Entrepreneurship in 2023 and Beyond

The tremendous amount of socio-economic changes in China since the COVID-19 pandemic has shaken up the entire business landscape and created formidable challenges to entrepreneurs. The younger generation of entrepreneurs are now faced with these challenges. At the same time, new opportunities have emerged as many companies and old ways of operation gave way to new startups.

The Gen-Z, or Post-’00s, enjoy much greater career flexibility and options than previous generations thanks to their families’ accumulated wealth, education in prestigious urban universities, and exposure to the global markets and cultures through travels and the Internet. Many choose an entrepreneurial career without dipping their feet in the daily grind of a job.

As they start their own companies, their relatively greater sense of confidence and risk-taking attitude can be highly advantageous. On the other hand, the lack of previous work experience can be a liability. It would be beneficial if a startup company pairs up experienced entrepreneurs with proven track records with younger ones who excel in innovative product ideas. Such a mentorship can be a sound strategy to raise the odds of long-term success.

As our research shows, rural migrants with a university education exhibit a positive risk-taking attitude in their entrepreneurial approach. It can be advantageous for companies to recruit them and leverage their valuable qualities of an entrepreneurial mindset in order to innovate and build  successful, sustainble companies in the long run.

In 2023, changes in the socio-political realm will continue to sweep through China. As we have seen, institutional and environmental changes are intrinsically connected to how companies can maximise their marketisation efforts and their profitability. Entrepreneurs will benefit from being acutely aware of these ongoing changes and adapting their business strategies to them.