Youth.gov.hk’s research finds 55% youth want to start a business but lack knowledge and skills

Hong Kong, 7 July, 2016 – Youth.gov.hk, the Government youth portal, released today findings of a research on youth entrepreneurship and introduced the newly enriched contents in response to the findings.
The “Youth’s View on Obtaining Information Related to Entrepreneurship” research (the Research) aims to ascertain the needs of youth and their preferred approach of provision of online information on entrepreneurship. It had successfully reached more than 1,000 respondents aged between 15 and 35 through focus groups and a telephone survey. The Research was completed earlier this year.

The Research finds that 55% respondents regard entrepreneurship as a viable career option. However, a majority of those interested in entrepreneurship indicate that they lack sufficient knowledge and skills for starting their businesses.

Background info:

  • Target: Youth aged between 15 and 35
  • Telephone survey: Reached over 1,000 targets
  • Focus groups: Reached over 80 targets

Key Findings:

  • 55% respondents regard entrepreneurship as a viable career option
  • 72% respondents interested in entrepreneurship consider themselves lacking sufficient knowledge and skills for starting their businesses
  • Top 3 driving forces for youth in entrepreneurship
    o Longing for independence and autonomy (57%)
    o Gaining greater satisfaction (54%)
    o Making a big fortune (46%)
  • 21% respondents indicate that “helping the needy in the community” is one of their driving forces; and 59% of these respondents with social mission will consider using Social Enterprise model
  • 3 most preferred ways to enhance entrepreneurial knowledge and skills
    o Seeking advice from the experienced or expert (76%)
    o Searching on the Internet (72%)
    o Taking courses (41%)
  • 5 types of information rated as important but difficult to locate online
    o Market intelligence
    o Channels for network building
    o Channels for financing
    o Entrepreneurship experience sharing
    o Legal consultation

Youth.gov.hk has developed a new section “Starting a Business” to enrich, consolidate and re-organise relevant information to meet youth’s needs identified in the Research. It currently covers practical information ranging from a start-up checklist and ways to source capital, to business tips for start-ups and courses which youth can get prepared for starting their own businesses.

“Being a citizen-centric service project, Youth.gov.hk has a culture to engage youth through opinion surveys to gauge their needs and preferences for improvement,” said Mr CK NG, Executive Director of Youth.gov.hk. “Apart from offering public information, Youth.gov.hk also aims to promote positive values in life for healthy development of young people. Young people’s involvement in entrepreneurship is widely reckoned as enhancing their life chances and livelihood. The Research allows Youth.gov.hk to provide young people with relevant information for more effective entrepreneurial activities.”

For more information about the “Starting a Business” section, please visit: http://www.youth.gov.hk/en/info-centre/career/starting-business.htm.

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