Hong Kong's entrepreneurs 'held back by pressure from family to conform to norm'
'We expected some pressure but not that strong, frankly', said researcher
Pressure from friends and family is holding Hong Kong's potential entrepreneurs back, a study into the start-up scene has found.
Research by Google and the Chinese University of Hong Kong Centre for Entrepreneurship found that 43 per cent of budding entrepreneurs considered social and cultural norms when deciding whether to set up a business.
Entrepreneurs felt pressure from the people around them increase by 436 per cent after enrolling in start-up programmes, according to the report based on responses from more than 900 entrepreneurs and 270 start-ups.
"We expected some pressure but not that strong, frankly," said professor Kevin Au Yuk-fai, director of the CUHK centre. "I was thinking about the pressure coming from family or a spouse, but we were surprised that it should actually come from friends.
"For many entrepreneurs, it looks like they are quite lonely. ... someone says they want to set up a company, but most of their other friends are not even thinking about it, so they put pressure on those entrepreneurs."
The report, which is part of the Empowering Young Entrepreneurs Programme launched by CUHK and Google Hong Kong, identified four areas to transform the start-up scene, including more innovation and greater investment from local businesses.