GoDaddy conducted a study on entrepreneurs, covering around 7,300 people from various countries around the globe, such as UK, USA, Turkey, Singapore, Mexico, India, Hong Kong, China, Canada, Australia and Brazil.
As per the study, the culture of entrepreneurship is on the rise in Singapore, as illustrated by these figures:
- 4 in 10 people in Singapore plan on taking the entrepreneurial route in the next 10 years.
- Of the people who want to start their own business, 74% are millennials and 63% are from Generation X.
- 72% hope to start their ventures full-time and 28% plan on keeping it as a side project.
- 32% of millennials who are entrepreneurs in Singapore, began their journey while still in school (compared to the global average of 24%).
The situation is similar around the world, as technology makes it easier to become an entrepreneur.
For Singaporeans, the number one reason for wanting to become an entrepreneur, is flexibility and independence. Other drivers include the potential to make money and eliminating the concern of being fired from a corporate role.