Entrepreneurship’s New Normal: At Roundtable Discussion with Key Nat’l Stakeholders, Amway Reveals Findings of Latest Entrepreneurship Report
Washington, D.C. — Last week in the nation’s capital, Amway – a leading health and wellbeing company – revealed the findings of the company’s latest Global Entrepreneurship Report at a roundtable discussion with key national stakeholders.
U.S. Representatives John Moolenaar (R-MI) and Darren Soto (D-FL) joined Amway leaders, small business owners and advocates, and academic researchers for a robust discussion of Amway’s findings around the evolution of entrepreneurship post-pandemic.
“Small businesses are a staple of every community in my district and throughout Michigan. They help keep our communities strong,” said Rep. Moolenaar, Member, a member of the U.S. House Committee on Appropriations and Direct Selling Caucus. “It was a pleasure to join small business leaders last week to discuss the Global Entrepreneurship Report, and the incredible interest people have in starting a small business, being their own boss, and having workplace flexibility. They still face serious challenges though, including inflation and finding workers. I will continue my work to pass policies that support the American dream and help small business owners succeed,”
“It was great to attend last week’s roundtable event in Washington, D.C., to connect with small business owners and entrepreneurs,” said Rep. Soto, Member, a member of the U.S. House Energy and Commerce Committee and Direct Selling Caucus. “As we’ve seen during and after the COVID-19 pandemic, small businesses are the backbone of our economy — when they thrive, our communities thrive. With my home state of Florida leading the way with 1.6 million small business applications, I’m committed to continuing our important work to empower small business owners in Central Florida and across the nation.”
This latest installment of Amway’s Global Entrepreneurship Report – a large, long-running global study on perceptions of entrepreneurship – spells out how Americans view business ownership. Specifically, the latest version of the report tracks the “new normal” of workplaces and the sentiment around post-pandemic entrepreneurship across major markets based on answers from 15,000 individuals across 15 nations.
“At Amway, we care deeply about entrepreneurship. That’s because expanding American business ownership has always been part of our DNA,” said Andrew Schmidt, Managing Director, Amway North America. “Our interest is also a reflection of the critical role entrepreneurship plays in the U.S. economy as a whole. When more Americans are interested in going into business for themselves – and, importantly, feel they have the support and resources needed to take the leap – the entire economy reaps the benefits.”
The discussion, held on the rooftop of the historic Hay-Adams Hotel was moderated by Bob Cusack, Editor in Chief of The Hill newspaper and touched on how all sectors can work together to strengthen the entrepreneurial ecosystem.
Topics included the impact of the COVID-19 pandemic on small businesses, the relative optimism demonstrated in the findings of Amway’s report, the role of emerging technology with respect to policy in promoting entrepreneurship, the modern e-commerce platforms available to aspiring business owners, and the state of the U.S. economic landscape compared to foreign competitors.
The event also featured Amway Independent Business Owner Mandy Yamamoto, who shared her story of how the Amway business model boosted her opportunities for success, as well as advice for aspiring entrepreneurs.
The Amway Global Entrepreneurship Report’s data shows a steady, and even increasing, interest in, acceptance of, and attraction to the idea of entrepreneurship. Among the specific findings:
Nearly six in 10 people are interested in starting their own business. 58% are interested in owning their own business either now or in the future – and 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. 40% identified raising capital to start their business as the #1 barrier, down from 45% in 2019. 39% now feel they have the necessary resources to start a business, up from 35% in 2019. 40% express a business interest in a sharing economy in 2023, up from 35% in 2019.
Emerging forms of commerce spark greater levels of acceptance. 77% are comfortable buying products through social media.
For more than six decades, Amway’s model has been one focused on lowering the barriers to entry for aspiring entrepreneurs who want to explore business ownership without facing the big hurdles and costs associated with starting a new company from scratch.
The company provides products, supply chains, e-commerce storefronts, education, a community of mentors – and holistically supports its independent sellers in developing their own business plans and goals. Amway’s approach allows popular health and wellbeing products to reach consumers in communities across the country, as hundreds of thousands of Americans in every state have become a part of this long-standing model as Amway Independent Business Owners (IBOs).
Visit WeAreAmway.com for more information.