are comfortable buying products through social media.
More than half of people surveyed know someone who has a business, making it more desirable.
Having a close relationship with someone who takes part in entrepreneurial activity makes it a more desirable—and less daunting—opportunity. 59% have friends or family who participate in income opportunities. Locally, 54% of Singaporeans think having a business is a desirable opportunity.
The world is more ready than ever.
Research shows that it’s a great time to be an entrepreneur. 67% view having their own business as a desirable opportunity when they know someone who started a business—up from 58% in 2019—and 96% feel that pursuing side income is wonderful, totally normal, or OK. In Singapore, 62% view having their own business as a desirable opportunity when they know someone who started a business.
“No other study has looked as far and wide on attitudes around entrepreneurship as the Amway Global Entrepreneurship Report,” says Amway Chief Executive Officer Milind Pant.
“People are more ready than ever to begin an entrepreneurial venture. The world needs more entrepreneurs, and providing a favorable business environment is critical to their continued growth.”
Between freelancing, gig work, direct selling, franchising, and other business opportunities, people are fully embracing their new normal, setting the stage for a significant wave of business owners globally.
“The knowledge gained, and trends uncovered in this study allow Amway to continue its path of supporting our Amway Business Owners and helping people live better, healthier lives, “adds Asha Gupta, Regional President, Asia and Chief Strategy & Corporate Development Officer. “This research is invaluable for anyone around the world who wants to start their own businesses and reach their full entrepreneurial potential.”