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Vietnam continues topping world in entrepreneurship: Amway report

Vietnam maintains its top position in terms of entrepreneurship in the recently-released Amway Global Entrepreneurship Report 2018 (AGER 2018), followed by India, China, Malaysia and South Africa.

The highlight of the AGER 2018 results revealed that the risk of failing and the prospect of raising money are key obstacles for potential entrepreneurs.

Of the nearly 49,000 people in 44 nations surveyed, only 47 percent were willing to take the risk of failing when it comes to starting a business, and just 38 percent reported that they knew how to raise money for a business idea. However, the figures are 88 percent and 78 percent in Vietnam.

A ceremony honouring outstanding young entrepreneurs in 2018. Photo: VNA

In addition, up to 89 percent of Vietnamese respondents believe that they can develop business ideas, while the world’s average is 52 percent.

For eight years, Amway has conducted global research on entrepreneurship, examining perceptions and attitudes toward self-employment.

As world leaders increasingly emphasise the importance of entrepreneurship to economic growth, this year’s report fittingly examined what people believe will help them be successful as entrepreneurs and the type of business they could envision starting. The findings of the AGER are intended to foster conversations about making entrepreneurship more accessible to anyone, perhaps through better informed policy decisions and business incubator programmes.

“Gaining a greater understanding of why people decide for or against owning a business and what kind of businesses are most appealing is helpful for effectively fostering a world of entrepreneurs,” said Amway President Doug DeVos. “This knowledge can help business and government leaders to make decisions and take actions that help more people start their own businesses and reach their full potential in this area. More entrepreneurs mean more opportunity, more economic growth and more prosperity for everyone.”

The first iteration of AGER was launched in 2010 as the Amway European Entrepreneurship Report, then expanded worldwide with the 2013 AGER encompassing 24 countries.

The 2018 AGER was conducted by Amway, in partnership with Germany’s Technical University of Munich. Fieldwork was completed by the Gesellschaft fuer Konsumforschung, Nuremberg, from April through June 2017. Results are shared with the scientific community, including the 44 AGER academic advisors and all interested think tanks and academic and public institutions.