Amway: "Korea Ranks Among the Lowest Globally in Entrepreneurship"

Amid worsening external conditions such as the entrenchment of a low-growth trend and increasing global economic uncertainty, the importance of entrepreneurship, which can serve as a catalyst for growth, is being emphasized more than ever. However, Korea's level of awareness remains among the lowest globally.

[Provided by Amway]

Amway announced the '2023 Amway Global Entrepreneurship Report (AGER)' on the 13th in conjunction with Global Entrepreneurship Week. This year's report surveyed over 15,000 adults across 15 countries worldwide.

In response to the key entrepreneurship indicator question, "Are you willing to start a business?" only about 40% of Koreans answered "yes," ranking 13th out of the 15 surveyed countries, near the bottom. Although higher than Germany (29%) and Japan (22%), it falls significantly short of the global average (58%).

The gap becomes even more pronounced when limited to the Asian region, which comprises most of the surveyed countries. Population giants China (77%) and India (76%), along with emerging growth countries such as Vietnam (88%), Thailand (74%), and Malaysia (70%) occupy the top ranks, while regional competitors Singapore (54%) and Taiwan (54%) are close to the global average.

This background is largely attributed to practical factors. Nearly half (49%) of Korean respondents perceive "fear of failure" as a barrier to new challenges. This is significantly higher than China (27%) and India (29%), and even exceeds Japan (39%).

Specifically, only 25% responded positively to the question, "Do you feel you have sufficient business skills?" and just 19% answered affirmatively to "Do you feel you have business resources?"

Regardless of objective reality, the preference for generating additional income is high across all countries. When asked about perceptions of side income, most respondents gave positive answers exceeding 90%, with Korea recording 96%.

However, in response to the question, "Do you have acquaintances or family members who have side jobs?" only 35% of Korean respondents answered "yes." Vietnam (84%), India (77%), and Mexico (77%) ranked high, with Japan (15%) being the only country lower than Korea.

Professor Sangmyung Lee of Hanyang University’s Business Administration Department stated, "Koreans have long been accustomed to a face-saving culture that does not tolerate failure, coupled with the reality that it is difficult to gain another opportunity after failure. However, recently, a self-directed way of life centered on the younger generation is taking root across society, and along with strengthened social safety nets, awareness of entrepreneurship is expected to gradually improve."

Baesoo Jung, CEO of Amway Korea, said, "In a rapidly changing business environment, the overall level of entrepreneurship cultivation in society can be said to be the competitiveness of a country. Korea has excellent human resources and is sensitive to trends, so entrepreneurship will strengthen once the right opportunities arise."

This content was produced with the assistance of AI translation services.