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.