//16.4 Perspectives
What happens when your creative dreams do not materialise in the way you envisioned? Valerie Wong shares the reality and frustrations of trying to be her own boss.
Several difficult issues faced Valerie Wong upon graduating from university with a degree in fashion design. Having always wanted to be her own boss and not slot herself into an office-bound 9-to-5 job, she started her own fashion and retail business. Her plan in 2014 was to sell clothes imported from the Mainland and South Korea. However, within five years, her business began to decline as e-commerce platforms gained popularity. Valerie had no choice but to close her shop and look for something else.
Her next venture was with a nanotechnology startup where she encountered another harsh reality: the short-sightedness of investors. “It was very challenging finding investors in Hong Kong, especially for ideas and products that were ahead of their time. The typical response from potential investors tended to be indifferent: Is the product certified? ‘Has it already gone into production? What are the annual sales figures?’”
As she reflects, “No matter how often we pitched our ideas, it became very clear that the investors wanted immediate returns. ‘If I invest 10 million today, can you ensure me a certain percentage of return in one year?’” Valerie asks whether this short-term investing mindset might not deter those willing to venture into real business with startups, innovative products, and creative industries.
What Valerie encountered was not uncommon. Hong Kong’s reputation for an open economy and entrepreneurship are what made it increasingly competitive, not only in terms of securing funding but also in relation to operating costs, market competition and retention of talented people. This meant that for investors, the focus had to be on benefit, preferably immediate, leaving young and innovative entrepreneurs adrift.
She wonders if the conservative entrepreneurial culture in Hong Kong today stems from societal attitudes and their influences on education. “‘Set up a startup? Become an artist? Make films? You won’t make a living in Hong Kong!’ This is how many parents respond to their children’s dreams. From primary school onwards, the ideas that studying business leads to jobs in large companies and that if you excel academically, you can become a doctor or lawyer are instilled in them. Otherwise, there is the safe path to the civil service or disciplined forces.”
However, as society evolves, so do relevant skills. Valerie believes that to thrive in a world increasingly driven by new technologies like AI, young people and entrepreneurs must cultivate critical thinking, decision-making, and adaptability. This shift in mindset is essential for navigating the complexities of modern careers and embracing innovative opportunities.