Last week, I was fortunate to be invited to a sharing session held by Hong Kong Youth Employment Start (Y.E.S.) to share my dream-chasing and entrepreneurial experience over the past decade with a group of enthusiastic young people. From the initial confusion to the realization of my ideals step by step, and then to starting my own business, this journey is full of challenges and rewards. A shocking online fraud case was also shared on the spot, which sparked heated discussions. What surprised me even more was that the questions raised by the students were both practical and profound, fully demonstrating the sharp thinking and entrepreneurial enthusiasm of Hong Kong's young people! The following is a wonderful review of the day's activities, as well as my answers to the students' questions.
Ten years of dream-chasing and entrepreneurial experience
Looking back ten years ago, I was still a middle school student who was full of dreams for the future but had no idea what to do. From participating in various entrepreneurial activities to joining startups, I spent a lot of time exploring my interests and directions. In the early days of entrepreneurship, I founded a small company focusing on the dream community with a few like-minded friends, but we repeatedly ran into obstacles due to lack of experience. Shortage of funds, market competition, team running-in... These problems almost made me give up. But I learned one thing: dreams require passion and persistence, and even more systematic strategies.
I share a few keys to entrepreneurial success:
- A clear vision: Knowing what problem your company is trying to solve is central to attracting investors and customers.
- Continuous learning: The market is changing rapidly, and you must constantly update your knowledge and learn new skills.
- Build connections: Participate in platform events such as Y.E.S. to meet industry seniors and potential partners.
- Accept failure: Every setback is a lesson that helps you go further.
Shocking revelation from online fraud
During the sharing session, I also mentioned a real cyber fraud case to remind everyone of the risks of starting a business in the digital age. A few weeks ago, our company's advertising account was hacked, and someone used nearly 30,000 yuan to sell their own advertisements. Fortunately, after a long negotiation with the platform, we did not have to pay the money, and the incident came to an end. This incident made me realize that cybersecurity is crucial for start-ups. To avoid similar incidents, I suggest:
- Verify identity: For any email or communication involving monetary transactions, be sure to confirm the identity of the other party multiple times.
- Use security tools: Install antivirus software, enable two-factor authentication, and protect company data.
- Education team: Provide cybersecurity training to employees regularly to prevent phishing attacks.
Wonderful questions and answers from classmates
I was deeply impressed by the questions from my classmates. They not only hit the pain points of entrepreneurship, but were also very practical. Here are my responses to the three main questions:
- How can a startup team effectively divide the work, avoid arguments, and share the benefits fairly?
- Effective division of labor: Assign roles according to each member’s professional skills and interests, such as technology, marketing, finance, etc. It is recommended to use project management tools (such as Trello or Asana) to track progress and ensure transparent communication.
- Avoid arguments: Establish clear communication mechanisms, such as weekly meetings to discuss progress and issues. When encountering disagreements, base them on data and facts rather than emotional arguments. If the dispute cannot be resolved, consider introducing a neutral party (such as a mentor or consultant) to mediate.
- Fair sharing of benefits: In the early stages of a company’s establishment, a clear equity agreement should be signed, listing each person’s investment, contribution ratio, and exit mechanism. Regularly review team performance to ensure fair distribution. Y.E.S.’s professional consulting services can also assist in the formulation of contracts to protect the rights and interests of all parties.
- Will I be covered if I encounter cyber crime?
Cyber Insurance is becoming increasingly popular in Hong Kong, especially for start-ups. This type of insurance usually covers losses from risks such as cyber fraud, data breaches, ransomware, etc., including legal fees, customer compensation and public relations handling costs. However, the insurance coverage varies depending on the size of the company and the terms of the policy.- Advice: Before choosing insurance, assess your company’s cyber risk exposure, such as whether it holds sensitive customer data. Discuss in detail with your insurance broker to ensure that the policy covers common cyber crimes.
- Note: Insurance cannot completely replace preventive measures. Businesses still need to invest in cybersecurity infrastructure and back up data regularly. you can make an appointment with a professional consultant to get more cybersecurity advice.
- Is a Sole Proprietorship feasible?
A Sole Proprietorship is definitely feasible in Hong Kong, especially for freelancers or early entrepreneurs. Its advantages include low establishment costs, simple procedures, and flexible decision-making. However, there are also challenges:
- Risks: Individuals are subject to unlimited liability and company debts may affect personal assets.
- Limited resources: It is difficult for one person to take care of all business areas, such as marketing, financial management, etc.
- Recommendation: Use outsourcing services (such as accounting or design) or digital tools (such as Shopify, QuickBooks) to improve efficiency. In the long run, if the business expands, consider converting to a limited company to reduce risks.
Conclusion: Young people’s enthusiasm ignites the future
This sharing session at Y.E.S. made me feel the unlimited potential of young people in Hong Kong. Their questions not only showed their enthusiasm for entrepreneurship, but also reflected their attention to practical details. As a one-stop youth employment and entrepreneurship platform, Y.E.S. provides young people with valuable resources and support, including career guidance, training courses and business facilities. I encourage every young person with a dream to actively participate in Y.E.S.'s activities and grow together with like-minded partners.
The lessons of online fraud remind us that in addition to pursuing our dreams, we must also remain vigilant on the road to entrepreneurship. I hope my sharing can inspire my classmates, and I look forward to communicating with you again in the future! If you have more questions about entrepreneurship, please contact me or leave a message to share your ideas!