Bangkok--24 Sep--Brand Now
BNOW.org-YouGov survey results reveal several elements to business achievements
A recent survey jointly conducted by Bangkok Now (BNOW.org), a social enterprise, and YouGov, a mobile and online focused market research agency, revealed that specialization strategies, being passionate about the business and learning business skills from friends and families, were some of the success factors of entrepreneurs.
This survey is part of a series of surveys being conducted ahead of the Entrepreneur Now Awards (ENA), to help stakeholders in Entrepreneur Now gain insight into the Entrepreneurship scene in Thailand.
The research was carried out online and on mobile phones with 1000 respondents based in Thailand during August 2015 and the results of the finding are summarized into an infographic below.
The ENA is being held to recognize the achievements of Thai and foreign entrepreneurs and the Awards Night will be held on November 17th 2015 at Four Points by Sheraton Bangkok.
When asked what their current feeling was towards their business, 92% of the respondents said they are passionate about their business, which confirms what many leading entrepreneurs reiterate that to become an entrepreneur and be successful, you need to be passionate and driven about what you are doing.
Asked to describe how they felt being an entrepreneur versus an employee, the majority of the respondents said they were busier but felt happier and proud. They want to build their own business to become their own boss, enjoy the financial freedom and flexibility to have more balance in their life.
A majority of the respondents fall in the age bracket between 25-44 living predominantly in Bangkok and the Central region, earning a monthly salary between 15,000-35,000 THB. Most of them have a degree in business followed by science and engineering.
According to the respondents, the most important tool in becoming a successful entrepreneur is having a good strategy of specialization, a healthy financial standing, skills, connections with the right people and industry, followed by a determination to succeed.
When asked where they picked up the skills to become an entrepreneur, family and friends were rated first, followed by previous work experience, education, colleague and mentors.
The surveyed respondents cited food & beverage as the most promising market for entrepreneurs starting a business, followed by technology, retail/wholesaling, business services, health or medical services, beauty and fashion and real estate.
"I believe that passion is a key driver to becoming a successful entrepreneur and this has been confirmed with the survey results. Entrepreneurs need a support system and this is part of ENA's goal to facilitate an eco-system to help SMEs," said Pacharee Pantoomano-Pfirsch, BNOW's founder.
On being an entrepreneur, Peter Lucas, General Manager at Four Points by Sheraton Bangkok, said "Getting a solid team around you, who can deliver your vision, is equally important as having a great vision. I often use the quote 'build a star team, not a team of stars', and I feel this is key in a successful entrepreneurship."
Gerald Ang, Director at YouGov, added, "As the recent YouGov study has shown, entrepreneurship is an indelible part of the Thai society. Every day, we observe Thai people from all walks of life taking a shot at starting up their own businesses. With the proliferation of the internet and the rise of e-commerce, the barriers of starting a business in Thailand is now much lower than years ago. However, these budding entrepreneurs also face many obstacles in sustaining and scaling up their business over time. Therefore, initiatives such as ENA are necessary in order to build a network of support that can help guide entrepreneurs on their path to success. Helping entrepreneurs grow is crucial for the future of the Thai economy."