Most young people want to be their own boss: survey

Staff writer, with CNA

Most young people in Taiwan would rather run their own business than work for others in a competitive local job market where wages have stagnated, a survey showed yesterday.

According to the survey conducted by the online 1111 Job Bank, 86 percent of people under the age of 35 would prefer to establish their own business instead of working for someone else.

Among that 86 percent, the poll showed 8.1 percent already have their own business, 6.1 percent are preparing to start a business and 6.5 percent said that they had already done so, but the business had failed.

The survey found that 64.9 percent of those who want to have their own business have never taken any action toward that goal.

One of the biggest issues for young people in the job market is low pay, 1111 Job Bank vice president Daniel Lee (李大華) said.

In addition, it is difficult for young people to find good jobs in the current competitive and unfriendly local job market, because most of them lack work experience, Lee said, adding that many employees are also expected to work long hours.

Lee said young jobseekers and employees are also frustrated because of the scant opportunities for promotion, so many of them want to have their own business and become their own boss, as indicated by the survey.

Among those who have already set up their own business, 69.5 percent did so because they wanted more income, 52.5 percent preferred flexible working hours and 39.7 percent wished to pursue their own interests, the poll found.

It showed that 68.6 percent of those who are already their own boss have set a stop-loss point of about NT$500,000.

That relatively low figure indicates that young people in Taiwan tend to be conservative about funding for a new business, the job bank said.