Singaporean millennial entrepreneurs chase personal satisfaction: survey

35% are motivated by personal development.

If you think wealth motivates Singapore millennial entrepreneurs the most, think again. 

According to HSBC's latest reports, these entrepreneurs are being driven more by personal development in pursuing their business ventures.

Compared with older generations who find motivation from wealth and family expectations, Singaporean millennial entrepreneurs are more motivated to cultivate and nurture personal aspirations when embarking on business pursuits.

The study found the greatest motivation for Singaporean millennials was following their passion (38%) and personal development (35%). This was in stark contrast to older generations (those over 50) of Singaporean entrepreneurs who overwhelmingly (71% surveyed) saw developing personal wealth as their key motivator.

The findings for Singapore millennials was also slightly at odds with their regional peers with 45% of millennials in Asia Pacific conceding they went into business to increase personal wealth compared to 35% of Singaporean millennials.

HSBC Private Banking Head of Southeast Asia Sandeep Sharma said entrepreneurs are strong economic catalysts and important sources of innovation in any market.

"But being successful requires tenacity and passion which are needed especially when the going gets inevitably tough. The findings show that Singaporean millennials have these ingredients which should lead to greater creativity and innovation as they pursue their projects," he said.

Interestingly, the survey also found Singaporean millennials are putting self before family – more so than previous generations and generational peers from other markets.

According to the report 29% of Singaporean millennials stated a desire to succeed for their
family which is 10 percentage points behind the global average of 39%. This ranks behind the average for Asia Pacific (37%), Mainland China (32%), Middle East (38%), Americas (45%) and Europe (36%).

Sharma said in the next decade, wealth generation will increasingly be led by millennials.

"However, as these entrepreneurial businesses take off, it is crucial that millennials take a different approach to achieving personal wealth. Invariably, passion and instinct is what built the business, and there is a natural tendency to re-invest funds back into it. However, to sustain and grow your wealth requires you to decouple your investment strategy from your business strategy,” he concluded