Almost three quarters of Hong Kong’s young people dream of starting a business, but say the obstacles are too great
Funding, competition and rents are holding them back, survey by Youth and Professional Network finds
Almost three quarters of the city’s young people have dreamed of starting their own business, but a lack of funding, fierce competition and sky-high rents are deterrents, a survey has found.
Researchers at non-governmental group Youth and Professional Network said many creative young people dared not pursue their real dreams because of the difficulties they foresaw.
They said the city’s narrow economic base meant many youngsters worked not to satisfy their interests but for survival, so they tended to feel like they were underachieving.
“Encouraging and assisting young start-ups is the unavoidable responsibility of the government,” the researchers said. “It may even be the key to helping the government gain more trust.”
The survey, conducted between June 10 and July 2 on about 1,000 people aged between 18 and 40 through online questionnaires and street interviews, found that although 71.7 per cent of the respondents had considered starting businesses, 62.9 per cent felt they lacked the funding, 43.4 per cent feared acute competition and 38.2 per cent worried about high rents.
When questioned about starting a business on the mainland, 63.2 per cent were concerned about funding, 41.7 per cent worried they did not understand mainland laws, and 38.1 per cent felt they did not have sufficient mainland connections.
The study found 72.2 per cent hoped to obtain financial support if they decided to set up a business, 58.3 per cent said they would need rent remission, while 43.2 per cent hoped to receive advice on starting an enterprise.
Network chairwoman Eunice Yung Hoi-yan said the government needed to work with the private sector to provide more resources for start-ups, but also that there was no lack of support programmes around as long as young people dared to take the first step. She said crowd-funding was also a good avenue for start-ups.
Yung called on youngsters not to worry too much about funding and competition.
“We really hope that young people don’t resist new ideas,” Yung said. “They must step up and tell people about their new ideas.”
The survey found 62 per cent of the respondents felt they endured long working hours, 55.3 per cent considered their salaries too low and 52.7 per cent said they felt they were underachieving in their jobs.
