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39% of the Romanian youngsters under 35 want to start their own business, study reveals

39% of the Romanian youngsters under 35 want to start their own business, study reveals

Almost 40 percent of the youngsters under 35 years old in Romania want to start their own business (39%), says the Amway Global Entrepreneurship Report  (AGER) 2018, conducted by GfK and presented on Tuesday in Bucharest.

On the opposite side, there is the generation older than 50, with only 12 percent of them wanting to become entrepreneurs.

25% of the respondents aged from 35 to 49 want to start a business of their own.

The study also revealed that 43% of the Romanians interviewed say they would not give up their dream to open a business despite social pressure (potentially coming from their families or friends).

The survey says that men in Romania (26%) are eager to become entrepreneurs than women (21%), compared to the studies in the previous years. When it comes to set up a business, men prove to be more confident in themselves than women. However, both women and men in Romania value stability first, then desire and feasibility.

In terms of education, 35% of the respondents with higher education consider that setting up a business is feasible, while only 16% of the respondents with no academic education consider that.

Probably the most important result is that there is still a very good Amway Entrepreneurial Spirit Index in Romania for youngsters under 35 years old, which follows the European and world trends. On the other hand, we notice an overall decrease of the Romanians’ desire to become entrepreneurs. This might be a result of the lack of social policies, of entrepreneurial education, particularly among the adult population,” said professor doctor Carmen Paunescu, the academic expert of AGER study in Romania, professor teaching entrepreneurship at the Economic Studies Academy in Bucharest.

Yet, she says that the entrepreneurial education has increased in the Romanian universities, at least in the business universities.

As for the Romanian women, professor Paunescu explained that they are interested in initiating their own business, but they are set back by the fast growing technology swifts and changing IT competences.  The expert said that, on the other hand, there is a growing trend among women in Romania to keep their job and also get involved in the family business.

However, all in all, the study proved youngsters in Romania are more courageous to start a business of their own compared to their European age fellows, but they seldom complain they have not enough access to the available technology in certain fields or industries. „The youth in Romania has the needed IT abilities, but certain applications necessary for their field are not available in our country,” professor Paunescu said.

At the same time, the survey revealed that the main support the Romanian entrepreneurs will need to start a business is financing. 42% of the Romanians say financing is necessary to start a business, compared to 23% respondents in the EU.

Romanians usually value business both for profit (49%)  and social mission (51%) in an almost equal share than the Europeans who think business is mainly profit oriented (60%) versus social mission (40%).

We encourage entrepreneurship, which can add a financial safety value and can increase the competitiveness level among residents. We have many success entrepreneurs, both men and women, who have their own Amway business. We’ll always support the openness of Romanians to entrepreneurship,” said Ioana Enache, General Manager Amway Romania, Bulgaria and Greece, who added that Amway Romania has obtained the best business performance index in Europe last year.

As a conclusion, AGER survey for Romania shows that Romanians are confident in their own forces and are willing to initiate an entrepreneurial project, but they fear the starts and would like more policies to encourage the local entrepreneurship.

The study in Romania has been conducted on 1,308 respondents, with 52% being women.

About Alina Grigoras Butu