British entrepreneurs are looking confidently into the face of uncertainties posed by Brexit negotiations and political upheaval with a bullish sentiment towards future growth, a new report suggests.
Entrepreneurs in the UK expect to grow by 62 per cent over the next five years, according to HSBC Private Bank's second Essence of Enterprise report.
The research also found the average turnover of British entrepreneurs is $11.8m, which is slightly above the global average of $11.3m.
HSBC surveyed over 4,000 respondents from around the world, including the UK, the US, China and France, to understand the motivations behind setting up their own business.
A quarter of British respondents said they started their own business due to a lack of career development at work, but the chance to be their own boss was cited as the biggest personal motivation.
However, the research suggests Britain is creating fewer technology startups than other parts of the globe. While 24 per cent of entrepreneurs worldwide start a business after inventing a new technology, only 17 per cent of UK entrepreneurs said this was their motivation.
HSBC's report also delved into the shifting priorities of the millennial generation. These entrepreneurs were more likely to be driven by the desire to increase their influence and have a positive impact on others than their parents' generation.
“It is important that we understand the challenges faced by the next generation of entrepreneurs so we can support them as they create jobs and economic growth, as well as prosperity for themselves, their families and their communities," said Stuart Parkinson, HSBC Private Bank’s chief of staff.
Nearly a quarter of respondents aged 20 said having a positive impact on the community was an important goal compared with just one in ten (13 per cent) entrepreneurs aged 50 and above.
In the UK, young entrepreneurs were more than twice as likely to say having a positive influence was important compared with older entrepreneurs (15 per cent compared with 6 per cent).
Millennials achieve this through a greater focus on company strategy and internal staff management, dedicating half an hour more each day to these tasks than their older counterparts, the report said.