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Entrepreneurship still attractive to young Taiwanese: poll

2018/06/21 20:36:39

Taipei, June 21 (CNA) The majority of young people in Taiwan are still interested in running their own businesses as a career option, according to an annual survey by online 1111 Job Bank, which showed similar findings last year.

The poll showed that over 76 percent of Taiwan's young people have either already embarked on entrepreneurship or would like to do so, a slight increase from 75 percent in 2017.

The food business is the most popular choice, with nearly 91 percent of those who want to run a business saying they are interested in selling street food or local dishes, 20 percent wanting to open a restaurant or dessert shop, and nearly 18 percent considering a brunch cafe, the survey found.

However, while most of Taiwan's young people find entrepreneurship an attractive option, only a small percentage of them are actually in business (4.46 percent), have tried it before (3.18 percent), or are about to do so (7 percent), the poll showed.

It found that 61.46 percent of those interested in starting their own business have not yet put their ideas into action and that 60 percent of those who have tried have failed to turn a profit.

In terms of startup investment, young people in Taiwan put an average NT$633,500 (US$20,792) into their own businesses, with 78 percent of them coming up with their own funds, 24 percent funded by family and friends, and 27 percent taking loans from the Small and Medium Enterprise Administration, according to the poll.

It found that most young people are interested in entrepreneurship because they think it will bring self-satisfaction and a higher than average income.

According to the poll, 55.6 percent of young people in Taiwan who run a successful business earn just over NT$50,000 per month on average.

Ho Chi-sheng (何啟聖), vice president of 1111 Job Bank, said entrepreneurship is a popular idea among fresh graduates in Taiwan because they are likely to earn no more than NT$31,103 per month in regular job.

(By Chiu Po-sheng and Hsu Hsiao-ling)