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India’s wealthy are world's most entrepreneurially driven
The tendency of serial entrepreneurship is being further fueled by the study's findings that 47% of Indian entrepreneurs intend to invest in future ventures.
Representative image / Image - Unsplash
India’s wealthy business owners exhibit greater indications of serial entrepreneurship than their international counterparts a global survey has revealed.
According to the 2023 HSBC Global Entrepreneurial Wealth Report nearly half (47 percent) of Indian entrepreneurs intend to invest in new ventures, which will likely encourage the country's wealthy families to continue their pattern of serial entrepreneurship.
“India’s wealthy individuals are more likely to come from a heritage of entrepreneurship or a family business background (62 per cent), more likely to pass their business on to family (56 per cent) and more likely to transition from one business endeavour to the next (74 per cent),” HSBC said.
The report also showed that 53 percent of business owners in Hong Kong, 57 percent in Singapore, 56 percent in India, and 61 percent in mainland China wish to pass their company on to their immediate family's next generation or to a different family member. In France, the percentage is substantially lower at only 36 percent.
The survey also revealed that Indian entrepreneurs that are open to discussing wealth transfer may have a well-defined plan in place, as only 5 percent of respondents said they had no plans in place for wealth transfer, compared to 11 percent worldwide.
“It could also be linked to some apprehensions they have for the next generation taking over with over half (54 per cent) citing work ethnic as a concern, and 41 per cent lacking a trust in their ability to run the business. Investing time and energy to clear planning and structures well ahead of an exit is a good opportunity to align on purpose, plans and values,” the report found.
Commenting on the findings, Sandeep Batra, head of Wealth and Personal Banking, HSBC India, said, “Entrepreneurs in India are risk-takers with deep rooted traditional business acumen and high resilience. They have a global outlook with a strong pulse in the country of their business.
“Protecting and growing wealth for their next generation is another clear objective. We have the capability to help them in their growth journey including providing international network, full suite of banking services and expert guidance in wealth management and succession planning,” he added.
According to the survey, about three quarters (73 percent) run businesses that trade outside of India, and 63 percent have family members who live abroad and take advantage of the opportunities that exist in other countries.
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