Big survey finds young business people also lack work experience
China’s growing army of young entrepreneurs are failing to prepare well when starting up their businesses, while many embark without any previous work experience, according to a report.
A survey of 4,329 entrepreneurs by the Ministry of Human Resources and Social Security and Chinese microfinance company CreditEase found almost 34 percent were students or new graduates.
Of those surveyed, just over half — 65 percent — said they had carried out market research before they started.
Many young people also start a business based on a specific interest, rather than a market need, which increases the risk of failure, Bao Chunlei, a researcher at the Institute of Labor Science, said in December.
One of the young entrepreneurs who has succeeded is Cai Heng, 26, who co-founded Shanghai-based Star StationTV after graduating from the University of Southern California in 2015.
Cai and his team landed two rounds of financing from investors, totaling more than
The mass entrepreneurship and innovation program initiated by Premier Li Keqiang at the 2014 Summer Davos in Tianjin was viewed as a new driving force for China’s economic growth.
With a workforce of 900 million people and more than 70 million businesses, China has the potential to tap the “goldmine” of creativity and innovation. Li said.
Over the past 18 months, the State Council has unveiled a series of measures and policies to promote innovation and entrepreneurship.
These include reducing taxes levied on small and medium-sized firms, cutting red tape and promoting the devel-
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