China's Support for Young Entrepreneurs On the Rise
Lucy Pearson
DATE:  Jun 12 2018
/ SOURCE:  Yicai
China's Support for Young Entrepreneurs On the Rise China's Support for Young Entrepreneurs On the Rise

(Yicai Global) June 12 -- In 2017, 70% of China's population made an annual income between $9,000 and $34,000. Despite the low cost of university, Chinese professionals are expected to follow a grueling work schedule known as the "996" – working from 9 am to 9 pm, six days a week. This schedule is common among companies as many are expected to work on Sundays with little to no pay. However, despite the tradition of working long hours, the country is offering new opportunities for young professionals. 

Chinese millennials expect more to life than stepping up the corporate ladder. Today, they are raising awareness about important things in life such as food safety, healthcare, and environmental pollution. Many also view income inequality, LGBT, and gender equality as vital issues needed to be addressed.

Youth in Business

China is producing more young entrepreneurs now than ever. Joseph Fan, co-founder of Centre for Economics and Finance at the Chinese University of Hong Kong, claims that six out of ten children of business owners are unwilling to inherit their parent's franchise and would rather look for opportunities abroad. According to Dai Wei, CEO of the bike-sharing company, Ofo, the boom in student entrepreneurship is linked to the support of the government and universities. In fact, student entrepreneurship rose to 3% in 2017, based on a report by MyCOS Research. As a result, 200,000 out of 7 million graduates became entrepreneurs in the last year, alone

Millennials Venture in Start-up

Cui Meng, co-founder of Goopal, says the company's growth has skyrocketed compared to the US and other western countries. Enhanced by social media and digital connectivity, young professionals are determined to help their community through philanthropy. As the second largest economy in the world, millennials are looking into various sectors to seek out new business opportunities within the comforts of their own home. In fact, 74% of Chinese Millennials said they would start their own business from home if they had trouble finding work in the city. Nonetheless, millennials are becoming part of a phenomenon that is pushing back against employers and finding interests in more fulfilling career opportunities.

China's Tech Revolution

With China's breakthough in the start-up scene, college graduates are finding the most sought-out jobs at state-owned enterprises and banks to be unsatisfying. A 2012 Gallup survey claims that 94% of Chinese respondents are reported to be unhappy and unengaged with their current careers. Due to the private and public funding towards new start-ups, entrepreneurship has become an appealing opportunity for the young with plenty of local success stories to inspire them, including as Alibaba's Jack Ma, Lei Jun, and Robin Li.

There are plenty of business ventures for young professionals looking into the world of entrepreneurship. Considered as the world's land of new opportunities, entrepreneurs must conduct proper research and take advantage of this booming market. Not to mention, China's education sector is sparing no efforts to help pave the way for future entrepreneurs.

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Keywords:   Young Entrepreneurs,Startups