Herbalife Nutrition’s fourth annual survey aimed to examine entrepreneurship trends and attitudes towards resiliency among 4,002 small business owners and employees. It was conducted by One Poll in Australia, Indonesia, Korea, Malaysia, Philippines, Taiwan, Thailand, and Vietnam, with respondents ranging from Generation Z to the Boomer generation.
“As a nutrition and lifestyle company rooted in entrepreneurship, we are committed to nurturing the entrepreneurial spirit and sharing our knowledge with aspiring business owners in the region,” said Stephen Conchie, Senior Vice President and Managing Director, Herbalife Nutrition, Asia Pacific and China.
“The survey provides insights and key learnings to entrepreneurial life as individuals consider starting their own business, and existing business owners seek to improve their game. This year’s survey findings align with what we have heard consistently from our distributors—that good business fundamentals, the willingness to ask for help, and surrounding ourselves with a supportive community, are essential drivers of success,” said Conchie.
The age group insights revealed that Millennials and Gen Zs ranked highest for being able to define one own’s success as the top reason to open their own business. They also had the strongest belief that to be successful, one could not be afraid to fail and make mistakes. Millennials were also the most likely to list lessons learnt from mistakes compared to other age groups.
Overall, the small business owner respondents reported experiencing an average of two unsuccessful ideas before finding one that worked. Among the nine out of 10 respondents who agreed that “to be successful, you can’t be afraid to fail and make mistakes”, the highest numbers were from Indonesia and the Philippines, and lowest in Korea and Taiwan.
The survey uncovered advice that small business owners would give to new entrepreneurs including:
- Make a business plan (46%)
- Ask for help when needed (34%)
- Get organized (32%)
- Find a mentor go help guide you (30%)
- Surround yourself with people who have stronger skillsets in different areas than you (27%)
Also, according to the respondents, the top lessons learned from mistakes included:
- Learned how to be more productive (40%)
- How to better deal with customers (36%)
- Picked up a better understanding of the big picture (34%)
- How to build trust and be authentic (32%)
- Developed a willingness to learn best practices and innovate with continued education (30%)
For more information about the survey or tips for entrepreneurs, visit www.IamHerbalifeNutrition.com.
About Herbalife Nutrition Ltd.
Herbalife Nutrition (NYSE: HLF) is a global company that has been changing people’s lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in 95 markets through entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle. Through the Company’s commitment to nourish people, communities and planet, Herbalife Nutrition pledges to achieve 50 million positive impacts – tangible acts of good – by 2030, its 50th anniversary.
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