Singapore entrepreneurs are starting younger and running bigger businesses compared to their global peers, says HSBC Private Bank.
The present generation of entrepreneurs also believe strongly in giving back to the community according to the research report. The report also finds a strong concentration amongst Singapore entrepreneurs who come from a family line of business owners, especially those under 35.
«Essence of Enterprise» is an international research report from HSBC Private Bank aimed at understanding motivations and factors influencing entrepreneurship across key markets including China, France, Germany, Hong Kong, Saudi Arabia, Singapore, the United Arab Emirates, United Kingdom and the United States. The research surveyed more than 2,800 active business owners globally, worth between $250,000 and $20 million.
Government Efforts
The report reveals that Singapore business owners are starting their entrepreneurial pursuits at a younger age compared to other countries. According to the report the average age amongst Singapore entrepreneurs is 39, compared to the global average of 44.
«HSBC’s Essence of Enterprise report shows Singapore entrepreneurs are strategic, far-sighted, and willing to take risks, possibly debunking some of the pre-conceived notions of business owners here,» said Rob Ioannou, Co-Head of HSBC Private Bank, Southeast Asia. «This evolution of entrepreneurialism in Singapore reflects the government’s policies and development efforts aimed at enabling individuals to pursue business ideas, innovate and grow,» Ioannou added.
