CoachesPH.com | Millennials and Generation Zs in APAC aspire to be entrepreneurs in 72 percent of cases, according to a Herbalife Nutrition survey.
23 JUNE 2021, ASIA PACIFIC – Herbalife Nutrition, a leading global nutrition company, today released the results of its 2021 Asia Pacific Young Entrepreneurs Survey, which revealed that 72 percent of Generation Z and Millennials in Asia Pacific want to start their own business. According to the survey, nearly nine out of ten (87%) respondents say the ideal age to start a business is under 40 years old, with the average best age being 27 years old.
Herbalife Nutrition surveyed 4,093 Generation Z and Millennial (aged 18–40) persons in eight countries to look at entrepreneurial trends: Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Vietnam.
“The thought of pursuing their passions and being their own boss motivates many ambitious entrepreneurs. They perceive their youth as a strength, particularly when it comes to being tech-savvy and coming up with new ideas,” said Stephen Conchie, Senior Vice President and Managing Director of Herbalife Nutrition Asia Pacific.
However, just because people want to be entrepreneurs doesn’t imply they’ll do it right away: the average respondent believes someone should have five years of experience before establishing their own firm.
“Most respondents are scared by their lack of expertise, are concerned about the costs of starting a firm, and lack financial and market understanding. This is where having excellent business foundations, mentors, the correct resources, and a supportive community can assist young entrepreneurs in better navigating the unknowns ahead. “By taking these crucial actions, they can increase their chances of success,” Conchie noted.
Aspiring young entrepreneurs believe that their youth will help them succeed in business. The optimum time to start a business, according to 87 percent of respondents, is when they are still under the age of 40, with the average prime age for beginning a business being 27 years old. Furthermore, 54% of respondents believe that their age will help them succeed in business for the following reasons:
- I’m more capable of adjusting to new technology (61 percent )
- I’m more prone to adopting new technology (51 percent )
- I have new, untested concepts (44 percent )
The main reasons for starting a business
Following their passion (40 percent), becoming your own boss (39 percent), wanting more freedom in their professions (37 percent), supporting their families (36 percent), and desiring a career shift are the top reasons for their entrepreneurship ambitions (33 percent ).
Entrepreneurs are held back by the cost of starting a business, as well as a lack of financial and commercial understanding.
The major hurdles to beginning a business, according to respondents, are the initial costs (38%) and a lack of funding and market knowledge (10%). (35 percent ). Although 68 percent believe that now is the greatest moment to start a business, they are intimidated by their lack of expertise (70 percent) and overwhelmed by the possibility of doing so (77 percent ).
Training, financial resources, and business tools can all help you achieve your goals.
63 percent of those who had already started their own firm stated they were still open during the outbreak. More training and education (55 percent), extra financial resources (52 percent), and access to business tools (45 percent) are all things they believe will aid their success.