Amway India releases the ‘Amway India Entrepreneurship Report’ (AIER) 2017
Hyderabad, 29th November 2017: In an effort to map different aspects of entrepreneurship among youth in India, Amway India, the country’s leading direct selling FMCG company, today, released the Amway India Entrepreneurship Report (AIER) 2017. The report was launched by Mr. Doug DeVos, President, Amway at the Global Entrepreneurship Summit (GES) 2017 held in Hyderabad. AIER is an annual report compiled by Amway since 2014, that promotes and facilitates entrepreneurship in the country & globally. AIER findings are from a study conducted by Nielsen for Amway India under which they surveyed 10,809 final year undergraduate students including 6269 male and 4540 female students covering 28 cities, 28 small towns and students hailing from rural arears across 21 States of India in 2016. The report focuses on scrutinizing and understanding the student community’s attitude towards Entrepreneurship in India. From AIER 2017, it was derived that over 60 percent students in the country consider entrepreneurship as a good prospect for earning a livelihood.
Unveiling thereport, Mr. Doug DeVos, President,Amway said, “India iswell positioned for an entrepreneurial transformation. The country is already atop 10 global market for us and we’re excited to be part of its future growth.Amway was founded nearly 60 years ago on the spirit of entrepreneurship and iscommitted to creating opportunities for people who seek to be entrepreneurs.”
Speaking on theentrepreneurial opportunities Amway offers for the youth in India, Mr. Samir Behl, Regional President, Europe,Africa & India, Amway said,“Millennials are quickly becoming the biggest demographic segment inthe workforce. Their strong networks, collaborative culture and deep desire tolearn to make them a perfect fit to take-up entrepreneurship as a career bychoice.”
Commenting on thefindings from the AIER 2017, Mr.Anshu Budhraja, CEO, Amway India, said “Young entrepreneurs are shaping the Indian economy. Severalinitiatives by the Government like ‘Start-Up India’ have motivated many youngentrepreneurs to implement their ideas, thereby increasing the number of jobsin India. Amway has aligned itself strongly to the Government of India'starget of integrating entrepreneurship proficiency into the current social andeducation system of the country via numerous programs.” He further added, “Amway India Entrepreneurship Report 2017 mirrors thecurrent sentiment prevailing in the country which is positively inclinedtowards entrepreneurship, and we at Amway witness a similar trend with more andmore young people joining the Amway business. We will continue to focus ourefforts towards empowering budding entrepreneurs, and promotingentrepreneurship in the country.”
AIER 2017 chroniclesthe perception of students in four distinct areas namely – Perception on entrepreneurship,Entrepreneurship as a career choice, Entrepreneurial environment &Entrepreneurial education.
Two-Thirds of Indians view entrepreneurship positively
India continues tobe a land of opportunities offering excellent scope for those who want to turnentrepreneurs. AIER 2017 reflects that 61% of students considerentrepreneurship as being a good prospect to earn a livelihood in India.Students from rural areas show greater willingness to start their own businessover students from urban areas. Among the 28 states, students Himachal Pradesh,Haryana, Gujarat, Assam, Delhi and Tamil Nadu can see themselves starting theirown business.
Student respondentsrated good education (44%), financial security (33%) and social/family network(30%) as the top 3 crucial mantras for entrepreneurial success. The perceptionof ‘riskiness’ of entrepreneurship was reflected in one-third of therespondents rating ‘financially secure family background’ as a most importantdeterminant of success.
Over 60% of students have consideredentrepreneurship
There is a lot ofhope for enterprise in this country. Notably, the entrepreneurshipreceptiveness was significantly higher among students from higher-incomestrata. Openness to start businesses was the highest in Madhya Pradesh (47%),followed by Gujarat (45%), Bihar (24%), Himachal Pradesh (23%) and Haryana(21%). However, ‘the fear of failure’ was found to be the major obstacle instarting a business among 71% of the students.
Students seek government & social support for starting their ownbusiness
61% of nationwiderespondents were hopeful of receiving support from government schemes if theywere to start their own businesses. The trust placed on the effectiveness ofgovernment schemes was particularly high in Madhya Pradesh (91%), Gujarat (82%)and Punjab (81%).
81% of nationwiderespondents’ state that they will depend on their household members for supportwhile starting new ventures. The faith in the family support system wasparticularly strong in Jharkhand (97%), Gujarat (96%) & Punjab (96%).
Indian youth desires Entrepreneurial courses to be included in thecurriculum
A clear majority(80%) of the respondents unequivocally state that they believe that‘entrepreneurial skills’ can be taught and are not necessarily inherited. Tofacilitate this, a majority (78%) categorically expressed a need forsubstantial changes in the present education system with 75% appealing forentrepreneurial courses in the curriculum.
Thus, to grasp andretain student interest in entrepreneurial education, which, in turn, will helpmake entrepreneurial education more effective, educators need to focus on moreout-of-the-box techniques that are in touch with the reality of the everydayworld of an entrepreneur and does not simply rely on theoretical pedagogy.