Students say no to own business
Print Edition
FEWER than one in 10 of Shanghai’s students plan to set up their own business after graduating from university, according to a study released yesterday.
In the poll by the Shanghai Statistics Bureau, just 593, or 29 percent, of 2,071 final-year students said they would “like to” run their own business, but only 8.4 percent said they actually planned to do so.
Young people at vocational colleges showed more interest in becoming small-business owners than their peers at prestigious universities, the report said.
This is because graduates of the city’s best seats of learning are more likely to be offered well-paid jobs, so the perceived risk of going it alone is higher, it said.
The results will come as a disappointment to the central government, which has been keen to encourage young people to start their own firms — especially in the high-tech sector — as they are regarded as having a key role to play in the country’s economic reforms.
Many of the students polled — from 16 of the city’s higher education institutions — said a lack of funding channels was a major stumbling block to starting a company, while others cited their own lack of life skills as the primary hurdle.
While there are some government- and university-led financial support schemes for new businesses — such as the Shanghai Technology Entrepreneurship Foundation for Graduates, which offers interest-free loans of up to 500,000 yuan (US$80,500) — students still need to find some of the startup money themselves, the report said.
In the study, 60 percent of students said they had less than 100,000 yuan to invest in a new business venture.
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