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Millennial entrepreneurs make more money than their older peers and are also more motivated by an effort to find their purpose and give back to society, according to a new report.
“The new generation of millennial entrepreneurs is revolutionizing the nature of entrepreneurship,” said Nick Levitt, director of the Global Solutions Group at HSBC Private Bank, in a statement announcing the publication of a report describing these results. “These entrepreneurs are creating bigger businesses and creating more jobs.”
Millennial entrepreneurs were considered under 35 for HSBC research, called the Essence of Enterprise report.
Millennial entrepreneurs interviewed by HSBC had businesses with annual revenues of $ 11.5 million, nearly 1.5 times the average annual income of $ 4.8 million of all entrepreneurs interviewed for the report .
Millennial entrepreneurs also have more employees. The main business owned by an entrepreneur under the age of 35 included in this survey has 123 employees, compared to 58 employees in the main business owned by entrepreneurs over the age of 35.
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For the research, HSBC interviewed 2,834 entrepreneurs worldwide. The entrepreneurs were followed both by age and by location. All of the entrepreneurs had net worth between $ 250,000 and $ 20 million. To be included in the report, individuals had to be a significant shareholder, manager, executive or strategic investor in a private enterprise.
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Millennial entrepreneurs run larger businesses with more employees than their larger counterparts, but making money is not their only concern. “They are as motivated to make an impact on the world as they are to make money and they have a positive impact on their communities,” says Levitt.
Nearly six in 10 millennial entrepreneurs say they want to have a positive impact on their communities. Meanwhile, almost four in five, 79%, of millennial entrepreneurs are active philanthropists.
And the more successful these millennial entrepreneurs are, the more they give back. Among millennial entrepreneurs whose businesses make more than $ 11.5 million in revenue, 89% report having actively participated in philanthropy in the past year.
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For a more in-depth look at the characteristics and motivations of the millennial global entrepreneur, take a look at the infographic summarizing the results of the report, below.
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