The wave of entrepreneurism in Thailand

Friday 07 August 2015 16:03
BNOW.org-YouGov survey results reveal financial freedom and being your own boss as driving factors for entrepreneurs and wannabe entrepreneurs

In follow up to the launch of Entrepreneur Now Awards (ENA) which is accepting nomination from now to September 30th, 2015, BNOW.org, would like to share some findings on entrepreneurism in the Thai market. 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 1000 respondents based in Thailand during June 2015. The results of the finding are summarized into an infographic below.

When asked why they wanted to start their own business, over 57 % 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 (29% 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.

Besides financial reasons and the need for product and service differentiation, some of the key challenges for starting one’s own business, as pointed out by the respondents, include the fast changing consumer preferences/habits, business laws and regulations and lack of capable and skilled staff and specialists.

Most of the respondents surveyed, fall in the age bracket of 25-44 and earn a monthly salary of between THB 15,000-35,000. 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 honored 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.

In summary, most of respondents have already fully launched their businesses or are currently developing their products and services. Financial benefits and the freedom for working for oneself are the driving factors why entrepreneurs wanted to start their own business. In the mind of entrepreneurs, passion and innovation are the most important qualities of a good entrepreneurial leader.

“The results show a dynamic start-up 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,” said Pacharee Pantoomano-Pfirsch, BNOW.org’s founder.

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.”

Sponsors for ENA include Thai Air Asia X, Acer, YouGov, Avon, Big Picture Inc. and Brand Now.

Media partners include The Asian Entrepreneur and The Phuket News.

Partners include AMCHAM, Bangkok Entrepreneurs, Bangkok University, Irish Thai Chamber of Commerce, Thai-Italian Chamber of Commerce, UNESCO and Brand Now.

Friends include Busy Bees @115, Kliquedesk, ONEDAY , Hive Bangkok, 63 Bangkok.