This survey was conducted by GUESSS which is organized through a collaboration of the University of St.Gallen and the University of Bern. GUESSS is a large, global research project about student entrepreneurship. Its main focus are students’ entrepreneurial purposes and actions.
Looking at both surveys, it can be concluded that there is an increasing number of millennials who express interest in starting their own business and being an entrepreneur. As compared to a global average of 53.6%, Singapore has a higher percentage of 62.5%, whereby students are starting their business at a young age whilst still in school. This is evident in our daily lives as in Singapore, students as young as 11 years old are already thinking of ways to earn money. One example could be that teens nowadays are using an online buy and sell platform, Carousell, to keep up with the trends and sell small items such as clothes, keychains, handmade goods etc. As they get older and are more knowledgeable, they learn to start up websites and blogshops. An example would be, Dressabelle, a well known online fashion site which was started by a Singaporean at a young age during his years in university.
GoDaddy also mentioned that students living in Singapore received a large amount of support from schools and also due to the advancement of technology. This enables students to be have a large exposure to the world of entrepreneurship at a young age. It also helps students to start up their business easily . GUESSS survey supports this statement as it shows that more than half of the students that took part in the survey said that their institutes and schools always encourage students to engage in entrepreneurial activities.
This also shows us that Singapore’s Institute of Higher Learning(IHL) have provided the students with programs that are supportive in preparing them with awareness and knowledge about entrepreneurship and relevant skills to be an entrepreneur. Student entrepreneurs who have attended the IHL entrepreneurship programs enabled them to further improve their ability to identify and source out for opportunities. Thus, increasing the students exposure to enter the entrepreneurship industry.
According to the GUESSS Survey, 5.3% of Singapore IHL students desire to be involved in entrepreneurial activities straight after
completing their studies. 4.1% of the students would find their own business and the remaining 1.2% would want to take over an existing business. This proportion is lower than the global average of 9%.
34.5% of the Singapore IHL students aspire to enter the entrepreneurship industry in 5 years after completing their studies. This is a lower percentage compared to the global average 41%.
This can also be seen and supported by the GoDaddy’s Survey. 41% out of the 500 respondents wants to either start their own small businesses or be self-employed within 10 years. In the 41%, 74% are millennials that intend to start a new business and enter the entrepreneurship industry. This shows that the students are keen and passionate about entrepreneurship. Due to their aspiration, they want to enter the entrepreneurship industry and be involved in entrepreneurial activities within 10 years.
After surveying 2600 high and ultra-high net worth entrepreneurs from 18 countries, obvious generational difference between the baby boomers and millennials in entrepreneurship could be seen. As seen from the timeline in annex. 2.21, while the older generation only started their business at around 35 years old, the millennials generally begin their entrepreneur journey at around the young age of 27 years old. This gives them nearly 10 years of experience by the time they reach the age of when their parents first started their business. Apart from starting off early, millennials also tend to open twice as many companies – average of 8, as compared to the boomers of 3-4 companies. Of course, this does not consider the rate of success for all companies. Which brings out another characteristic of the millennials, open to failure. Millennials are not afraid to keep trying and restarting until they succeed whereas to boomers, failure means the end of the venture. With this never-say-die spirit, millennials succeed at approximately 20-30 years old – up to 20 years earlier than their senior generation. This is without a doubt, an impact from the constantly advancing technology. In the present day, starting a business is as easy as a few clicks on the computer while in the past, there were tens and hundreds of considerations beforehand. Due to the evolving economy, from professional service sector like accountancy, law and consultancy in the boomers generation, we have now moved to retail, technology, e-commerce and invest management in the millennials’ age. The change is business sector, which requires greater amount of staffs, forcing the junior generation to have the ability to manage more staffs. As presented in the survey, millennials are handling up to 122 staffs compared to the tiny amount of approximately 30 staffs during the boomers generation.As seen from annex 2.22, 75% of millennials expect a profit increase overtaking the humble amount of 42% of the boomers as seen in annex. 2.23. As seen from comparing charts 2.21 and 2.23, we can see that millennials are more bullish than boomers. Despite that, one of the significant change from boomers to millennials is their view on philanthropy. The millennials often express their generosity without considering their wealth and the business’ financial status while boomers mostly care about their wealth and has to first ensure the stability of their business before they commit any humanitarianism.