Millennial business owners in the Middle East are more likely to be driven by the desire to increase their influence and have a positive impact on others than the overall average for entrepreneurs globally, according to a new study by HSBC Private Bank. The bank’s second Essence of Enterprise report, launched today, researched the views of over 4,000 entrepreneurs globally to understand the motivations behind setting up their own businesses.
The research found that three in ten (29 pc) Middle Eastern entrepreneurs in their 20s are motivated to set up their business in part by the desire to have a positive impact on their community, while, a third (33 pc) say they are also driven to have a positive economic impact — a greater proportion than their peers in every other region surveyed.
By contrast, 20 per cent of all entrepreneurs globally are motivated by the need to have a positive impact on their community, while 25 per cent want to have a positive economic impact. The research found that 29 per cent of millennial entrepreneurs in the Middle East went into business to build a name for themselves, compared with 23 per cent of all entrepreneurs globally.
The desire to make a positive difference is borne out by the amount of time spent dedicated to community activity and volunteering. Middle Eastern millennials spend almost an hour (58 minutes and 20 seconds) each day taking part in these activities, 15 minutes longer than the global average for all entrepreneurs and above the average of 55 minutes and 19 seconds for other entrepreneurs in their age group.
Middle Eastern millennial motivations extend to nurturing talents within the company. Out of all regions surveyed, this group, along with the millennials in the US, are most likely to devote a high amount of effort into inspiring and educating others (51 pc) — ahead of millennial entrepreneurs in Europe (45 pc) and Asia Pacific (43 pc).
They also just trail the US in leading the way in placing a high amount of effort in employment growth and staff welfare (52 pc of US millennials vs 49 pc of Middle Eastern millennials).
Overall, millennials in the Middle East dedicate a huge amount more time to working than their worldwide peer group; the 12 hours and 35 minutes a day which they spend on business activities is over two and a half hours longer than the global average for millennials (ten hours and three minutes).
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