Lau Ming-wai, Chairman of Commission on Youth, encourages young people to start businesses, yet he stresses that business startup is not a choice for everyone and young people should not embark on this road just for the sake of it. They must have their own ideas and make sure they can handle failure before deciding to start their own businesses.
With a startup wave sweeping across Hong Kong, many young people are eager to try their hands at building a business in recent years. However, business rookies have to face tough trials and not everyone can enjoy success.
Attitude adjustment for young entrepreneurs
Lau feels that some success stories are overtouted while lessons from failed cases are widely overlooked. He said, “I spoke to a few young entrepreneurs and they told me their hardships at work. Many new business owners are one-man bands who have to do everything themselves. Hours are very irregular too, literally working all through the year with no holidays.” You may say this is all expected but when you go through it first-hand it can be very trying. While capital and ideas are crucial for business starters, a correct attitude is even more important.
With limited life and work experience, young people often come across difficulties when establishing new businesses. Nevertheless, Lau thinks they also have certain advantages, “With less family burden, young people can afford to lose. ”
Everyone wants to win in business. As a listed company chairman, Lau is a seasoned player. He said with certainty, “In business, there is no formula for success.” He reminds young people of getting a full picture of the market and its changing conditions. It is also important to know the company’s strengths and circumstances. Never follow the trend blindly. Keep your eyes on long-term development and growth potential.”
Prerequisites for business starters
When asked about the traits of a successful entrepreneur, Lau says first and foremost one has to be disciplined. This makes time management easier and provides a form of self-training. Secondly, one must be tough. In other words, you should be able to cope with adversity and bounce back from setbacks or mistakes. Empathy is another necessary quality. To grasp the whole picture, you must put yourself in others’ shoes and be receptive of different opinions. Apart from these traits, Lau also points out the importance of physical and mental wellbeing. In this regard, regular exercise is vital.
Unforgettable visit to a local startup
Lau visited local beer Mak’s this summer. The brand was founded by three local young men born in the 1980’s. He even worked at the brewery as an apprentice to discover how they made their startup dream come true. He said, “These three guys took care of the whole process, doing everything themselves and learned on the job. It was tough and the future was uncertain, but they thoroughly enjoyed the experience. The satisfaction that came with the job was simply beyond words.”
Do not generalize youths
Just like any other generation, youths have individual strengths and weaknesses. Lau stresses, “When dealing with young people, we shouldn’t magnify their weaknesses and ignore strengths. Meaningless comparisons should also be avoided, and never judge failure or success against one general benchmark.”
Lau admits that people nowadays like to make comparisons. This has given rise to a social atmosphere of hastened training at an early age, which tends to deny students’ development in other areas, let alone the space and time they need to realize potentials. Hong Kong really needs comprehensive and long-term youth policies that support the younger generation and allow full play of talent.
Mapping out a clear path with life planning
Lau emphasizes that the public has misconceptions about youth policies. They tend to think all policies that affect young people are youth policies, such as housing, employment, social welfare, culture and sports policies. This is not correct because young people are only one of the stakeholders here. He indicates that youth policies mainly focus on the smooth transition to adulthood. All young people must go through a stage where they experience changes. Youth work is a support service that helps them cope with changes.
Lau stresses the importance of life planning. He says it is the key to smooth transition, whether the goal is to pursue higher education, build a career or start your own business. For example, if a senior secondary student wants to join a certain profession after leaving school, preparations and planning must be made well in advance to reach that goal. He said, “Imagine a university graduate without life planning who faces heavy education loan repayments. He’ll definitely feel resentful after a few years if his income is not any better than someone without university degree.” To avoid fruitless efforts and costly mistakes, he advises young people to do good life planning and set clear goals.
