A study commissioned by Herbalife Nutrition and conducted by OnePoll reveals that 58% of Romanians consider that it would be ideal to become an entrepreneur before reaching the age of 30. Respondents from 35 countries agree that when asked what age they thought would be easiest to start a business and identified it to be at 28 years old.
The survey was conducted on 25,000 respondents (age 18 – 40) across 35 countries, between April 15th to April 21st, 2021, and from Romania, 1,000 people answered the questionnaire.
For respondents interested in starting a business, 51% worry they won’t be taken seriously because of their age — but they also see their youth as a positive. In fact, half of global entrepreneurial hopefuls said their age would help their chances of success.
74 percent of respondents have dreams of becoming an entrepreneur, with 16% of those saying they already own a business.
When asked why, the percentage differs in Romania compared to the respondents across the 35 countries that participated in the study. Thus, 32% of Romanian respondents compared to 61% of respondents globally said that they’re better at adapting to new technology than other generations, and 18% versus 43% said that young people have fresh, unexplored ideas. 11% of Romanian respondents, who want to open a business, said that “they are less afraid of failure” than other generations.
Of those interested in entrepreneurship, the top factor that motivates Romanians (45%) is to become their own boss along with the possibility to increase their income (45%), followed by the ability to follow their passion (42%). In the first question, both women and men agree (43%), but in the second question women are 6 percent more than men (36%).
More than three in 10 global respondents said they were looking to support their family (37%) or wanted more flexibility in their job (32%), the percentages in the case of Romania being 27% for both questions. Women in Romania (34%) want more flexibility compared to men (23%).
Results found 31%, respectively 29% of Romanians look toward entrepreneurship as the opportunity for a career change, while 26%, respectively 20% were looking to supplement their income after their job hours were reduced — for many, likely a result of the ongoing pandemic.
For those who have been employed previously, who are now interested in entrepreneurship, 68% of Romanians participating in the study said one of the reasons was because they’re tired of being told “no” by older employees and managers.
62% didn’t feel like their ideas were taken into account in previous roles.
“If working with entrepreneurs over the past 41 years has taught us anything, it’s that regardless of your age, the difference between success and failure is often good business fundamentals, the willingness to learn, adapt and work hard, and a passion for your work. There’s no time like the present,” said John DeSimone, president of Herbalife Nutrition.
But a desire for entrepreneurship doesn’t mean respondents from all countries are jumping into it: the average respondent said they believe someone should have five and a half years of experience before starting their own business. Instead, 41% of Romanian respondents believe that experience is needed between 1-3 years, respectively 30%, between 4 -6 years.
And many expect to face challenges along the way. Top challenges that global entrepreneurs faced included earning enough to offset costs (35%) adapting to the pandemic (35%) and making sales/getting customers (35%). The answers of the Romanian respondents had lower percentages – 28%, respectively 27%.
Results also found that 63% believe their generation faces unique challenges when starting a business, compared to older generations.
“As young entrepreneurs learn how to manage the daily rigors of starting their own business, it’s imperative to surround themselves with a supportive community including mentors and those who will continuously push them to the next level,” DeSimone added.