Talent investor Entrepreneur First has released an intriguing report on Gen Z and Millennial Start-Up founders in Singapore.
According to their findings, most future entrepreneurs will have different objectives than their predecessors. The entrepreneurial community in Singapore is brimming with ideas, drive and new blood: nearly 9 out of 10 (89%) Singaporean founders are first-timers, with 2 in 3 having spent less than 4 years in the working world before launching their startup.
- It’s not always about the money, but flexibility
Despite the saying that “money makes the world go round”, Gen Z entrepreneurs see autonomy as equally crucial in motivating them to establish their own company. Financial gains are the biggest driver for 65% of entrepreneurs, but 64% of Gen Z equally value their autonomy while 55% of Millennials value flexibility.
For ‘millennipreneurs’, the freedom to choose their own schedule, employment and location is important. According to 2019 research, entrepreneurs experience higher happiness and workplace wellbeing via entrepreneurial efforts than other kinds of employment.
“Flexibility isn’t about work hours and location, it’s the flexibility of the role and of the company itself. Anyone in a startup has the power to transform the lives of their customers, shape the product, even change the direction of the whole company in a single day. That permanent state of flexibility, impact and often chaos, hone skills and resilience.” – Natalie Doran, Co-Founder at Lytehouse
- Problem-solving over passion to define and build a business
To start a business, you need passion and an idea, but today’s smart entrepreneurs know that enthusiasm alone isn’t enough.
Passion was scored 4th by millennials and 7th by Gen Z in the ideal attributes of an entrepreneur survey, out of 7. Without risk-taking, clear direction, and problem-solving qualities, a flame of fire may quickly go away.
Uneven enthusiasm (intensity or interest) in a team may negatively affect team performance, according to the 2020 study. That’s where problem-solving beats it as a team may be after solving one problem but may not be passionate about doing so the same way.
“The initial inspiration and zero-to-one in founding a startup are usually sparked by personal curiosities and some degree of passion to dig into a problem to solve.” – Bradian Muliadi, Co-Founder at Hawksight.
- Prioritise your people and the rest will follow
For millennials, business strategy is critical to success, whereas for Gen Z, the founding team is crucial. Because of the several catastrophes they have previously faced, this growing generation values human potential above corporate or technological limits.
This new generation of entrepreneurs understands that money isn’t enough to get a firm off the ground: it takes a community to raise one.
“The founding team is key to early-stage startups, as ideas are cheap and they only gain value when you have a compatible co-founder to convert them to million-dollar startups. When the founding team has a good balance and chemistry then we can overcome the problems and move the company forward.” – Peyman Salehian, Co-Founder at Allozymes
This article draws from the inaugural ecosystem report Singapore’s Future Founders: Catalysts, Hurdles & Moonshots by Singapore-based Entrepreneur First (EF).