The Values of Millennial Entrepreneurs

 In Research

Personal wealth isn’t everything as a millennial entrepreneur. 23% of entrepreneurs in their 20s, according to Small Business Trends, prefer becoming influential or having a positive impact on their communities. Conversely, only 13% of entrepreneurs over 50 feel the same. Below, we break down the values of millennial entrepreneurs and what their everyday life looks like.

The Values of Millennial Entrepreneurs

But certainly, one of the many places where millennials diverged from their counterparts from previous generations was in this strong desire to directly impact their communities. Compared to entrepreneurs aged 50+, this was important for one in four, or a quarter of millennials. For the older group it was one in 10.

Millennial Entrepreneur Values

This desire to have a positive impact was also mentioned as the biggest motivation in achieving influence. Millennials said it was more important than wealth, which was the opposite of what respondents in their 50s said.

In the report, Stuart Parkinson, Chief of Staff of HSBC (NYSE:HSBC) Private Banking highlighted the importance of understanding and supporting this group. He goes on to say:

“It is important that we understand the challenges faced by the next generation of entrepreneurs so we can support them as they create jobs and economic growth, as well as prosperity for themselves, their families and their communities.”

The survey also points out the differences between millennials around the world. On one hand, Forty five percent of the entrepreneurs in Mainland China, Hong Kong, Singapore and Australia indicated ‘personal wealth’ as the biggest reason for going into business. Across Europe it was 29 percent, with America coming in at 40 percent.

When it comes to gender, during a start-up women are motivated to achieve flexibility over their work-life, while men said their reason was financial.

As to what millennials are looking for, work-life balance, 83 percent of entrepreneurs worldwide said they have achieved it. For this group, according to the survey, this meant spending an average of 10.1 hours each day on business tasks.

Work Life Balance Entrepreneur

Millennial Entrepreneurs Prefer Influence Over Money

Money isn’t everything; millennials are highlighting this fact. What are you in business for? Is it wealth? Something else? Are you a millennial yourself? Let us know how these findings compare to your business motivations in the comment below.

More Small Business Research to Check Out:

2017 Small Business Outlook Report

2017 Small Business Hiring and Economic Trends

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