At what age do people become entrepreneurs? A Harvard Business School study suggests that 42 is the magic age of successful startup founders.

In China, research by the Chinese Academy of Social Sciences shows nearly 40 percent of entrepreneurs start their businesses between the ages of 36 and 44.

"The younger generation is optimistic that the rapid technological advances offer them opportunities. They have more tools to lower costs and boost efficiency," said Ju Jinwen, an economist at the CASS.

China Daily talked with four successful entrepreneurs who started their businesses at a young age.

Li Yueyue, 36

Li founded Botan, a jewelry company focusing on gemstone sourcing, custom design and finished product sales, in Shanghai in 2019.

After graduating with a master's degree in marketing from the University of Bath in the United Kingdom, Li worked at a Bank of Communications branch in Shanghai. She developed a passion for gemology when she was ordering her own wedding ring, and left her job in 2014 to take professional jewelry courses.

She opened her own business and began by purchasing accessories from Pandora, a Danish jewelry company, for her clients. She was handling more than 50 orders a day, buying and delivering Pandora accessories to her customers.

Li has since upgraded her business to offer a "one-stop" service: from sourcing raw stones at origin, to design and setting, and finished product sales.

She frequently visits mining areas in Australia, Thailand, and other locations to personally select high-quality gemstones such as rubies, emeralds, and Australian opals.

Her banking experience helps the business. "Banking has taught me to pay close attention to details and to develop a keen sensitivity to market shifts. Building and maintaining client trust is also extremely important," said Li.

She emphasized that her banking experience has helped her better manage finances and control risks, enabling her to make prudent decisions.

"Every decision needs to be carefully considered because it's not just about profit, it's also about reputation," said Li.

"When I started the business, I was eager for success and wanted to see results quickly. But as time went on, I realized that the success of a business is not something that can be achieved overnight, it requires slow and steady progress."

Looking to the future, she plans to further promote Australian opal customization services and expand the use of colored gemstones to enhance Botan's brand.

"Although we are not large in scale, I hope to create unique pieces through our designs and services, becoming a distinctive force in both domestic and international markets," said Li.

She believes that the success of the first generation of entrepreneurs is not about the size of the enterprise, but whether one can deeply engage in their chosen field and work meticulously to gain industry recognition.

Yu Qun, 40

In 2013, Yu founded Jiangsu Jushang Private Fund Management Co. The company specializes in investment consulting, asset management, fixed-income investments, and wealth management for high-networth individuals and families.

Yu graduated from Suzhou University of Science and Technology with a major in mathematics, and is currently pursuing an Executive MBA at the School of Management, Fudan University.

His strategy is to gradually establish a foothold in the industry through detailed market research and continuous adjustments.

In the early stages, the company rented a small office of just over 90 square meters, with several people crowded together working in a basic environment. But everyone was extremely dedicated.

His company seized the opportunities brought by new regulations on local government bond issuance.

When traditional financial institutions were still deliberating the pros and cons of these new procedures, Yu's team, with their decade of experience, quickly entered the market and benefited from the first wave.

By 2023, the company had achieved significant growth, with newly added fund management exceeding 2 billion yuan ($285 million), demonstrating the firm's success in the competitive private fund sector.

"We really didn't think we could grow to this size at the beginning. We just felt that the market opportunities were right in front of us, and it would be a shame not to seize them," said Yu.

However, the difficulties faced during the entrepreneurial process were also apparent, especially in the financial industry, a field full of uncertainties.

"In the past decade, we've witnessed the fall of many peers. Some companies imploded due to product issues, while others failed due to blind speculation," said Yu.

To avoid these risks, Yu's team established its strict "Ten Rules" early on, which included adherence to compliance policies and cautious risk control. These rules not only helped them weather several market turbulences but also enabled the company to achieve long-term stable development in the industry.

"China's capital market has experienced long-term fluctuations and several years of downturn recently. In such an environment, how to deliver stable returns to investors is a question every fund company must face," he said.

Yu emphasized that the company's future development plan is still focused on stability, and concentrating on standardized bond investments, particularly in cooperation with local government bonds.

"Competition in the fund industry is fierce, but we believe that 'long-termism' is the key to survival. We don't chase short-term high returns but adhere to compliance and stability, ensuring long-term, stable returns for our investors," said Yu.

Regarding the difference between first-generation entrepreneurs and family business inheritors, Yu believes that the biggest advantage of the first generation lies in practical experience as well as a fighting spirit.

"We have no fallback. We must work harder and stay more focused than others. This spirit and determination give us greater ease when facing competition and challenges," said Yu.

Gao Boting, 28

Gao ventured into the AI industry by founding Shanghai Jobly AI in May this year.

According to the Global AI Entrepreneurship Report, the number of AI startups in China has increased by 30 percent over the past two years. In 2023, the market size of China's AI industry is expected to surpass 2.4 trillion yuan.

Born in Hubei province and raised in Guangdong province, Gao completed her bachelor's degree in psychology in Canada, followed by a master's degree in neuroscience in the UK.

"I was fascinated by how psychological theories and neuroscience could intersect with practical applications. My research on TRNS (transcranial random noise stimulation) therapy was at the cutting edge of brain science, which I believe has paved the way for my work in AI," said Gao.

Work experience gained at game and internet companies between 2020 and 2024 further enriched her understanding of user behavior and needs, shaping her approach to developing AI-driven solutions.

After it was founded, her company introduced an application called RuiJian, which simplifies the recruiting process for both jobseekers and employers. Describing the period as the "year of AI development," she aimed to revolutionize traditional recruitment methods.

"Starting a new venture in an emerging field like AI involves navigating numerous obstacles. I've had to address technical bugs, adapt to legal requirements, and continuously refine our technology," said Gao.

Despite these challenges, Gao remains committed to her vision. As a pioneer in the AI industry, she faces a lengthy trial-and-error process with few precedents to follow. However, this also means that the industry offers a larger scope for experimentation and freedom.

"Being in a burgeoning field, the competitive pressure is somewhat less intense since everyone is still in a stage of exploration and learning," said Gao.

According to a report by consultancy McKinsey&Co, "The State of AI in 2020: Tackling the Challenges and Seizing the Opportunities", the success rate for AI startups is relatively low, at only about 10 to 15 percent.

"Failure in research is part of the process, not a personal defeat. My academic background has taught me that failures in research are often due to flaws in methods or theories, not personal shortcomings," said Gao, who claims that returning to work in a company would not be a big deal.

The application will launch this month, targeting jobseekers with less than three years of work experience. In the second phase, the focus will be on developing an AI-powered recruitment platform.

"I hope to see AI become an integral part of various industries. In the long term, I want to explore how AI can enhance human capabilities and be managed responsibly as an efficient tool," said Gao.

Qin Hao, 38

Qin was a top salesperson at a large company. In 2010, he was persuaded by a friend who had built a client network to cofound a chemical trading company.

In 2020, Qin decided to sell the company after receiving an offer from a State-owned enterprise. His enthusiasm for the industry had waned during the COVID-19 pandemic, further influencing his decision.

"The sale of my company was a turning point. It gave me the chance to explore new industries and meet people from diverse backgrounds," he said.

Qin decided to leverage his knowledge and shift his focus to a completely different industry. In 2016, he joined the Jargee Group, a chain of claw-machine businesses operating in shopping malls, as a co-founder.

A claw machine is a coin-operated glass cabinet that has a joystick-controlled claw used to grab prizes.

Qin faced the challenge of adapting his experience from chemical trading to the entertainment sector. His approach involved understanding the unique aspects of the consumer and chain industries, refining management styles, and leveraging his previous knowledge to drive Jargee Group's success.

"Entering the claw-machine industry was a leap into the unknown. I had to quickly adapt my skills and knowledge to make a difference," said Qin.

By 2024, the Jargee Group had grown to have 230 outlets and over 1,000 employees, reflecting Qin's strategic vision and effective execution. The company's success can be attributed to his ability to apply lessons learned from his earlier career.

"My time in the chemical industry taught me the importance of understanding market needs and adapting strategies accordingly. The key to a successful business is to create one that is both innovative and capable of scaling efficiently," said Qin.

Over the years, Qin's perspective on success has evolved significantly after experiencing two entrepreneurial ventures. Initially driven by financial metrics and competitive comparisons, he now defines success through personal growth and meaningful achievements.

"Previously, I measured success by the numbers and surpassing others, but now, it's about reaching goals and enjoying the journey, regardless of monetary outcomes," said Qin.

In addition, his interests have shifted to broader life experiences, including learning psychology and understanding global economic impacts.

"Life is about continuous exploration and finding joy in new ventures. Every stage offers new opportunities to grow and reinvent oneself," said Qin.

Supportive environment

The Chinese government is creating a supportive environment for entrepreneurship, particularly for small and innovative enterprises.

In 2022, the Ministry of Finance and the State Administration of Taxation introduced an enhanced version of the R&D Super Deduction Policy for small and medium-sized enterprises in the tech industry. The ratio for the additional pre-tax deduction for R&D expenses for enterprises that were already eligible was raised from 75 percent to 100 percent.

"Practice has shown that various policies introduced by the government in recent years, such as tax reductions, innovation support, and expanded financing channels, have had a positive impact on first-generation entrepreneurs," said Ju.

The CASS economist added that key factors for first-generation entrepreneurs to succeed in today's competitive market include sharp market insights, strong conviction and courage, the right entrepreneurial strategy, extensive networking, sufficient knowledge, and adequate financial resources.