The 2014 edition of the Amway Global Entrepreneurship Report (AGER) reveals that entrepreneurship education is one of the key factors in motivating and encouraging individuals to start their own businesses. Respondents believe that entrepreneurship can be taught, and therefore, they don’t need to be “born with it” to succeed. This is especially true among the younger respondents, or the Millennials, who are also the most positive about entrepreneurship.
This presents a huge opportunity for the Philippines, a country with approximately 100M in population and mean age of 26. Almost 70% of the entire population is below the age of 35, and this represents a huge opportunity for the development of our local economy. With the entrepreneurial mindset being nurtured at a young age, we have the best chance of developing a generation of business founders and creating a positive culture of entrepreneurship in the future.
Among the key findings in the 2014 AGER is that entrepreneurship can start early and can be taught in schools. Schools, state programs, and universities are the institutions that respondents, on average, rated as responsible for entrepreneurship education. Basic business and leadership skills should be included in the education program. To some degree, especially for countries with lower economic output, innovation techniques, success stories and role models are rated as important components of entrepreneurship education.
Aspiring entrepreneurs believe that entrepreneurship education mitigates the inherent risks associated with starting and growing their own business, regardless of the industry they decide to be in. Academic, government, and industry institutions such as DSAP can collaborate to provide a strong and fertile environment for businesses to grow. Academic institutions can provide the formal education even at an early age, government institutions can facilitate infrastructure, financing, and policies and regulations that level the playing field for aspiring business owners, and industry associations can share best practices and success stories that motivate and inspire.
Direct selling, although potentially a less risky alternative due to its low barrier to entry, is beset with its own inherent risks due to unscrupulous and deceptive practices of illegal pyramids. In the absence of a direct selling law, as DSAP, we are also responsible for educating the public on how to do direct selling the right way through an aggressive anti-pyramiding campaign. The media campaign is currently being developed, in partnership with DTI and SEC.
The real test of legitimacy, however, is being part of an industry association known for its unquestionable integrity, such as the Direct Selling Association of the Philippines. All member companies have passed the rigid screening process, and therefore, should display the DSAP logo proudly in their offices and shops. Each member company and its distributors can do its share in this awareness and education campaign by (1) directing the public to the DSAP website and (2) sharing industry news and events through our social media, and (3) including our DSAP Code of Ethics in all business starter kits.
As with any form of training and education, testing is an important part of learning. With confidence, let’s challenge each of our prospects to perform the 8-point test with our company’s compensation plan and gain their trust and confidence by passing this with flying colors.