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Personal values over profit for Singapore young entrepreneurs

Adrian M. Reodique | Aug. 4, 2016
Young entrepreneurs are motivated by the success of the company as they believe that it is a reflection of their personal success.

Young entrepreneurs in Singapore have sacrificed profit for personal values (49 percent), business ethics (51 percent), and to maintain a work-life balance (43 percent).

This is according to the report by Sage - an accounting and payroll software provider - titled "Walk With Me", which polled more than 300 millennial entrepreneurs in the country to examine their key characteristics, attitudes and behaviour toward business.

The report indicated the surveyed young entrepreneurs are motivated by the success of their company. Slightly more than a third of them (34 percent) believed the success of their organisations is a reflection of their personal success.

In additional, millennial entrepreneurs claimed to work because they enjoy what they do (20 percent), for employees' happiness (15 percent), to make money for early retirement (13 percent), and learn further about the business and themselves (11 percent).

However, nearly half of the respondents (46 percent) are demotivated by customers that do not always play fair such as late payers as they create cash flow worries. They also lose motivation when struggling to raise funds (35 percent); find like-minded staff with right skills (31 percent); and when faced with long hours of work (30 percent).

The polled young entrepreneurs also stated they prefer to hire employees with the same ambition and drive (37 percent), and personal values (30 percent).

Technology in the businesses

According to the survey, half of the respondents think technology is an enabler for a mobile workforce in the next 10 years. They believe technology will allow employees to work remotely and flexibly (47 percent), save money on office space and overheads (30 percent), and outsource talents abroad (20 percent).

In line, majority of the respondents (73 percent) said technology affects how they network, and could not prosper without it.

Despite this, only few of the young entrepreneurs relied on technology to stay ahead of the competition (46 percent) and believe they are resourceful enough to succeed (54 percent).

In addition, over half of the respondents (56 percent) said they are "indifferent" about the extent to which technology help their business, while 44 percent think it is invaluable in marketing their business and targeting the audience accurately.

On top of that, while they recognised the rapid evolution of technology, 60 percent were not worried that they will be able to keep up, and 76 percent believed they will be able to afford the latest technology. 

 

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