A recent Hong Kong Trade Development Council (HKTDC) survey reflects increasing trends among local young people towards starting a business, as 15% of respondents are new entrepreneurs or would-be entrepreneurs, up 8 percentage points over the previous survey conducted in 2011. Specifically, 30% of new entrepreneurs are engaged in Retailing and adept at optimizing resources for business marketing.
The survey, conducted from November 2013 to February 2014, randomly contacted 1,000 Hong Kong people aged 18-35 to get an estimation of new entrepreneurs and would-be entrepreneurs and their characteristics. The results reveal that 5% of the respondents are new entrepreneurs and 10% plan to begin their own business in three years, indicating a growth of 2 and 6 percentage points respectively as compared to the previous survey.
“It is also found that around 30% of new entrepreneurs are engaged in retail trade, and they make good use of resources”, according to Mr. Daniel Poon, the HKTDC’s Principal Economist (Global Research). Firstly, the majority of them either have their merchandise consigned or displayed by leasing short-term booths in shopping malls and department stores to avoid paying steep retail rents. Secondly, they take full advantage of online platforms, social networks and mobile apps to promote business.
“Of all the respondents in different sectors, 46% have recovered their initial capital, and the rest have managed to break even with businesses performing as expected.” Mr. Poon added. The growing preference for establishing a business, to a large extent, is believed to result from the improving entrepreneurial climate in Hong Kong over the past years, supported by the resilient global economy. Moreover, the phenomenal progress in science and technology has also greatly contributed to the reduction of start-up and operational cost for young people.
Source: Faro Recruitment
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