Thai entrepreneurs driven by desire 'to be their own boss'
Financial freedom and being your own boss are the key driving factors behind Thai entrepreneurs wanting to start a business, a survey has found.
BNOW.org and YouGov, a mobile and online market-research team, surveyed 1,000 respondents. When asked why they wanted to start their own business, 57 per cent said the chance to be financially secure and being their own boss.
Others said they wanted to hold their future in their own hands and become their own boss, while the remaining respondents cited job security, the desire to have flexibility at work and family, and the wish to create a legacy.
Qualities that the respondents considered the most important for entrepreneurial leadership were passion and innovation, followed by integrity and vision, risk-taking and team spirit.
With the growth of e-commerce (29 per cent of the respondents have an online store), the barriers towards starting a business have declined, giving people the opportunity to start small and build a business up.
Besides financial reasons and the need for product and service differentiation, key challenges for starting a business, as pointed out by the respondents, include fast-changing consumer preferences and habits, business laws and regulations, and the lack of capable, skilled staff and specialists.
Most of those surveyed were aged 25-44 and earned a monthly salary of between Bt15,000 and Bt35,000. Their companies were mostly retail/wholesale and food/beverage businesses. The other industries the respondents worked in included technology, business services, real estate, beauty and fashion, education, health/medical services, agriculture and transport.
"Entrepreneurs are the backbone of an economy, bringing jobs and innovation to the marketplace. Shining the spotlight on these leaders is a wonderful way to recognise their contributions. I am honoured to be a part of this year’s ENA [Entrepreneur Now Awards]," said BJ Radomski, managing director of Big Picture Inc, which offers coaching to businesses and individuals.
Most of respondents have already launched their business or are developing products and services.
"The results show a dynamic start-up scene in Thailand and it also highlights the challenges entrepreneurs face," said Pacharee Pantoomano-Pfirsch, BNOW.org’s founder.
"This confirms the need for ENA, as it acknowledges the entrepreneurial spirit and creates a multidimensional supportive network from various fields including finance, technology and consultation, which helps entrepreneurs to scale their businesses."
On being an entrepreneur, YouGov director Gerald Ang said: "Passion is very important. Indeed it’s great to have a good idea, but without careful and sometimes painful execution, driven by an underlying passion, it’s difficult to build your own business and sustain it over time."
