Coronavirus Business Help Corner
dev - New Momentum for Entrepreneurship
Hong Kong is one of the best places in the world to start a business, so it is hardly surprising that many entrepreneurs have realized their dreams here. Perhaps due to the environment, Hong Kong entrepreneurs tend to start their own business at a younger age compared to their counterparts in the West. And not only that, Hong Kong also boasts a relatively high proportion of millennial entrepreneurs.
A recent report by the HSBC Private Bank revealed that the average age of Hong Kong entrepreneurs setting up their first business was 27, compared to 34 in the West. The report also showed that Hong Kong has one of the highest proportion of millennial entrepreneurs, with those under 35 accounting for 44% of the total number. Of these millennials, most of them said that having a positive economic impact was a major factor in their decision to go into business, followed by making a positive impact in their community.
The findings showed that there is no shortage of young entrepreneurs in Hong Kong. Indeed, I also know quite a number of the Chamber’s young members who want to contribute to our economic development and care for the community while developing their businesses.
For instance, we have a member who is good at making cupcakes. She started out selling branded baking supplies and wares and then expanded her business to produce custom cakes and decorations. While pursuing her “sweet career,” she is happy to spread the joy of baking with others and works with charitable organizations regularly to organize baking workshops for kids from low-income families.
Two other young members successfully started an exquisite paper art business designing paper craft gifts and greeting cards with Hong Kong cultural elements. Their products are now sold in different markets. While developing their “Made in Hong Kong” Brand, they also hope to help the disadvantaged in the community. The duo cooperates with local work shelters and employs workers with disabilities to assemble products, allowing them an opportunity to achieve self-reliance.
I really admire those youngsters who draw on their expertise to start new businesses and take on social responsibility. In this tech-drive era, tech-savvy youngsters have abundant chances to start businesses. Taking legal technology as an example, one of our members used to work as a lawyer and became aware of how technology could be applied to streamline legal work procedures. She then co-founded a new company and developed a software system to help companies, regardless of size, to create routine legal documents, such as employment contracts and non-disclosure agreements, in a more convenient manner.
Many successful start-ups in Hong Kong are driving the momentum of entrepreneurship in a new, caring way. While the recently announced Budget contained a series of measures to support start-ups, I hope the Government will also look into creating more technology-friendly environments for youngsters to pursue their dreams and fulfill their potential.
Posted on 2020/03/24