Other | November 26, 2013

Amway to promote entrepreneurship

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Amway, one of the world’s largest direct-selling businesses, said Monday it will further promote entrepreneurship amid the prolonged economic downturn.

In an event held during the “Global Entrepreneurship Week” in Washington D.C. which ended Sunday, Amway Chairman Steve Van Andel said, the U.S. company will continue to “advocate for free enterprise and will be dedicated to inspiring generations of Americans to become entrepreneurs.”

He said that Amway’s renewed focus on ensuring the entrepreneurial spirit remains an essential part of the U.S. culture and economy.

During entrepreneurship week, the 54-year-old company released the Amway Global Entrepreneurship Report 2013 (AGER) at the United States Chamber of Commerce in the capital city.

“The report identified key distinctions in the way Americans view entrepreneurship today,” said Van Andel who also serves as chairman of the U.S. Chamber of Commerce.

In May when he met Korean President Park Geun-hye at a roundtable for business leaders from the U.S. and Korea held in Washington, the chairman discussed ways to expand business cooperation between the two countries.

During his speech, U.S. Chamber of Commerce President Tom Donahue said, “We will continue to create policies so that entrepreneurs will be able to maintain their businesses for a longer period of time.”

Promoting entrepreneurship is a crucial driving force for global leaders to succeed in a competitive global market, said Donahue.

In a joint survey conducted by Amway and GFK Research, the world’s fifth-biggest market research firm, from Mar. 8 to May 19 of 26,009 men and women aged between 14 to 99 in 24 countries, 70 percent of the respondents picked “fear of failure” that would inhibit an individual’s desire to start a business.

Japan topped the country rankings the biggest fear of failure, followed by nations such as Italy and the Czech Republic. U.S. citizens showed the least fear of failure in the survey, according to the report.

The survey said that “government support and loans will encourage entrepreneurship” and at the same time it is crucial in overcoming the continued global economic slump.

Amway entered Korea in 1998 and it currently runs 100 operations globally. It mostly sells nutrition, beauty and other home products.

Guest post by Choi Kyong-ae