HSBC Private Bank Maps out Millennial Entrepreneurs in Asia

HSBC Private Bank

HSBC Private Bank

A new report from HSBC Private Bank has revealed that the most successful millennial entrepreneurs are distinguished by a desire to positively affect their community.

Millennial entrepreneurs (those aged under 35) are running businesses with turnover of 141 percent higher than businesses run by older entrepreneurs globally. The highest proportion of millennial entrepreneurs are based in the Middle East, Mainland China and Hong Kong.

More than any other region, millennial entrepreneurs in Asia are driven by the desire to have a positive impact on their communities and economies and growing bigger businesses than previous generations. 
Additional key findings of the report reveal that nearly half of all millennial entrepreneurs in Asia are female, compared to 34 percent of those aged between 35 and 54.

Positive Social Impact

In Asia, 71 percent of entrepreneurs say that having a positive economic impact was an important factor in their decision to go into business (compared to 50 percent in Europe, 60 percent in Middle East and 57 percent in the United States), with more than half saying they wanted to have a positive impact in their community, significantly more than any other region.

«The new generation of millennial entrepreneurs is dramatically changing the face of business and society. We see a strong desire to have a positive social impact,» said Bernard Rennell, Regional Head of Global Private Banking, Asia-Pacific and Global Head of Family Governance and Family Enterprise Succession at HSBC Private Bank.

Millennial entrepreneurs are also changing the gender landscape in business with near gender equality among millennial entrepreneurs. Women, particularly millennials, are launching and operating new enterprises at an ever faster pace. 

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Giving Back

More than 60 percent of millennial entrepreneurs in Asia come from a business- owning family, demonstrating the importance that this background can play in early business success.

HSBC says there is a long history of philanthropy among Asian entrepreneurs and they see this continuing with three-quarters of millennial entrepreneurs in Asia engaged in philanthropy.

Millennial entrepreneurs not only take an active and thoughtful approach to their businesses, they also apply this to their philanthropic endeavours, tending to take a more strategic approach with significant focus on specific deliverables and outcomes. 

The research reflects the responses from more than 2,800 active business owners, worth between $250,000 and $20 million. 

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