Chinese diving into entrepreneurship at young age

For Yip Lim Fai, a post-00s owner of Ran the Chef's Table, a Black Pearl restaurant in Xiamen, East China's Fujian province, starting up a business is all about striving to win.

As one of the hottest contestants in "Chef of China" — a popular reality show that hit TV screens in China this summer, he has basked under intense adulation as his diligence, devotion and determination won him recognition from hundreds of thousands of fans.

Yip first entered the kitchen when he was 14 years old, and established his own restaurant in Xiamen in 2022 at 20. His talent and hard work paid off when the restaurant was awarded the Black Pearl rating this year, making Yip the youngest owner of a restaurant on the coveted fine-dining elite list.

"From previously being a professional manager to a business owner, operating a restaurant is a brand new area for me. However, I love challenges. It is like fighting monsters and leveling up in the game. I don't regret making the choice. Every step counts," the 23-year-old restaurateur said.

According to a survey conducted this year by CNR News, an official news outlet in Beijing, more and more post-00s are starting up businesses, with more than 60 percent of the surveyed post-00s expressing strong interest in doing so.

"In recent years, many young people are no longer satisfied with the traditional 9-to-5 work mode, and starting up a business has become a way for them to realize self value. The rapid development of modern technologies, especially the popularization of e-commerce platforms, is offering them new possibilities," said the report of CNR News.

Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, said: "Post-00s entrepreneurs are open, innovative and dare to venture. They are not limited to traditions, are good at using technology and data, and pay attention to social responsibility and sustainable development, integrating corporate value with social progress.

"Especially, the post-00s generation are tolerant toward failure. They think attempt itself is growth. They are confident about China's economic prospects, and are willing to grasp opportunities in the era of change, and test possibilities with actions."

Yip agreed, saying: "The best time is always now. Facing challenges, whether to meet them head-on, or to dodge them, it all depends on oneself. I am never afraid to lose. For me, diligence, devotion and determination are all I can do. I am never anxious about things I can not control."

For post-00s entrepreneurs, Wang suggested that they should balance ideal and reality. At the initial stage, they can make small incisions to quickly test their business modes, and optimize products and services with iteration.

"Decisions should be made decisively to avoid missing chances in hesitation. Meanwhile, they should be prepared to take the consequences. Team building is also important, which means finding buddies whose competencies complement each other to deal with challenges together," said Wang, adding that the customer is key.

"In addition, entrepreneurs should keep studying, to enhance capabilities including marketing and management. Meanwhile, they should closely be in line with customer needs and adjust operation directions centered on customers. They should be financially stable, control risks and avoid aggressive expansion. Last, they should have an open mind toward failure, and turn it into experience to promote long-term development," he added.