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The average entrepreneur spends an hour and 47 minutes on staff management each day. In an attempt to get the best from those around them, Millennial entrepreneurs focus more time on strategy and staff management than their older counterparts.
Those are some of the findings from the HSBC Private Bank’s Essence of Enterprise report. The report surveyed over 4,000 respondents in 11 countries worldwide, including Hong Kong, Singapore, and mainland China. All survey respondents were major shareholders and active decision-makers in privately-owned businesses.
According to the report, Millennials find the creation of strong support networks particularly important. They aim to achieve this through a greater focus on company strategy and internal staff management, dedicating half an hour more each day to those tasks than their older counterparts.
They free up time for this by being less involved with day-to-day delivery of products and services, instead empowering employees to make important client-facing decisions. “By placing greater emphasis on overall business strategy and managing talent internally, their network is strengthened,” the report concludes.
The report also offers a closer look into the daily lives of entrepreneurs in the Asia Pacific region:
While the individual work days may differ, 83% of entrepreneurs worldwide feel they have achieved a good work-life balance, spending 10.1 hours each day on business tasks on average.
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