Millennial entrepreneurs emphasise more on influence and impact on local community compared to their older counterparts, according to a report by HSBC Private Bank.
More than a quarter of entrepreneurs in their 20s were found to establish business in order to make a name for themselves, versus only 17% of entrepreneurs aged over 50. About a quarter of millennial entrepreneurs were also driven by the desire to have a positive impact on the community compared with 13% of older entrepreneurs.
The difference in opinion among generations was most stark in the case of US, with a difference of 12 percentage points.
In the UK, 15% of millennial entrepreneurs were found to prioritise positive influence compared to 6% older counterparts.
Meanwhile in Asia Pacific, 45% of millennial entrepreneurs said that they established their business with a desire of increasing their personal wealth, as against 40% in the US and 29% in Europe.
The study also revealed that the generational difference further widened over environmental and social considerations, with 37% of millennials entrepreneurs found to put in effort to manage these issues in their business compared to 25% of older entrepreneurs.
HSBC Private Banking chief of staff Stuart Parkinson said: “Our research shows that, compared with older generations, millennial entrepreneurs seek influence rather than autonomy and that social impact is as important to them as personal wealth.
“It is important that we understand the challenges faced by the next generation of entrepreneurs so we can support them as they create jobs and economic growth, as well as prosperity for themselves, their families and their communities.”