‘Mideast millennial business owners driven by desire to have positive impact on society’

Millennial business owners in the Middle East are more likely to be driven by the desire to increase their influence and have a positive impact on others than the overall average for entrepreneurs globally, according to a study by HSBC Private Bank.The research ‘Essence of Enterprise’ found that three in ten (29%) Middle Eastern entrepreneurs in their 20s are motivated to set up their business in part by the desire to have a positive impact on their community, while, a third (33%) said they are also driven to have a positive economic impact – a greater proportion than their peers in every other region surveyed.By contrast, 20% of all entrepreneurs globally are motivated by the need to have a positive impact on their community, while 25% want to have a positive economic impact, it said, adding 29% of millennial entrepreneurs in the Middle East went into business to build a name for themselves compared to 23% of all entrepreneurs globally.The desire to make a positive difference is borne out by the amount of time spent dedicated to community activity and volunteering with the Middle Eastern millennials spending almost an hour (58 minutes and 20 seconds) each day taking part in these activities, 15 minutes longer than the global average for all entrepreneurs and above the average of 55 minutes and 19 seconds for other entrepreneurs in their age group.“The study shows that Middle Eastern entrepreneurs are incredibly driven in meeting their goals, with a hungry young generation working significantly longer hours, compared to the rest of the world, to achieve this,” according to Sobhi Tabbara, HSBC’s Global Market Head of Private Banking, Middle East.