As kids, most of us probably wanted to be doctors or teachers when we grew up. However, as we got older, we might have been inspired to consider something else, such as entrepreneurship.
According to the latest Asia Pacific Economic Empowerment Survey by Herbalife, more than 70% of respondents saw starting their own business or freelancing as the key to financial empowerment.
Millennials and Gen Zs are increasingly drawn to entrepreneurship. The 2021 Young Entrepreneurs Survey found that 72% of individuals in these cohorts aspire to start their own businesses. Similarly, Herbalife’s 2023 APAC Economic Empowerment Report noted that 74% of Millennials and 69% of Gen Zs see entrepreneurship as crucial for economic empowerment.
But being your own boss is no walk in the park — it’s more like navigating a complex obstacle course filled with risks and uncertainties.
Luckily, Herbalife offers a guiding light through its insightful video series, ‘Navigating a Future in Health Entrepreneurship’, where experts share invaluable advice to kickstart your journey as a business owner.
Here are five top tips we gleaned from the sessions:
Success often hinges on timing, so keeping abreast of industry trends is vital.
Stephen Conchie, Regional President of Asia Pacific at Herbalife, highlighted the growth in the health and wellness sector post-Covid-19, making it an exciting field for entrepreneurs.
“Consumers are becoming much more health-conscious in a kind of post-pandemic landscape,” he said. “It really was a bit of a wake-up call for people, I think, in terms of self-care and looking after themselves.”
Identifying both the demand for products or services and consumers’ willingness to spend is essential.
Athena Lee, co-founder of online animal clinic ZumVet, noted that Asia is a favourable environment for entrepreneurship due to increasing consumerism, propelled by a rapidly expanding middle class.
This — as Yi Chien Lim, CEO of Malaysian healthy meal delivery service Homey Nutrition, pointed out — translates to higher health-related expenditures in the region, thanks to increased spending power.
Understanding your industry inside out is crucial, particularly for “complex and far-reaching” ones like healthcare, as Ms Lee stressed.
In fact, you’d want to know it like the back of your hand.
“I would say that as an aspiring entrepreneur, it’s imperative that you have a strong understanding of the industry,” she said. “And typically, the more hands-on that understanding is, the better.”
With that understanding, you’ll be able to identify problems or gaps and then have clarity on how you’re going to address them.
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You’ll also be able to present your product or service better and more confidently, whether it’s to customers, partners, investors or potential stakeholders, Ms Lee explained.
This is important because, well, would you support a business where its owner doesn’t seem to know what they’re doing or anything about what they’re offering? Didn’t think so.
Every job has its challenges, but for entrepreneurs, navigating the professional landscape often resembles playing a ‘game’ in expert mode, demanding mastery in time and resource management.
According to Ms Lee, this transcends industries, amplified by additional hurdles such as regulatory constraints, sluggish service uptake, or complexities in stakeholder management.
Even without those, you’ll have your hands full managing people and handling logistics.
Thankfully, Ms Lim said that handling logistics is a breeze nowadays, thanks to the plethora of e-commerce platforms and delivery services at our disposal.
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As for people management, both Ms Lim and Ms Lee are of the view that it’s crucial to identify who are the right people for the job and to place them in the right place for the business to thrive.
Speaking of people, there is an African proverb that says: “If you want to go fast, go alone. If you want to go far, go together.”
This is especially true in the world of entrepreneurship.
As Mr Conchie puts it, surrounding oneself with skilled individuals and having a support system is crucial. For example, it’s very helpful to have a network of people who have walked down the same road and are willing to share what they’ve learned, as well as act as a sounding board.
Ms Lee concurred. “You really can’t go at it alone as an entrepreneur . . . The most valuable part of creating a business is building that network, so I think collaborations within the industry are quite key.”
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Ms Lim’s experience underscores the benefits of collaboration. After teaming up with a chef to craft healthy and delicious meals, she joined forces with healthcare professionals and personal trainers, who would recommend her products to their customers, expanding her reach.
Clients benefit, too, since they get to enjoy a comprehensive solution for their health, from getting nutritious food to expert advice to tailored fitness plans.
Calling the shots at your own business might seem like a blast, but it’s not all sunshine and rainbows.
Mr Conchie cautioned that entrepreneurship comes with its fair share of challenges, which is why resilience is key. “Our research shows that most people who are looking to become an entrepreneur recognise that they are going to make mistakes.”
“Resilience is very, very crucial,” Ms Lee agreed. “Maybe even more so than passion, because passion is what gets you into an industry. But at the end of the day . . . you are going to have challenges and things will get difficult for sure.”
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She prioritises mindfulness, ensuring she’s mentally equipped to face any hardships that might come her way.
The good news is that perseverance can lead to substantial rewards, both in terms of success and the satisfaction of making a positive impact on individuals and communities.
“I think one of the things I want to come back to is how rewarding the journey can be,” said Mr Conchie.
The one thing I sense from everybody is the personal reward, the satisfaction of seeing an impact on other people’s lives. And this is something which is unique, I think, to the health and wellness space.
The health and wellness industry, as the experts mentioned, certainly seems to be prime soil to grow a business.
Whether you’re eager to dip your toes into entrepreneurship as a side hustle or dive in headfirst for a full-time career, it’s essential to understand the landscape thoroughly before planting the seed of your venture.
Lucky for you, you can catch the entire ‘Navigating a Future in Health Entrepreneurship’ video series on the Herbalife website so you can get all the info you need to rock the health and wellness business world.
For more updates, you can also follow Herbalife on LinkedIn.
Staring into the unknown can be unsettling. But with the wisdom and experience of others lighting the way, you can gear up with all the right stuff to embark on what could be the adventure of a lifetime.
This post was brought to you in collaboration with Herbalife.
Featured image adapted from Odua Images on Canva and TimeImage on Canva.
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