What drives someone to become an entrepreneur? Traditionally, it’s the wish for autonomy: to step away from the corporate structure and be your own boss, but perhaps more important is the desire to make money. Millennials, however, appear to be doing things differently.

Millennials are much less driven by the traditional motivations of being the boss and making money than those in their 50s, according to a recent study of 4000 entrepreneurs by HSBC Private Bank.

The generation gap can be partly explained by the different outlooks and priorities people have at different times in their lives. However, generational differences also arise from generation-defining moments, such as the scarring effects millennials experienced entering the working world at the time of the global financial crisis, but also perhaps the psychological resistance to reaching middle age and realizing you’ve turned into your dad.

So if they don’t want to make money, or be the boss, then what’s motivating millennial entrepreneurs to take on the financial risks of starting a business? If you’re asking this, you’re probably not a millennial.

According to HSBC’s report, millennial entrepreneurs put a much heavier emphasis on seeking personal influence, self-improvement, and social impact, rather than autonomy and wealth.

“Today’s millennial entrepreneurs in Asia-Pacific place as much emphasis on increasing their personal wealth as they do on bettering themselves,” comments Siew Meng Tan, regional head of HSBC Private Banking, Asia-Pacific.

Source: HSBC Essence of Enterprise 2017

Globally, entrepreneurs in their 50s are much more motivated by creating wealth and being their own boss than those in their 20s; whilst those in their 20s are more motivated by building their own reputation and having a positive impact on their communities.

Millennial Asia-Pacific entrepreneurs, however, showed much more financial motivation than their peers in the US and Europe: “On the one hand, they (Asia-Pacific millennials) are aligned with the global millennial trend that being the boss is not [as a strong] motivation for going into business,” says the HSBC report.

“However, they have a stronger profit motivation than their counterparts in America and Europe. Forty-five percent of entrepreneurs in their 20s across Mainland China, Hong Kong, Singapore, and Australia say they went into business to increase their personal wealth. This compares to just 29% in Europe and 40% in America.”