Premier global nutrition company, Herbalife Nutrition, unveiled findings from its 2021 Asia Pacific Young Entrepreneurs Survey today, which found that 79% of Generation Zs and Millennials in Malaysia aspire to have their own businesses.
Herbalife Nutrition polled 4,093 people in the Generation Z and Millennial (aged 18 – 40) groups to examine entrepreneurship trends across eight countries i.e. Malaysia, Indonesia, Japan, Philippines, Singapore, South Korea, Taiwan and Vietnam.
“The survey uncovered many interesting insights about people’s attitudes and ambitions when it comes to entrepreneurship. According to the survey, Malaysia is one of the countries in Asia Pacific that has the highest percentage of people that aspire to have their own businesses, alongside Indonesia, Philippines and Vietnam. With the drive to have their own businesses, many people, especially the tech-savvy generation, can leverage the digital economy with the presence of technology during these challenging times – achieving their goals of following their passion, getting more flexibility in their jobs, having an extra income source, supporting their families and even changing their career. It is also important to note that self-made entrepreneurs are important as their businesses, no matter the size, can help to keep economic activities going while also aiding the country’s economic recovery,” said Steven Chin, Senior Director/General Manager of Herbalife Nutrition Malaysia and Singapore.
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| Steven Chin |
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.
Steven Chin added, “Being on your own comes with its own set of challenges and risks, but it also offers tremendous rewards. Many of us have dreamed about it, but few of us really take the leap, where nearly 8 in 10 Malaysian respondents feel intimidated by their lack of experience when thinking of starting a business. That is why it is important to pick up the right resources such as training and education, having a mentor and further financial resources to navigate in the world of business and improve their chances of success.
Aspiring young entrepreneurs believe their age will help their chances for business success
84% of Malaysian 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, 45% of respondents believe that their age will help their chances of business success due to the following reasons:
Steven Chin added, “Being on your own comes with its own set of challenges and risks, but it also offers tremendous rewards. Many of us have dreamed about it, but few of us really take the leap, where nearly 8 in 10 Malaysian respondents feel intimidated by their lack of experience when thinking of starting a business. That is why it is important to pick up the right resources such as training and education, having a mentor and further financial resources to navigate in the world of business and improve their chances of success.
Aspiring young entrepreneurs believe their age will help their chances for business success
84% of Malaysian 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, 45% 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 (69%)
- I’m more likely to embrace new technology (54%)
- More resources are available to me than to previous generations (45%)
Key reasons for entrepreneurship
When asked about the motivations for their entrepreneurship aspirations, the top reasons include following their passion (46%), wanting more flexibility in their jobs (44%), finding ways to supplement income from reduced job hours (43%), supporting their families (41%), and wanting a career change (39%).
Cost, lack of financial and market knowledge holding entrepreneur hopefuls back
Respondents said the main challenges to starting a business are the initial costs (43%) and lack of financing and market knowledge support (38%). 72% said now is the best time to start their own business but they are intimidated by their own inexperience (72%) and feel overwhelmed by the prospect of starting a business (72%).
Training, financial resources and mentors can boost success
Among the respondents who already started their own business, 59% said they are still open during the pandemic. They listed more training and education (58%), additional financial resources (55%) and having a mentor (49%) as factors that will help them be more successful.
