Money

Entrepreneurs flourish during crisis

By Wang Wei (China Daily)
Updated: 2009-12-14 14:19

More than 30 percent of people aged between 18 and 40 want to open their own business in the next three years, a survey found.

The survey of 4,600 people in Beijing conducted by the China Communist Youth League Beijing Committee found 23 percent believed now was the right time to act because of preferential polices.

Meanwhile, about 29 percent believed the biggest hurdle to business ownership was a shortage of money, and 30 percent believed bureaucracy in the banking system was their largest challenge.

The survey found about 50 percent of people wanted to open a business because it was their life goal, and 20 percent said a business would help them live a comfortable life.

Fan Xing, from the Beijing Youth Entrepreneurship Park in Changping district, said they received more than 3,000 business applications this year, but could only accommodate 45 new enterprises.

The district government has established the park to encourage entrepreneurship.

"The outlook of the job market is still very bleak under the backdrop of the economic crisis, so people become very enthusiastic when it comes to starting their own business," he said.

Fan said technological, pharmaceutical, consulting and culture are the most popular sectors for young entrepreneurs.

People who successfully apply to establish their business in the park receive free office space for the first year and are eligible to apply for 20,000 yuan bank loans.

Dong Zhangzhen, 33, who has office space at the park, said he quit a well-paid job a United States IT company two years ago to start his own software development company.

"I am happy I made the right decision. My income has doubled and I got a real sense of achievement," he said. "Although having your own business is a fascinating idea, young people should be careful. It could be very risky."