, Singapore

76% of founders pick problem-solving as most important trait in doing business

This is based on a survey conducted amongst Gen Z and Millennial entrepreneurs.

Next-generation entrepreneurs no longer see passion as a driving force in doing business.

This was revealed in the inaugural ecosystem report of Entrepreneur First titled “Singapore’s Future Founders: Catalysts, Hurdles & Moonshots.”

In the report, it was found that 76% of next-generation entrepreneurs believe problem-solving is the most important trait to have when entering a business, followed by vision (74%) and risk-taking (68%).

Passion, which the report said was a “catalysing ingredient” of a startup, only ranked fourth amongst entrepreneurs aged 23-35. Amongst Gen Zs, the trait was deemed least important.

Apart from traits, Gen Zs and Millennials had different views on startups, particularly on why they want to start one.

Whilst money (65%) both drives Gen Zs and Millennials into entering a business, the former is influenced by the autonomy startups offer (64%), whilst the latter is attracted by flexibility.

Those who already started their business are 89% first-timers. 61% of them have spent less than four years in the working world before launching their startup, according to the report.

Meanwhile, Gen Zs and Millennials also have a different view on what they think contributes to a startup's success.

Millennials said, “business model” (43%) matters most, followed by “unique idea,” which to Gen Z entrepreneurs was not at all important.

For Gen Zs, having “compatible co-founders” will contribute most to the success of their startup.

Overall, the survey showed how founders still feel that they need to know everything,” according to Teik Guan Tan, a venture partner at Entrepreneur First.

“The reality is, a good founder does not need to have all the answers but they do need to craft an edge for themselves,” Tan said.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

How to free manufacturing firms from the pitfalls of greenwashing
An EnterpriseSG official said standardisation and green courses will enhance businesses’ sustainability goals.
Manufacturing
Agility matters most to Singaporean CEOs
In SG, 93% believe agility makes leaders of today successful; globally, only 88% think so.