The survey questions were co-developed by BNOW.org and YouGov, a mobile and online focused market research agency team. The research was carried out online and on mobile phones with 1,000 respondents based in Thailand during June 2015.
When asked why they wanted to start their own business, over 57 per cent of the respondents replied that they wanted to build a better financial future for themselves. Others said they wanted to start a business to take their future into their own hands and become their own bosses, while the remaining respondents cited job security, the desire to have flexibility in work and family and to create a legacy.
Qualities that the respondents considered to be most important for entrepreneurial leadership are passion and innovation. This was followed integrity and vision, risk-taking and team spirit.
With the growth of e-commerce (29pc of the respondents have online store), the barriers towards starting business has declined over time, giving people the opportunity to start their business small, and build it up over time.
However, respondents also identified fast-changing consumer preferences and habits, business laws and regulations, and lack of capable and skilled staff and specialists as the key challenges for startups.
Most of the respondents surveyed, fall in the age bracket of 25-44 and earn a monthly salary of between B15,000-35,000. Their companies fall under retail/wholesaling and food/beverages business. Other industries include technology, business services, real estate, beauty and fashion, education, health/medical services, agriculture and transportation.
“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 recognize their contributions. I am honoured to be a part of this year’s ENA,” said BJ Radomski, Managing Director of Big Picture Inc., which offers coaching to businesses and individuals.
Pacharee Pantoomano-Pfirsch, BNOW.org’s founder, noted, “The results show a dynamic startup scene in Thailand and it also highlights the challenges entrepreneurs face. This confirms the need for ENA, as it acknowledges the entrepreneurial spirit and creates a multi-dimensional supportive network from various fields including finance, technology and consultation, which helps entrepreneurs to scale their businesses.”
On being an entrepreneur, Gerald Ang, the Director at Yougov, 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.”
BNOW.org is welcoming nominations and submissions for Entrepreneur Now Awards (ENA) 2015. by sharing entrepreneurs' stories and recognising their outstanding achievements, we aim to support and boost the growth of SMEs, which make up 70-75pc of the GDP in Thailand. Thais and non-Thais nominations and submissions are accepted.
For more information, visit EntrepreneurNow.asia
The Phuket News is a proud sponsor of this event.