Millennial business owners in the Middle East are more keen to positively influence fellow humans than the typical entrepreneurs globally, according to a study by HSBC Private Bank
According the bank’s second Essence of Enterprise report, three in 10 (29%) 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.
One-third (33%) say they are also driven to have a positive economic impact — a greater proportion than their peers in every other region surveyed.
In comparison, 20% of entrepreneurs globally are motivated by the need to have a positive impact on their community.
Globally, 25% of startup founders want to have a positive economic impact.
According to the study, 29% of millennial entrepreneurs in the Middle East went into business to build a name for themselves, compared with 23% of peers globally.
The desire to make a positive difference is borne from the amount of time spent dedicated to community activity and volunteering.
Middle Eastern millennials spend almost an hour each day taking part in these activities.
This is 15 minutes longer than the global average for entrepreneurs globally.
Around half (45%) of millennial entrepreneurs in the region went into business with the goal of increasing their personal wealth compared with 40% in the US and 29% in Europe.
While the global findings suggest shifting priorities for younger generations, those in Asia-Pacific demonstrates an approach which reflects financial considerations as part of their entrepreneurial pursuit, the study found.
“The study shows that Middle Eastern entrepreneurs are incredibly driven in meeting their goals, with a hungry young generation working significantly longer hours, compared to the rest of the world, to achieve this,” said Sobhi Tabbara, HSBC’s head of global private banking, Middle East.
“On top of the financial rewards, it is particularly interesting to see that altruism and the consideration of their overall impact on the community in which businesses operate is becoming an important factor in drawing entrepreneurs to starting their own companies,” Tabbara said.
The report is based on views of over 4,000 entrepreneurs globally to understand startup founders’ motivations behind setting up businesses.