The latest report from Amway assessed the state of American entrepreneurship, as well entrepreneurship across the globe, finding that 57% of U.S. respondents want to start their own business, compared to 49% of global respondents. The eighth annual Amway Global Entrepreneurship Report (AGER) showed that while the response in the U.S. is lower than last year’s 61%, the education gap on the desirability to start a business has disappeared.
The report uses Amway’s Entrepreneurial Spirit Index (AESI) to measure a person’s intention to start a business. It evaluates the three dimensions of feasibility, stability against social pressure, and desirability. For the U.S., 60% of respondents felt they were prepared for entrepreneurship (feasibility), 46% stated they wouldn’t dismiss their dream if friends or family were in the way (stability), and 57% expressed the desire to become an entrepreneur. This gives the US an AESI score of 54, similar to its scores in prior years, 56 in 2016 and 53 in 2015, indicating the health of American entrepreneurship remains steady and healthy.
A number of other factors influence the desire for entrepreneurship, including gender which shows a significant gap between males and females. While U.S. males reported starting a business would be desirable 67% of the time, only 47 percent of U.S. females stated the same.
Also, respondents over 50 experience a considerable drop in AESI score, reflecting a decreasing interest in starting a business. Education which used to be an influencing factor is no longer, with respondents lacking university degrees previously aspiring to entrepreneurship more than those with them. Those with and without university degrees now hold similar AESI scores.
“The time is ripe for cultivating entrepreneurs, as evidenced by this year’s AGER results,” said Amway North America’s managing director, Jim Ayres. “Through this research, we realized the importance of understanding what motivates individuals to start their own businesses. This year’s AGER reveals a growing number of Americans continue to express a desire to start their own business.”
