Two-Thirds
Indians view entrepreneurship positively according to the Amway India Entrepreneurship
Report 2015
- 73 percent believe that anyone can be trained/ educated to be an entrepreneur
- Nearly 50 percent of respondents considering to start their own business.
- 45 percent of all respondents said that the environment to begin a business in their state has improved over the past 5 years.
- 63 percent respondents sighted ‘fear of failure’ as the biggest obstacle in starting one’s own business
Union Minister
of State for Skill Development and Entrepreneurship (Independent Charge), Shri
Rajiv Pratap Rudy released the India Entrepreneurship Report 2015 by Amway. The
reports aims to understand the latent enthusiasm for entrepreneurship in the
country, as well as factors that motivate and obstruct the creation of new
enterprises.
Research
partner Nielsen India surveyed 250 households in each of the 21 states across
50 different cities. One male and one female member in the 21-65 age group were
interviewed from each household taking the total no of respondents to 10,768
individuals (Male 5,402 and Female 5,366).
Unveiling
the report, Shri Rajiv Pratap Rudy, said,
“The contribution of MSME sector (Micro, Small and medium enterprises) in India,
is much less as compared to some of the developed nations. This needs to
change. It is critical that there is entrepreneurship led boom at the grass
root level so that India can leverage the demographic dividend to the maximum
possible extent. The understanding of motivations, attitudes towards
entrepreneurship, offers valuable insight to the policy makers.”
Anshu Budhraja, CEO,
Amway India, said,
“We are aiming to engage different stakeholders on what drives entrepreneurship
in India and contribute to the on-going discussions on the role of skill
development and self-employment in improving employability of the youth.
Entrepreneurship
is a way for people to realise a better life for themselves and their families.
Entrepreneurs also create jobs and encourage competition. They spur economic
growth and bring opportunities to communities. So, it’s important that
businesses like Amway know how entrepreneurs think and act in order to better
support and encourage them.”
Two-Thirds of Indians view
entrepreneurship positively
Entrepreneurship is
valued in India. India Entrepreneurship Report 2015
reports tangible enthusiasm for entrepreneurship as being a good prospect to
earn a livelihood in India, with nearly two-thirds of the respondents viewing
it favourably. Kerala (78 percent), Punjab (77 percent) and Uttarakhand (76
percent) were the states with most positive attitude towards entrepreneurship.
Access to finance (41 percent) and Family support (35 percent) emerged as
the most important factors to start one’s own business. 73 percent of the
respondents believe that anyone can be trained/ educated to be an entrepreneur.
62 percent of all respondents thought that the education they had right now was
sufficient to start their own business.
Nearly 50% of respondents considering
to start their own business
Almost
one in two respondents (47 percent), said that they had either thought about
starting their own business or are actively pursuing one. Overall, 19 percent
of respondents said that they are “very open to starting a new business and in
fact are actively pursuing one”. Jharkhand has the highest number of
respondents (60 percent) who say that they are actively pursuing a new
business, followed by Uttarakhand (40 percent) and Uttar Pradesh (29 percent).
Environment for entrepreneurs to
start business in India has improved
Nearly half of all respondents (45 percent) said the environment to
begin a business in their state has improved over the past five years. 11
percent of the respondents felt that the environment has ‘improved
significantly’.
Financial
institutions play a key role
83 percent respondents
voted banks as their main port of call for starting a business. This insight
clearly point to the role of financial institutions in fostering and
facilitating entrepreneurship. Friends and family came second on this index
with 78 percent.
Fear
of Failure
Across gender, income
and age, the fear of failure emerges as a clear obstacle to starting a business
with 63 percent of the overall respondents saying so. The fear of failure is
composed of different factors. 31 percent of respondents found “financial
burdens up to bankruptcy” as the “most important” cause for the fear.
Non-conducive market conditions (24 percent) and fear of unemployment (23
percent) were the other key causes of the fear.
About
Amway India
Amway India is a wholly owned subsidiary of Amway
with headquarters located in Ada, Michigan, USA. Amway is one of the largest Direct Selling
companies in the world with presence in over 100 countries & territories.
Globally, Amway is over 56 year old, US $ 9.5
billion, manufacturer and direct seller of high quality consumer goods. Amway’s innovation and industry-leading R&D has seen
more than 1,150 patents granted and another 500 patents pending. Amway has more than 950 scientists across 75
research and development and quality assurance laboratories worldwide.
Amway India sells more than 130 daily use products
across categories like Nutrition, Beauty, Personal Care and Home Care through
individuals who make personal recommendations regarding the use of distinctive
high quality products. Amway products are widely recognized and appreciated for
their quality and value. These products are backed by a money back guarantee
for 100% satisfaction of use.
Amway products are popular not just in India but
across the world. Nutrilite is the world's No. 1 selling vitamins and dietary
supplements brand while Artistry is among the world’s top five, largest
selling, premium skincare brands.*
Amway’s manufacturing facility in India is located
at Nilakottai in the Dindigul district of Tamil Nadu. This is Amway’s third
manufacturing plant located outside of USA. The other plants are located in
China and Vietnam.
For more details please contact
Vishal Mishra
Kaivalya Communication
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