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British Entrepreneurial spirit remains high

2016.11.15 - 

 

The seventh annual Amway Global Entrepreneurship Report, published today, measures the public pulse of self-employment around the world. The 2016 study finds 77% of respondents have a positive attitude toward entrepreneurship. This consistently high interest in self-employment may explain the increasing importance of global trends like the gig economy – the trend of individuals seeking to work independent from an employer with greater flexibility. The AGER results support this trend, with 39% of respondents worldwide seeing self-employment more likely in five years than today and 56% feeling comfortable searching for and acquiring customers – a key element of self-employment. These results contribute to the public debate about a changing world of work

 

15th November 2016 – Over half of British entrepreneurs (55%) believe our exit from the EU will encourage more individuals to set up their own business.
The UK research1 released by Amway for Global Entrepreneurship Week (14-21 November 2016) shows 7 out of ten Brits (67%) have faith in a single economy, believe it is good for business and will not dampened our nation’s entrepreneurial spirit.
In fact, nearly half (48%) of British SME owners will not be held back when it comes to growing their enterprise in the short-term.  80% have made plans to set up another new business, 36% will be recruiting more staff and 4 in 10 (40%) will open new premises.

But entrepreneurs admit they are swayed by loved ones’ opinions:  nearly four in 10 (38%) are considering delaying any expansion plans while the family reduces its personal expenditure in the coming months (2 in ten).

When it comes to barriers that hold aspiring entrepreneurs back, a lack of confidence in the economy makes us nervous at the thought of setting up a business or becoming self-employed. Rising costs and financial burden is a concern (29%), particularly with those aged 18-24 years (45%).
Assistance from the Government could help SMEs flourish and make entrepreneurship more attractive.  Nearly half of business owners would like to see better tax breaks (44.5%) and for individuals looking to set up a business in the next year, 5 in 10 (51%) want business loans to become a more attractive option (51%).

Entrepreneurship education and teaching of business skills (31% vs an international average: 33%), mentoring, support through business networks (GB: 29% vs international average: 24%), “backing from family and social networks” (GB: 21% vs international average: 27%), and “low-risk business models” (GB: 18% vs international average: 23%) could make entrepreneurship more attractive according to global research also commissioned by Amway.2

Respondents to the Annual Global Entrepreneurship Report survey show that British men are still more likely to start a business than females (50% vs 39%) as they seek greater independence (54% vs 44%) and self-fulfillment (41% vs 36%) from their career.
As a whole, Britain has a positive attitude to entrepreneurship (83%) and it remains on par with views canvassed last year (84%).  Nearly half of us want to be our own boss (49%) and have a better work-life balance (27%).  Younger respondents aged between 18 and 24 years and hold a university degree (58%) share this opinion.
As a nation, fear of failure is still an obstacle to starting an enterprise (53%) but compared to 44 other countries– where an average shows 7 in ten fear failure – we remain the bolder nation.
The Global findings also show Brits have the best salesmanship to make their business a success when compared to 44 other countries. We are more comfortable with searching and acquiring further customers (56%) and male bravado plays its part (71% vs 57% of female respondents).

This salesmanship plays its role for 4 in 10 individuals (42.8%) who also see self-employment being a more likely option in five years.  The high interest in self-employment may explain the increasing importance of global trends like the gig economy.

Andrew Smith, General Manager for Amway UK and Ireland comments: “Entrepreneurship plays a key role in shaping the future of our economy. By exploring people’s aspirations and identifying key trends, we hope to open up the debate on new exciting ways to support entrepreneurial equality and accessibility in Great Britain.”

About the Amway Global Entrepreneurship Report (AGER)

The first iteration of AGER launched in 2010 as the Amway European Entrepreneurship Report, then expanded worldwide with the 2013 AGER, encompassing 24 countries. This year’s report spans 45 countries, with in-person and telephone interviews conducted with more than 50,000 men and women aged 14-99.

The 2016 AGER was conducted by Amway, in partnership with Prof. Dr. Isabell M. Welpe from the Chair of Strategy and Organization of the School of Management, Technical University of Munich, Germany. Fieldwork was completed by the Gesellschaft fuer Konsumforschung, Nuremberg, from April through June. Results are shared with the scientific community, including the 45 AGER academic advisors and all interested think tanks and academic and public institutions.

About Amway™

Amway is one of the leading family-owned consumer goods companies worldwide, selling more than 400 high quality products in the categories beauty, wellness and home care through independent distributors to the end consumer. The company was founded in 1959 in Ada, United States and operates in more than 100 countries and territories generating a revenue of 9,5 billion USD in 2015. Amway’s top-selling brands are NUTRILITE™ vitamin, mineral and dietary supplements, ARTISTRY™ skincare and color cosmetics, and eSpring™ water treatment systems.

MEDIA CONTACT:
Rachel Howlett at Ignite Communications (on behalf of Amway UK)
M:07787 436395
E: Rachel@ignitecommunications.co.uk

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