GLOBAL nutrition company Herbalife Nutrition recently unveiled significant findings from its 2021 Asia Pacific Young Entrepreneurs Survey.
The survey polled a total of 4,093 people in the Generation Z and Millennial age bracket (aged 18 – 40) in order to examine entrepreneurship trends across eight countries i.e. Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan and Vietnam.
The survey, a copy of which was obtained by FrontpagePH.com, revealed that 72 percent of Generation Zs and Millennials in Asia Pacific aspire to have their own businesses. It showed that almost 9 out of 10, or 87 percent, of the respondents believe that the best age to start a business is under 40 years old, with the average best age identified at 27 years old.
“Many aspiring entrepreneurs are driven by the prospect of following their passions, and desire to become their own bosses. They see their youth as a strength, especially when it comes to being technology savvy and having fresh ideas,” Stephen Conchie, Senior Vice President and Managing Director, Herbalife Nutrition Asia Pacific, told FrontpagePH.com
However, a desire for entrepreneurship does not mean respondents are jumping into it: the average respondent said they believe someone should have five years of experience before starting their own business.
“Most respondents feel intimidated by their lack of experience, are concerned about business start-up costs, and the necessary financial and market knowledge. This is where learning good business fundamentals; having mentors, the right resources and a supportive community can help budding entrepreneurs to better navigate the uncertainties ahead. These important steps can improve their chances of success,” added Conchie.
Aspiring young entrepreneurs believe their age will help their chances for business success
About 87 percent of the respondents believe that the best time to start a business is when they are still under the age of 40, with average prime age for starting a business at 27 years old. In addition, 54 percent of respondents believe that their age will help their chances of business success due to the following reasons:
- I’m better at adapting to new technology (61 percent)
- I’m more likely to embrace new technology (51 percent)
- I have fresh, unexplored ideas (44 percent)
When asked about the motivations for their entrepreneurship aspirations, the top reasons include following their passion (40 percent), becoming their own boss (39 percent), wanting more flexibility in their jobs (37 percent), supporting their families (36 percent), and wanting a career change (33 percent).
Cost, lack of financial and market knowledge holding entrepreneur hopefuls back
Respondents also cited some of the main challenges that hold back entrepreneur hopefuls from starting a business are the initial costs (38 percent) and lack of financing and market knowledge support (35 percent). About 68 percent said now is the best time to start their own business but they are intimidated by their own inexperience (70 percent) and feel overwhelmed by the prospect of starting a business (77 percent).
Among the respondents who already started their own business, 63 percent said they are still open during the pandemic. They listed more training and education (55 percent), additional financial resources (52 percent) and access to business tools (45 percent) as factors that will help them be more successful.