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New data reveals an eagerness for Entrepreneurship
Amway’s 2023 report spotlights Americans’ views about business ownership and may reveal the importance of an entry point into entrepreneurship.
Read the full story on Fortune.com
Just a few decades ago, people considering starting their own businesses had a few well-worn avenues to achieve that goal.
Restaurants, shops, and specialty businesses represented natural routes to entrepreneurship—at least for those able to supply the up-front capital required while also designing successful products, branding, and business plans.
As much as our economy has shifted in the decades since, it is only in the past few years that we have embraced the merits of a true modern economy. With this, we are seeing a reimagining of—and a fresh appreciation for—what it means to go into business for yourself.
Now, a long-operating American company occupying a unique space in the entrepreneurial landscape has released a trove of new data—the latest installment of a large, long-running global study on perceptions of entrepreneurship—about how Americans perceive business ownership.
And a close look at that data may reveal something else: the key to that same company’s long record of success.
One key attribute of Amway’s is the company’s role as a leader in the health and well-being space through the sales and manufacturing of popular brands, such as Nutrilite. Amway is also known for the sense of community it provides to individuals on their well-being journeys. Perhaps lesser understood is Amway’s role as an engine of American entrepreneurship.
For the six-plus decades of its operations, 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. That’s because Amway provides products, the supply chain, e-commerce storefronts, and mentorship from others and holistically supports its independent sellers in developing their own business plans and goals. All this allows popular health and well-being products to reach consumers in communities across the country. Today, hundreds of thousands of Americans in every state across the country have become a part of this long-standing model as Amway independent business owners (IBOs).
So it makes sense that the company has a keen interest in closely tracking attitudes about small business ownership. Its model is based on the long-running truth that Americans will continue to want to go into business for themselves and that they may find the Amway opportunity an appealing on-ramp.
As part of that tracking effort, Amway recently launched its latest Global Entrepreneurship Report, revealing groundbreaking industry research on the state of post-pandemic entrepreneurship across major markets.
Read the full story here.