Over 60 Percent of Indian Youth Consider Entrepreneurship as a Good Prospect for Earning Livelihood

HYDERABAD, India, November 30, 2017 /PRNewswire/ --

- Amway India releases the 'Amway India Entrepreneurship Report' (AIER) 2017

- Report launched by Mr Doug DeVos, President, Amway at the Global Entrepreneurship Summit, Hyderabad  

Key findings of the report  

  • 75 percent of Indian Youth want entrepreneurial courses to be included in the curriculum
  • 60 percent students gain social/family support to become entrepreneurs
  • 71 percent respondents cited 'fear of failure' as the biggest obstacle in starting one's own business
  • Customer satisfaction was identified as a key attribute of a successful entrepreneur
  • Wealth creation is the most important inducement for entrepreneurship among students
  • Gujarat, Punjab, Madhya Pradesh, Karnataka, and Rajasthan ranked the highest in terms of state climate for entrepreneurship

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.

     (Photo: http://mma.prnewswire.com/media/613121/India_Entrepreneurship_report_2017.jpg )
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 the report, Mr. Doug DeVos, President, Amway said, "India is well positioned for an entrepreneurial transformation. The country is already a top 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 is committed to creating opportunities for people who seek to be entrepreneurs."

Speaking on the entrepreneurial 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 in the workforce. Their strong networks, collaborative culture and deep desire to learn to make them a perfect fit to take-up entrepreneurship as a career by choice."

Commenting on the findings from the AIER 2017, Mr. Anshu Budhraja, CEO, Amway India, said "Young entrepreneurs are shaping the Indian economy. Several initiatives by the Government like 'Start-Up India' have motivated many young entrepreneurs to implement their ideas, thereby increasing the number of jobs in India. Amway has aligned itself strongly to the Government of India's target of integrating entrepreneurship proficiency into the current social and education system of the country via numerous programs."

He further added, "Amway India Entrepreneurship Report 2017 mirrors the current sentiment prevailing in the country which is positively inclined towards entrepreneurship, and we at Amway witness a similar trend with more and more young people joining the Amway business. We will continue to focus our efforts towards empowering budding entrepreneurs, and promoting entrepreneurship in the country."  

AIER 2017 chronicles the 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 to be a land of opportunities offering excellent scope for those who want to turn entrepreneurs. AIER 2017 reflects that 61% of students consider entrepreneurship as being a good prospect to earn a livelihood in India. Students from rural areas show greater willingness to start their own business over students from urban areas. Among the 28 states, students Himachal Pradesh, Haryana, Gujarat, Assam, Delhi and Tamil Nadu can see themselves starting their own business.

Student respondents rated good education (44%), financial security (33%) and social/family network (30%) as the top 3 crucial mantras for entrepreneurial success. The perception of 'riskiness' of entrepreneurship was reflected in one-third of the respondents rating 'financially secure family background' as a most important determinant of success.

Over 60% of students have considered entrepreneurship  

There is a lot of hope for enterprise in this country. Notably, the entrepreneurship receptiveness was significantly higher among students from higher-income strata. 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 in starting a business among 71% of the students.

Students seek government & social support for starting their own business  

61% of nationwide respondents were hopeful of receiving support from government schemes if they were to start their own businesses. The trust placed on the effectiveness of government schemes was particularly high in Madhya Pradesh (91%), Gujarat (82%) and Punjab (81%).

81% of nationwide respondents' state that they will depend on their household members for support while starting new ventures. The faith in the family support system was particularly strong in Jharkhand (97%), Gujarat (96%) & Punjab (96%).

Indian youth desires Entrepreneurial courses to be included in the curriculum  

A clear majority (80%) of the respondents unequivocally state that they believe that 'entrepreneurial skills' can be taught and are not necessarily inherited. To facilitate this, a majority (78%) categorically expressed a need for substantial changes in the present education system with 75% appealing for entrepreneurial courses in the curriculum.

Thus, to grasp and retain student interest in entrepreneurial education, which, in turn, will help make entrepreneurial education more effective, educators need to focus on more out-of-the-box techniques that are in touch with the reality of the everyday world of an entrepreneur and does not simply rely on theoretical pedagogy.

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 and territories.

Globally, Amway is over 58 years old, US $ 8.8 billion, manufacturer and direct seller of quality consumer goods. Amway's innovation and industry-leading R&D has seen more than 1200 patents granted and another 500 patents pending.  Amway has nearly 1000 scientists across 75 research and development and quality assurance laboratories worldwide.

Amway India sells more than 140 daily use products across categories like Nutrition, Beauty, Personal Care, Home Care and Consumer Durables through Amway Direct Sellers who make personal recommendations regarding the use of distinctive 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. Nutrilite has established itself as a leading brand in the vitamins and dietary supplements category in India as well. Amway has signed Farhan Akhtar as the brand ambassador for the Nutrilite range in India to further promote the brand. Artistry is India's No. 1 premium skincare brand. Amway India also offers 'Attitude', an entry-level premium skincare and cosmetics brand targeted at India youth. The product range has been developed keeping the needs of Indian consumers into consideration. 

Amway India is aggressively entering newer categories. Most notably, the company has launched a Weight management program called 'W.O.W.' (Will over Weight) which has been really appreciated by the consumers in India. Recently, Amway has forayed into the consumer durables segment with the launch of a premium cookware range Amway Queen and the Energy Drink and Sports Nutrition segment (Whey Protein) with XS.

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. Amway India's Plant in Dindigul district has achieved LEED 'Gold' certification by US Green Building Council (USGBC) which showcases our leadership in sustainability in the industry.

Amway India has been conferred with the 'CSR Leadership Summit & Award' in the category of 'Promoting Employment for Specially-abled'. The company was recently awarded the 'Great Place to Work 2017' in recognition of the outstanding workplace culture.

About Nielsen  

Nielsen Holdings plc (NYSE: NLSN) is a global performance management company that provides a comprehensive understanding of what consumers Watch and Buy. The Company's Watch segment provides media and advertising clients with Nielsen Total Audience measurement services across all devices where content-video, audio and text-is consumed. The Buy segment offers consumer packaged goods manufacturers and retailers the industry's only global view of retail performance measurement. By integrating information from its Watch and Buy segments and other data sources, Nielsen provides its clients with both world-class measurement as well as analytics that help improve performance. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the world's population. For more information, visit http://www.nielsen.com/in

Disclaimer:
© Amway India and Nielsen (India) Private Limited 2017. All rights reserved. The content provided in the report is primarily based on secondary data research conducted by Amway and Nielsen. Though utmost care has been taken to present accurate information, Amway and Nielsen make no representation towards the completeness or correctness of the information contained herein. This document is for information purpose only. This publication is not intended to be a substitute for professional, legal or technical advice. Amway and Nielsen do not accept any liability, whatsoever, for any direct or consequential loss arising from any use of this document or its contents. The Amway India Entrepreneurship Report (AIER) 2017 or any extract from it may not be copied, paraphrased, reproduced or distributed in any manner or form, whether by photocopying, electronically, by internet, within another document or otherwise without prior written permission of Amway and Nielsen.

Media Contact:
Bhavika Kateja
bhavika.kateja@ketchumsampark.com
+91-97113-04511
Ketchum Sampark

SOURCE Amway India



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