More than 70 percent of young people in Taiwan are willing to start businesses, a report shows.

According to the report, released Thursday by job-seeking website 1111 Job Bank, 61.46 percent of its respondents under the age of 40 have an interest in starting a business, but not have taken action, while 7.01 percent are preparing to do so.

The report says that 4.46 percent of those surveyed have already started businesses, while 3.18 percent tried doing so in the past.

Results state that the motives for jumping on the entrepreneurial bandwagon include self-fulfillment, increasing one's finances, personal interest, flexible work and ability to be one's own boss.

Starting a snack business is popular among young people, followed by cold drinks, restaurants, brunches and other distinctive local commodities, according to the report.

Ho Chi-sheng, deputy manager of 1111 Job Bank, said the low payment and long working hours in Taiwan have resulted in a large number of young entrepreneurs.

"As first-time entrepreneurs, these young people tend to choose areas with a low threshold and high success rate - such as snacks," he said.

According to local authorities, the number of registered businesses on the island in May was 5,359, up 27.8 percent year on year.

"I suggest young people prepare well, and take things like capital and market demand into consideration before starting businesses," he said.