Middle East millennial work hard to create positive impact
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 yesterday, 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 ten (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 millennial 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.
Middle Eastern millennial motivations extend to nurturing talents within the company. Out of all regions surveyed, this group, along with the millennial in the US, are most likely to devote a high amount of effort into inspiring and educating others (51 percent) - ahead of millennial entrepreneurs in Europe (45 percent) and Asia Pacific (43 percent). They also just trail the US in leading the way in placing a high amount of effort in employment growth and staff welfare (52 percent of American millennial v/s 49 percent of Middle Eastern millennial). Overall, millennial in the Middle East dedicate a huge amount more time to working than their worldwide peer group; the 12 hours and 35 minutes a day which they spend on business activities is over two and a half hours longer than the global average for millennial (ten hours and three minutes).
Sobhi Tabbara, HSBC’s Global Market Head of 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 overall impact on the community in which businesses operate is becoming an important factor in drawing entrepreneurs to starting their own companies.
“As we help drive and advise business owners in achieving economic and social growth, studies such as the Essence of Enterprise are vital helping us to understand the unique passions and motivations of our clients in the Middle East”