HONG KONG, June 19, 2019 /PRNewswire/ — Herbalife Nutrition, a premier global nutrition company, released findings from its Asia Pacific Entrepreneurship Survey 2019. Conducted in April 2019, the study revealed that seven in 10 (71%) consumers in the region aspire to own a business, with the desire to become an entrepreneur being the strongest among those in Indonesia (96%), the Philippines (92%), Thailand (89%) and Malaysia (86%). In addition, the majority (54%) of people in Asia Pacific believe that working on their own business would be more fulfilling as compared to working for someone else.
"Many Asia Pacific consumers dream of starting their own business, but the process of doing so can be daunting. Through this study, new insights into the perceptions and attitudes of aspiring entrepreneurs, as well as the experiences of current entrepreneurs were uncovered to help us better understand how we can support people’s ambitions, in hope that more will find the courage to take the leap and become an entrepreneur one day," said Stephen Conchie, Senior Vice President and Managing Director for Asia Pacific, Herbalife Nutrition.
Desire to fulfill a dream motivates entrepreneurs to start their own business
When Asia Pacific entrepreneurs were asked about the reasons for starting their own businesses, the desire to fulfill a dream topped the list, with close to half (48%) of the respondents who already own their own businesses (entrepreneurs) polled agreeing with this point. This was followed by:
- The desire for income gain (43%)
- The need to follow their gut/intuition (37%)
- Encouragement by family (30%)
- Encouragement by friends (22%)
While their entrepreneurship experiences differ, a large majority of entrepreneurs in Asia Pacific – three in four (77%) – said that being an entrepreneur has created greater happiness for them ever since they started on the journey, showing that entrepreneurship can be rewarding for people in the region.
Majority of aspiring entrepreneurs have dreamt of the day that they can quit their job
Among those who aspire to start their own business (aspiring entrepreneurs), two in three (67%) said that they have dreamt of the day when they can tell their boss that they are quitting their job, and for good reason, as six in 10 (62%) believe that their business idea would be revolutionary for the industry. This sentiment was even more evident in Malaysia (80%), the Philippines (78%), Thailand (74%) and Indonesia (68%), where a larger proportion of aspiring entrepreneurs are convinced that their business idea would revolutionize the industry.
Besides impacting the industry, aspiring entrepreneurs also believe that having their own business has many potential benefits. These include:
- Flexibility in their work/life schedule (65%)
- Potential to grow their own income (60%)
- Ability to be their own boss (55%)
- Allow them to pursue their passion (52%)
- Increased job satisfaction (45%)
Entrepreneurship remains daunting for most aspiring entrepreneurs
While the benefits associated with entrepreneurship were clear, more than eight in 10 (85%) aspiring entrepreneurs expressed that they feel overwhelmed by the prospect of starting their own business. In fact, 79% sometimes feel that they may never have the opportunity to start their own business.
Nonetheless, aspiring entrepreneurs in Asia Pacific remain relatively practical about their entrepreneurship dream. Close to half (47%) consider the earning potential of a new business as important as the need to follow their passion, while 33% of aspiring entrepreneurs consider the earning potential of a new business more important than the need to follow their passion.
This insight is echoed by their financial risk appetite, as the majority of aspiring entrepreneurs – four in five (78%) would use their own money as a means of initial financing for their own business. Only a small number – 28% would use money from their family to do so, while 26% would ride on small business loans and 25% would take on personal loans to finance their new business.
Cost is the biggest barrier for entrepreneurship in Asia Pacific
When asked about the barriers to entrepreneurship, majority of aspiring entrepreneurs (65%) cited the initial cost of starting a business as the top barrier preventing them from doing so. This was followed by:
- Worries of the business not being successful (42%)
- Worries of the business not being profitable (40%)
- Lack of financing and market knowledge support (40%)
However, the majority of aspiring entrepreneurs (77%) also shared that they would be more confident in starting their own business if they had a business partners involved. This was particularly evident in Malaysia (83%), Indonesia (79%), the Philippines (76%) and Thailand (73%).
"From the study we observed that potential entrepreneurs choose their paths with great forethought. Not only does the potential business need to have a clear earning potential, it also needs to have a relatively low start-up cost for aspiring entrepreneurs to take the leap of faith. Nonetheless, starting a business will always come with its own set of benefits as well as risks, hence it is important to find a good support network that can lend the right expertise and knowledge to help kickstart the entrepreneurship journey, while reducing the risks at the same time," said Conchie.
About the Herbalife Nutrition Asia Pacific Entrepreneurship Survey 2019
The Asia Pacific Entrepreneurship Survey 2019 was commissioned by Herbalife Nutrition and conducted by OnePoll in April 2019, with 9,000 respondents in nine Asia Pacific markets. Featured markets include Australia, Hong Kong, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore and Thailand.
About Herbalife Nutrition
Herbalife Nutrition is a global nutrition company whose purpose is to make the world healthier and happier. The Company has been on a mission for nutrition – changing people’s lives with great nutrition products and programs – since 1980. Herbalife Nutrition offers high-quality, science-backed products, one-on-one coaching with an Herbalife Nutrition Independent Member, and a supportive community that inspires customers to embrace a healthier, more active lifestyle.
Herbalife Nutrition’s targeted nutrition, weight-management, energy and fitness and personal care products are available through its Independent Members in more than 90 countries.
Herbalife Nutrition supports the Herbalife Nutrition Foundation, a non-profit organization that assists community organizations focused on providing good nutrition. Herbalife Nutrition is also proud to sponsor more than 190 world-class athletes, teams and events around the globe.
Herbalife Nutrition has more than 8,300 employees worldwide. To learn more, visit IAmHerbalife.com.