69% of young entrepreneurs driven by desire to make social contribution
Pictured: Iffah Billah of RAB Green Global, who is building the first fully green factory in Brunei
Entrepreneurship across the world develops, grows, even booms, to meet a variety of challenges. Everyday young, diverse business owners are changing the social and economic shape of their communities, taking risks to bring new, creative products and business models to the markets, and putting their own stamp on what came before. These disruptors, entrepreneurs upturning their industry with a new way of doing things, aren’t simply contributing to a more productive economy, they’re working to add social value to our future.
The Essence of Enterprise report by global bank HSBC, which interviewed nearly 3,000 high achieving entrepreneurs from across the world, revealed that younger business owners were most often driven by the potential social value their entrepreneurial activities could contribute, with 69% of all respondents reporting a desire to make a positive economic impact, and 59% a desire to support their communities through their work. A claim given weight by the fact that 79% have taken part in philanthropic activity in 2015.
Nick Levitt, head of the Global Solutions Group at HSBC Private Bank, commented, “Most people would assume they go into business to make money. The reality is the drivers behind that are entirely different. Making money is a consequence, not the core driver.”
This trend for new generations of entrepreneurs to view business and social contribution with a greater overlap than ever before, offers a reassuring message that the future is in good hands. In recent years the conversation of productivity has evolved, moving away from a simple numbers game to incorporate qualitative values such as sustainability, community welfare and long term prosperity. As this group produce more disruptive technologies and business models, we can hope to see them promote similar socially valuable disruptions that contribute to the quality of our daily experiences more than ever before.
The findings also noted that, whilst earning 141% more than the older entrepreneurs represented in report, younger entrepreneurs were likely to employ more than twice the amount of staff. Whilst hinting at lower efficiency, it may also reveal the true commitment millennial entrepreneurs have to sharing prosperity and encouraging economic sustainability.