What Aspiring Gen Z Entrepreneurs Should Know Before Starting Their Own Business
When thinking of Gen Z, TikTok dances, slang words like “slay”, and the return of 90s to early 2000s fashion might come to mind.
Often defined as people born somewhere between 1997 and 2012, the oldest among them would have just entered or will be entering the workforce.
Instead of aiming to work for reputable companies, however, surveys have shown that a good chunk of them harbour entrepreneurial aspirations.
But starting your own business can be a daunting thought. In fact, where and how do you even begin? And once you do, how do you keep it going at a sustainable rate?
Thankfully, many inspiring people have already walked that fiery path and emerged unscathed to pass their hard-earned nuggets of wisdom to those keen to follow in their footsteps.
Starting a business a way to become more economically empowered
Being your own boss certainly sounds like a dream as you can enjoy total control over your time and actions without needing to answer to a superior.
70% of survey respondents certainly think so, according to the latest Asia-Pacific (APAC) Economic Empowerment Report by Herbalife. They believe that one can become economically empowered by starting a business or a freelance side gig.
The survey defines economic empowerment as having the education, training, and skills to find a job, earn an income, and become self-supporting.
Image courtesy of Herbalife
The sentiment is particularly strong among Millennials and Gen Zs, with 74% and 71% respectively agreeing that “starting my own business or freelance work feels like the only way to become economically empowered”.
While this survey only involved participants from Malaysia, Indonesia, Taiwan, Vietnam, and the Philippines, the results are consistent with that of the 2021 Young Entrepreneurs Survey, which found that 72% of APAC Gen Zs and Millennials across eight countries, including Singapore, aspired to be entrepreneurs.
Health & wellness an exciting sector for entrepreneurs
With so many success stories from young entrepreneurs, such as the 12-year-old Australian millionaire who moved to Singapore after ‘retiring’ from her toy company, finding inspiration to set up your own company is easy.
But of course, running a business comes with loads of responsibilities and issues to consider.
Athena Lee, co-founder and CEO of Singapore-based online animal clinic ZumVet, and Yi Chien Lim, CEO of Malaysian healthy meal delivery service Homey Nutrition, know this firsthand.
Athena Lee, CEO of Zumvet
Source: Female Entrepreneurs Worldwide
The two women spoke in a Herbalife Dialogue Series on health entrepreneurship, where they shared their thoughts and observations about the current state of the health and wellness sector, as well as its challenges and opportunities for entrepreneurs.
Yi Chien Lim, CEO of Homey Nutrition
Source: Homey
Ms Lim said that she noticed a rise in consumers prioritising their wellbeing and adopting healthier lifestyles and habits in the wake of the Covid-19 pandemic. This led to an increased demand for wellness products and services.
Stephen Conchie, Regional President of Asia Pacific and China at Herbalife, pointed out that such trends make it “a pretty exciting sector to be in right now” for entrepreneurs.
Agreeing with Mr Conchie’s sentiment, Ms Lee added that taking a chance at setting up your own company is a lot easier now.
Technological advancements mean that starting an online store and reaching out to consumers via social media is easier than ever.
Couple that with a strong appetite for e-commerce and digital services, and entrepreneurs have a conducive environment to grow their businesses.
Passion & research important for entrepreneurs
As cliché as it may sound, passion is truly a fuel that can ignite a spark and keep someone going, including in their entrepreneurial journey.
Commitment is vital in the world of wellness because, as Ms Lim put it, it’s “actually a very, very long journey” about helping customers make consistent healthy lifestyle choices.
“Passion plays a significant role in setting up a business because it can be a big motivation behind you so that you can empower more consumers in the long term,” she shared.
But no matter how much passion you have, a lot of research has to be done. After all, you would want to know as much as possible about the pool you’re diving headfirst into.
“As an aspiring entrepreneur, it’s really imperative that you have a strong understanding of the industry,” said Ms Lee.
And no, watching a Netflix documentary or reading a few books will not suddenly turn you into an expert – the more hands-on your understanding is, the better.
This could mean trying items from different brands, having conversations with people you see as potential customers, or even working somewhere that sells the same things you plan to offer.
Image courtesy of Herbalife
That way, you’ll equip yourself with enough knowledge and experience to discover a problem and, hopefully, enough clarity on how your business can solve it.
For instance, Ms Lim saw a gap in the healthcare industry while working as a clinical dietitian, where she noticed most patients going to the hospital for a cure but not focusing much on prevention.
She then questioned how she could add value to the market, and so Homey Nutrition, which delivers personalised meals according to customers’ health needs, was born.
Resilience key to overcoming challenges
At the same time, aspiring entrepreneurs should be prepared to face struggles along the way – something that even business titans like Steve Jobs and Richard Branson had to endure.
While challenges come in many different forms, Ms Lee said that they generally boil down to two main ones: managing your time and resources.
Source: DragonImages on Canva, for illustration purposes only
In healthcare, these can be trickier due to hurdles like stakeholders who are resistant to change, long sales cycles and numerous regulations, among others.
Things don’t get easier the bigger your business gets – in fact, it gets tougher.
“When your business grows, people demand more and they want convenience,” said Ms Lim. Because of this, having a seamless logistics management system is very important to her.
Ms Lee also named resilience as a crucial trait – even more crucial than passion, in fact – for an entrepreneur to have.
“At the end of the day, it’s not always going to be a bed of roses, right? You are going to have challenges and things will get difficult for sure.”
In addition, Mr Conchie advocates adopting the right mindset and having a strong support network and adopting the right mindset.
“If I think about the entrepreneurs I have the pleasure of working with, the ones who are truly successful are those with the mindset of overcoming challenges and looking for the learning in the challenge.”
Every difficulty brings an opportunity to move forward. It can be a lonely road to be an entrepreneur, and having supportive people who understand the journey you want can be very helpful.
Look out for full Herbalife Dialogue Series in January
All these insightful tips are just snippets of what was discussed during the three-part Herbalife Dialogue Series, called ‘Navigating a Future in Health Entrepreneurship’.
This year’s talk is directed at new and inspiring entrepreneurs, especially Gen Zs and Millennials, who are keen on exploring the health and wellness landscape.
Future young bosses can learn more about what it takes to survive and thrive in the industry as well as useful pointers that may help them along the way.
Even if you’ve never really given much thought to setting up your own business, you can still pick up pointers that would be useful to you in any other job or situation.
The full Herbalife Dialogue Series will be available online in January 2024. For more health and nutrition-related news, visit the website here.
You can also follow Herbalife on LinkedIn for updates.
All the best in your journey
Running your own company isn’t just a chance to gain career independence and economic empowerment. It’s also an opportunity to try and change the world for the better.
With greater control over what issues you wish to address, you can then work on acquiring the necessary resources to tackle them, helping society, one customer at a time.
To all new and inspiring entrepreneurs, we wish you the best in your journey and hope you soar to great heights.
This post was brought to you in collaboration with Herbalife.
Featured image adapted from prathan chorruangsak on Canva and Weedezign on Canva, for illustration purposes only.
