Entrepreneurial Potential all over the World
People who are naturally drawn towards entrepreneurship have a different mind-set altogether. These are people are willing to break the established business models and transform the way we do business through futuristic and a more enhanced approach to commerce. This type of ethos leads to relentless energy in being creative, taking risks and stimulating more critical analyses of the situations at hand.
But before starting up as an entrepreneur, there should be entrepreneurial potential whether we talk about innovation within a company or in a community. And this requires people with potential.
It is a well-known fact that every country and culture around the world has a specific set of skills and abilities that make them stand out from the crowd. So, which country has the highest number of potential entrepreneurs? It may come as a surprise to everyone that it is not the United States, but rather Vietnam. They rank the highest from 45 countries in the Amway Entrepreneurial Spirit Index (AESI). Other examples include U.S. in 12th and Japan in 45th. AESI have based their rankings on 3 factors in order to determine the entrepreneurial spirit:
- Desire to start a business
- Willingness to engage in sustained effort
- The social impact of friends and family in discouraging them to participate in the business.
These rankings are just a small fraction of the many incredible discoveries the 2016 Amway Global Entrepreneurship Report has made. Their annual survey is designed for the sole purpose of identifying the various entrepreneurial attitudes and potential the participating countries have. Being in its 7th year, this report now comprises of approximately 51,000 people spanned across 45 countries. The responses given have been arranged through numerous demographic factors such as education, gender and age.
Attitude and positiveness
Nearly 77% of the people interviewed have given a positive outlook about entrepreneurship. The percentage is relatively higher than the one in 2015 (76%) and 2014 (74%), underlining the fact that this trend is going to grow even more in the future. The top 3 countries in positive attitudes are: Norway (96%), Vietnam (95%) and Denmark (94%). Why is Vietnam so high up in entrepreneurial spirit? According to Amway’s research, both men and women in Vietnam wish to start their own business due to their desire of self-fulfilment. Vietnamese are also confident in their skills of acquiring customers adding, of course, to their desire to branch out on their own.
Although many people will agree with the idea that change is not easy, there is a general tendency towards positive attitudes when referring to new ideas and concepts. This concept is closely related to age given the fact that 82% of people under 35 share this positive outlook, in comparison to 70% of respondents over 50. The other factor taken into account is the level of education. 84% of university graduates have a positive view on entrepreneurship, but also people without a college degree (74%) are pretty positive themselves. Last but not least, gender is not a defining factor, 78% of men and 76% of women display the same positive attitude.
Entrepreneurial potential
As mentioned above, there are 45 countries that have participated in Amway’s survey. Among the countries with a high score in entrepreneurial potential include: Colombia (80%), Mexico (73%) and Thailand (70%). The potential was measured based on the participants’ responses to the statement: “I can imagine starting my own business.” Interestingly enough, older respondents felt less inclined to start their own company with people 50 or over having a potential of just 33% in contrast with 35 or under who had a potential of 52%.
Gender also constitutes a determining factor of the willingness to start a business. Across the globe, 48% of men are more willing to start a business in comparison to 38% of women, the widest gap is present in North America: 56% men – 39% women. In the number one ranked country, Vietnam, women have the same positive approach as men towards entrepreneurship: 95% and 96%, respectively – this seems to be the primary reason why Vietnam shows such good statistics when it comes to entrepreneurship.
Another interesting fact discovered in Amway’s survey is that the economic context, whether it’s local or global, does not have an impact on entrepreneurial desire. This comes from the ambition of people being their own bosses and having the independence that comes along with it. Entrepreneurship is on a rising trend all around the world. The desire, innovation and eagerness of people offer a positive sign to many economies which are looking to continue their development.
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Sources:
Forbes.com
Inc.com
