|Herbalife Nutrition Survey Reveals 9 out of 10 Thais Aspire to Start Own Business|
Majority of Thais consider ability to be own boss as main potential benefit
Herbalife Nutrition (NYSE:HLF), a premier global nutrition company, recently released the results of its Asia Pacific Entrepreneurship Survey 2019. Conducted in April this year, the survey covered
Australia, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, and South Korea and Thailand.
Thailand ranked high among the countries whose people expressed the desire to become entrepreneurs. Almost 9 out of 10 Thais (89%) said they would like to start their own business, following Indonesians and Filipinos, with 96% and 92% respectively. In addition, the majority of Thais (69%) consider that “the ability to be my own boss” is the most important potential benefit to having one’s own business. Other benefits were “potential to grow income” (65%) and “flexibility in work life/schedule (59%).
Ninety-three percent of Thai respondents who have started their own business believe that it has created greater happiness for them, showing that entrepreneurship can be rewarding for people. This feeling of happiness was most common in Indonesia and the Philippines (94%), with Thailand in the third spot.
Desire to fulfill a dream motivates entrepreneurs for starting their own business
When asked their motivations for starting their own businesses, Thai entrepreneurs cited the desire to fulfill a dream, with 63% of the respondents who already own their own businesses (entrepreneurs) agreeing with this point. This was followed by:
• The desire for income gain (59%)
• Encouragement by family (43%)
• The need to follow their gut/intuition (32%)
Aspiring entrepreneurs or current business owners in Thailand were also asked if they were more concerned about the earning potential or about following their passion:
• Focus both on earning potential and following their passion (44%)
• Prioritize earning potential (42%)
• Follow their passion (11%)
Among those who aspire to start their own business, 74% 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 an equal number believe that their business idea would be revolutionary for the industry. However, while it is clear that owning their own business is an aspiration, 74% of respondents sometimes feel that they may never have the opportunity to be a business owner.
Cost is the big barrier for business owner in Thailand
When asked about the barriers to entrepreneurship, 51% of Thais who aspire to be business owners 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 (37%)
• Lack of financing and market knowledge support (34%)
• Worries of the business not being profitable (33%)
To finance the initial costs, Thais say they would use their own money (78%), followed by small business loans (33%) and money from family (32%).
Moreover, 73% of Thais said that they would be more confident in opening their own business if they had a business partner involved; and 83% believe that it would be easier to start a business in Thailand than in other countries.
“As starting a business from scratch can be overwhelming, we must consider the risks and challenges before taking the leap of faith. Not only does the potential business need to have a relatively low start – up cost, it also needs to have a clear success potential. In addition, 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 Mr Suphot Rittipichaiwat, General Manager, Herbalife Nutrition Thailand. “Herbalife Nutrition provides business opportunities for people who are interested in being their own boss and working either full or part time. We proudly promote an entrepreneurial opportunity which does not need a high initial investment to start the business. We also offer education and training to our entrepreneurial members, who then provide a supportive community and personalized nutrition and fitness plans to their customers. It is also a way to make a positive impact on peoples’ lives by helping others achieve a healthy, active lifestyle.”
For more information on Herbalife Nutrition in Thailand, please visit www.Herbalife.co.th our Facebook page or call 02-660-1600.
| Post by : Theeratorn