Herbalife’s video series includes valuable advice from experts on how to become a health entrepreneur
As children, most of us probably wanted to be a doctor or a teacher when we grew up. But as we get older, we might start thinking about other things, like entrepreneurship.
According to the latest Asia-Pacific Economic Empowerment Survey by herbalifemore than 70% of respondents believe that starting your own business or becoming a freelancer is the key to economic empowerment.
Millennials and Gen Z are increasingly drawn to entrepreneurship. The 2021 Young Entrepreneur Survey found that 72% of individuals in these cohorts want to start their own business. Similarly, herbalife‘s 2023 APAC Economic Empowerment Report states that 74% of Millennials and 69% of Gen Z believe entrepreneurship is important for economic empowerment.
But being your own boss isn’t a walk in the park; it’s more like navigating a complex obstacle course full of risk and uncertainty.
Fortunately, herbalife provides guidance through an insightful video series, “Navigating a Future in Health Entrepreneurship,” where experts share valuable advice to start your journey as a business owner.
Here are five tips from the session.
Tip #1: Pay attention to trends
Success often depends on timing, so it’s important to stay on top of industry trends.
Stephen Conchie, President, Asia Pacific herbalifehighlighted that the growth in the health and wellness sector post-COVID-19 has made it an exciting area for entrepreneurs.
“In a kind of post-pandemic situation, consumers are becoming more health conscious,” he said. “I think this was a bit of a wake-up call for people in terms of self-care and taking care of themselves.”
Source: interstid on Canva
It’s important to identify both the demand for your product or service and your consumer’s willingness to spend.
Athena Lee, co-founder of online veterinary clinic ZumVet, pointed out that Asia is a favorable environment for entrepreneurship, with a rapidly expanding middle class increasing consumerism.
As pointed out by Mr Yee Chien Lim, CEO of Malaysian healthy meal delivery service Homey Nutrition, this will lead to increased health-related spending in the region due to increased spending power. Connect.
Tip #2: Do thorough research
As Lee emphasized, it’s important to thoroughly understand your industry, especially in a “complex and far-reaching” industry like healthcare.
In fact, you’ll want to know it like the back of your hand.
“As an aspiring entrepreneur, I think it’s essential to have a deep understanding of the industry,” she says. “And usually the more practical the understanding, the better.”
Once you understand that, you can identify problems and gaps and be clear about how to address them.
Source: Asia-Pacific Images Studio on Canva
It will also allow them to better and more confidently present their products and services to customers, partners, investors and potential stakeholders, Lee explained.
This is important. Because, would you support a business where the owners had no idea what they were doing or what they were offering? I didn’t think so.
Tip #3: Manage your time and resources properly
Every job has its challenges, but for entrepreneurs, navigating the professional world is akin to playing the “game” in expert mode, requiring mastery of time and resource management. You can
According to Lee, this crosses industries and is further amplified by additional hurdles such as regulatory constraints, slower service adoption, and the complexity of stakeholder management.
Without them, you’ll have your hands full managing personnel and handling logistics.
Thankfully, Ms Lim said handling the logistics has now become easier thanks to the abundance of e-commerce platforms and delivery services.
Source: DragonImages on Canva
When it comes to talent management, both Lim and Lee believe that identifying the right people for the job and having them in the right places is critical to business growth.
Tip #4: Collaborate with others
When it comes to humans, there is an African proverb that goes like this: If you want to go far, let’s go together. ”
This is especially true in the entrepreneurial world.
As Conchi says, it’s important to surround yourself with skilled people and have a support system. For example, having a network of people who have walked the same path and are willing to share what they’ve learned or act as a sounding board can be extremely helpful.
Lee agreed. “It’s really impossible to go it alone as an entrepreneur. . . . The most valuable part of creating a business is building a network, so I think collaboration within the industry is very important.”
Lim’s experience highlights the benefits of collaboration. After working with her chefs to create healthy and delicious meals, she expanded her scope of practice by working with medical professionals and personal trainers who recommended products to her customers.
Customers also benefit from comprehensive health solutions, from nutritious meals to expert advice and customized fitness plans.
Tip #5: Develop resilience to endure difficult situations
Making decisions in your own business may seem like a lot of fun, but it’s not all sunshine.
Conchie cautioned that resilience is key, as entrepreneurship comes with its own challenges. “Our research shows that most people who try to become entrepreneurs recognize that they will make mistakes.”
“Resiliency is very important,” Lee agreed. “Maybe even more so than passion, because passion is what gets you into the industry. But at the end of the day… you’re going to face challenges, and things are definitely going to be difficult.” It will be.”
Source: KlingSup on Canva
She prioritizes mindfulness to prepare herself mentally to face any challenges that may come her way.
The good news is that perseverance can lead to great rewards, both in terms of success and the satisfaction of positively impacting individuals and communities.
“I think one of the things I would love to come back to is how rewarding the journey can be,” Conchie said.
One of the things I feel from you is the personal reward, the satisfaction of seeing you impact the lives of others. I think this is unique to the health and wellness space.
For more tips, watch the entire Herbalife Dialogue video series online.
As mentioned by experts, the health and wellness industry certainly seems to be a prime fertile ground for business growth.
Whether you’re looking to dip your toe into entrepreneurship as a side hustle or dive headfirst into a full-time career, understand your situation thoroughly before planting the seeds of your venture. is essential.
Fortunately, the entire “Navigating a Future in Health Entrepreneurship” video series herbalife Our website has all the information you need to rock the world of health and wellness business.
You can also follow Herbalife on LinkedIn for more updates.
Staring into the unknown can be unsettling. But with the wisdom and experience of others lighting your way, you can have all the right things in place to embark on the greatest adventure of your life.
This post was brought to you in collaboration with: herbalife.
Featured images sourced from Odua Images by Canva and TimeImage by Canva.
