Starting Business Corner
Many young people have the courage to pursue their dreams and start a business. However, starting a business has never been easy. There are a number of important factors for consideration, such as capital, economic status and experience. If young people are interested in starting a business, it is recommended to understand and plan from the following aspects:
Set products and targets to start a business
Assess economic and financial conditions
A creative idea is closely related to the experience of everyday life. Prospective entrepreneurs can try to get relevant information from life or the Internet to establish product/service and set their goals. When market conditions continue to change, entrepreneurs need to determine the direction based on market conditions to achieve their goals.
Assess economic and financial conditions
The financial situation is one of the important factors in considering when starting a business. Prospective entrepreneurs can self-assess their own financial ability or discuss with their families. In addition, a number of different local venture funding schemes are available. The following information is available for reference:
Funding scheme for starting a new business
The government provides various types of funding schemes to support local and overseas enterprises. The funding targets and services of each scheme are different which include The Social Innovation and Entrepreneurship Development Fund, Innovation, Technology Fund for Better Living, Innovation and Technology Fund, "DesignSmart Initiative", "CreateSmart Initiative", "SME Funding Scheme" .etc. For details, please refer to the Government website.
The Hong Kong Mortgage Corporation Limited provides three types of Microfinance Scheme, including small start-ups, self-employment and self-improvement. The Scheme offers business advisors, entrepreneurial business training or non-government organisation support services depending on the individual case.
The Hong Kong Federation of Youth Groups provides "Youth Business Plan Hong Kong" for young people aged between 18 and 35. The scheme includes interest-free loans, entrepreneurial tutors and network support etc.
Develop a business plan
A detailed business plan is an indispensable part for starting a business. It can provide clear information to assist the entire process of starting a new business and also, can be used to raise funds or apply for related venture funding. Regarding the development of a business plan or other entrepreneurial related services, please refer to the following information:
Small and Medium Enterprises (SME) Support and Consultation Centre provides SMEs with the information related to business start-ups, including practical consultation services for business information, business plans, and business budget analysis etc.
The Youth Employment Start provides employment and self-employment support services for young people. Business members can use Y.E.S. services and facilities for free, including professional consultation services.
Conduct market research and investigation
After setting an enterprise product/service and target, market research and investigation can be conducted on the product/service to obtain more marketing information. Market research and investigation can be divided into product/service, sales, marketing, promotion and other parts. Entrepreneurs who are interested can define survey questions and objectives first, formulate research plans, collect information for analysis and finally summarize and write research reports.
Establish good psychological flexibility
Establishing good psychological flexibility is one of the keys to success. In the process of starting a business, you may encounter different levels of psychological stress and difficulties, such as time and money constraints. Therefore, it is very important to be highly flexible and develop a quality mindset. . Entrepreneurs can accommodate themselves to situation changes by learning and experimenting new things, while learning to be patient and courageous to embrace challenges and to bear the pressure and risk.