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 recently, 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 10 (29 percent) 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 percent) 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 percent of all entrepreneurs globally are motivated by the need to have a positive impact on their community, while 25 percent want to have a positive economic impact. The research found that 29 percent of millennial entrepreneurs in the Middle East went into business to build a name for themselves, compared with 23 percent 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.
Sobhi Tabbara, HSBC’s head of global private banking, Middle East said: “The latest Essence of Enterprise 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. 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.”