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To better understand the views and experiences of entrepreneurs who graduated from The Chinese University of Hong Kong (CUHK), the Center for Entrepreneurship of CUHK conducted a 'CU Alumni Census of Entrepreneurs' in 2010. Around 30% of alumni found that university education trained up their mind, boosted communications skills and broadened social network (including classmates, alumni, teachers and others) that helped them to start their own business. 

The survey also showed that about 44% of the entrepreneurs started up their own business at age 20-29, and 38% of the entrepreneurs set up their businesses with capital less than HKD 100,000. Examples are two passionate CUHK alumni with strong sense of social responsibility, Mr. Ho Man Sum of the 50s and Mr. Ben Cheng of the 80s. Both of them began to develop their business ideas in the university life and they are successful entrepreneurs in the education and information engineering field respectively. 

Main points of the results:

1. easy to start up with less burden, mainly from BBA, Management and Social Sciences

2. entrepreneurship makes higher status, dauntless to discover new opportunities

3. experience and prospect drive entrepreneurship, courage and talent are key to success

4. start up SME by self funding, expansion in future

5. freedom in work and career, start up business with work experience

6. CUHK education trains up the mind, boosts communications skills and broadens social network

7. fund, information , training courses and ideas exchange assist entrepreneurship

8. personality and network determine success, communication and analysis capabilities are also essential 

Summary of the results:

The survey reflected that CUHK alumni, young male (75%), aged 20 to 39 (83%), mostly from BBA or Management and Social Science, with less family burden (71%) were eager to start up their business. 73% of respondents indicated that it was better for graduates to gain several years of working experience before starting a business as they could possess relevant experience in the industry and acquire professional knowledge and customer service skills. 

They also specified that capital, experience and market network were the three major factors affecting the entrepreneurial companies in terms of their establishment and operation. Companies performed better if founders had a larger capital and more innovative ideas regarding products or services at start-up. 

CUHK's entrepreneurs encountered some difficulties when running a new business. They felt difficult in recruiting quality employees (64%) and finding partners (62%). Therefore, they decided to start a small and medium-sized company with a lower level of capital under HK$ 100,000 (38%) and hired less than 10 employees (64%). Looking ahead, a number of company owners planned to expand their business (66%) and start new companies/ business in the next one to three years (44%). 

The survey results revealed that CUHK education provided important training on cultivating one's mind, enhancing one's communication skills and broadening one's social network. It equipped them with the ability to analyze, to integrate and to communicate ideas that entrepreneurs viewed as criteria for being a successful entrepreneur. Respondents further suggested that the University can offer assistance in terms of capital funds for alumni to start up business (80%); up-to-date online resources for potential entrepreneurs (74%) and practical courses jointly offered by CUHK and her entrepreneurial alumni (75%). 

The CU Alumni Census of Entrepreneurs is supported and sponsored by CUHK Knowledge Transfer Project Fund. It was conducted in two rounds, with the first round questionnaire targeting all CUHK alumni and the second round aiming at the alumni with entrepreneurship experiences. 1,045 CUHK alumni participated in the survey in 2010. 

About the Center for Entrepreneurship at CUHK

The Center for Entrepreneurship at CUHK aims to inspire CUHK staff and students and the community entrepreneurial enthusiasm through practice, research and education and promote entrepreneurship in Hong Kong. 

The Center is a member of the Global Entrepreneurship Monitor (GEM). Through academic and applied research, the Center plays a proactive role in facilitating entrepreneurial activities of the community. It also co-operates with various government institutions, enterprises and institutions to organize different types of entrepreneurship training and course. Starting from 2007, the Center and the Hong Kong Design Centre co-organize Entrepreneurship for Design and Creative Business which strengthens the designers' business, financial, marketing and information technology knowledge and enhance their competitiveness in developing their career. In addition, the Center also organizes "Hong Kong Social Enterprise Challenge" every year for local university students and encourages young people to solve social problems through entrepreneurship.

About Speakers:

Dr. Robert Lee

Dr. Robert Lee is Professor in Entrepreneurship Practice of CUHK, and the Executive Chairman and Co-founder of Achievo Corporation (one of the largest China IT services companies). As an entrepreneur and executive in the past 35 years, he raised millions of venture capital funds and has served as CEO and directors in hi-tech companies listed on the NASDAQ. He is also active in community activities, including serving as the chairman of the Board of Trustee of the AAMA (Asia America MultiTechnology Association), vice chairman of HYSTA’s China Global Services Alliance and advisory board member of the CUHK Center for Entrepreneurship. Featured in several books on Chinese-American successful entrepreneurs, Dr. Lee is well known to the Silicon Valley and Asian media. 

Mr. Ho Man Sum (1957/ United/ Economics)

Mr. Ho Man Sum, a renowned educationalist and publisher, is currently the Executive Director of Mill & Dales Press Limited, The Success Publisher and Chi Wai Publishing Company Limited and Director of the Education Foundation of the Federation of the Alumni Associations of The Chinese University of Hong Kong Limited and the Dominic Savio Education Organization Limited. Mr. Ho is also an outstanding alumnus of United College, CUHK, having served on the College Board of Trustees for many years, and a staunch supporter of his alma mater. Mr. Ho served on the Board of Directors of the Education Foundation of the Federation of The Chinese University of Hong Kong Alumni Association Limited (later renamed The Education Foundation of the Federation of the Alumni Associations of The Chinese University of Hong Kong Limited) when it was established in 1982. He joined the Standing Committee of the CUHK Convocation upon its founding in 1993 and has since been actively involved in its Education Sub-Committee and Fund-Raising Sub-Committee. 

Mr. Ben Cheng (2007/ New Asia/ Information Engineering)

Mr. Ben Cheng is a founder of Oursky, a web development company. He set up the company in 2008 with two other young CUHK graduates after his graduation in 2007. Oursky focuses on the research and development of a SaaS solution called PandaForm, which allows companies with little IT-resources to build workflow applications to manage business processes at extremely affordable prices.