Two-thirds of Generation Z in Malaysia Want to be Entrepreneurs

March 14, 20189:45 am911 views

Recent study by the Asian Institute of Finance (AIF) found that about two-thirds of the tech-savvy Generation Z in Malaysia are keen on starting their own business after gaining sufficient work experience and gathering enough capital in the job market.

According to the study, more than six in ten respondents (63 percent) plan to start their own business either on full-time or part-time basis. Believing that the risk of running a business is more challenging than the security of being a full-time employee, the study findings suggested that the Generation Z is more business-minded than employment-oriented over the longer term.

However, there remains certain conditions to meet before these people start their own company. In the “Tomorrow’s professionals: Generation Z in Malaysia” report, majority of respondents (85 percent) will only pursue their business venture interests after having acquired sufficient work experience and savings from the full-time jobs. This indicate their strong sense of self-reliance and adaptability, The Star Online reports.

See: Lack of Data Literacy among APAC Workers with Developed Countries Fare the Worst: Survey

When asked about their motivation, it seems that money seems to be the top reason of Gen Z’s desire to become entrepreneurs. Many believe that owning a business offers higher earning potentials than employment with a company. Some others said that being an entrepreneur can be a good source of additional income to supplement a full-time job, implying a willingness to work long hours.

Meanwhile, more than one-quarter (26 percent) said that it is an opportunity to pursue their dream, build their own legacy, and achieve success. Respondents also see that starting business goes beyond developing themselves, as they will have opportunity to provide for their family and contribute to society. Further, the study found that the independence and flexibility from owning a business ranks relatively among their motivations.

Besides entrepreneurship, the study also showed that the youngest generation are showing enthusiasm in working abroad, with Singapore, Australia and the UK listed as the most favourite destinations.

Read also: Women Still Less Likely to Participate in the Labour Market than Men: ILO

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