, Singapore

Goodbye boss: About 1 in 2 Singaporeans plan to ditch their jobs for a startup dream

Three in four millennials want to be their own boss, too.

The future of work in Singapore will soon be in the hands of startups as more Singaporeans aim to become their own boss, a new survey by GoDaddy finds.

According to a survey in collaboration with Morar Consulting, 41% of Singaporeans are planning to either start their own business or be self-employed in the next 10 years. This percentage is even higher than the global average of 36%.

7,291 professionals including 2,707 small business owners or self-employed individuals in Australia, Brazil, Canada, China, Hong Kong, India, Mexico, Singapore, Turkey, the United Kingdom and the US took part in the survey. About 500 respondents are from Singapore.

74% of Singapore millennials, defined as those born between 1980s and mid-2000s, were also more likely to plan or start a small business or be self-employed in the same period. This again compares to 50% of millennials globally.

The results also show that millennials in Singapore are becoming entrepreneurial at a much younger age. Surprisingly, 32% of them have actually started their current business while in school. This makes Singapore millennials 16 times more into pursuing entrepreneurship while in their studies compared to their generation X counterparts.

The results clearly show a rising tide of entrepreneurship fuelled by technology and a strong desire for autonomy, according to GoDaddy.

“Entrepreneurship is one of the core tenets of Singapore’s economy,” says Roger Chen, vice president of Asia, GoDaddy.

"Millennials today are more open to considering entrepreneurship as a viable career," he added.

According to the survey, 91% of respondents in Singapore say technology made starting a business easier. Flexibility, meanwhile, was cited as being the top driver for Singaporeans to become an entrepreneur. At 35%, it beats money (24%) and not worrying about corporate layoffs (15%).

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!