The rise of the new entrepreneurs on Chinese mainland has posed challenge to the traditional concept of “entrepreneurs”, says a report released by HSBC Private Bank on Dec. 8, 2015.

The report says entrepreneurs on the mainland are becoming younger and relying more on family and connections. 40 percent of these entrepreneurs are under 35, and 50 percent are women. The number female entrepreneurs and their wealth are much higher than their counterparts in western countries.

The most important finding in this survey is the difference in influence of the family and connection on entrepreneurs between the West and East. 54 percent of Asian entrepreneurs surveyed are from families with enterprises, 10 percent higher than the number in the West. On Chinese mainland, the percentage of this group is even higher — 62 percent of the surveyed entrepreneurs are from families that already own companies.

In terms of the source of startup capital, 49 percent of Asian entrepreneurs got their startup capital from their families, 26 percent of them got from friends or acquaintances. While in Western societies, only 24 percent of the entrepreneurs got the funds from their families, 9 percent from acquaintances. On Chinese mainland, family fortune plays a much more important role in starting up a business: 61 percent of the entrepreneurs surveyed started their business with money from family, and 32 percent got the money from others’ investment.

The average age of entrepreneurs on Chinese mainland is 30, contrasting the average age of 34 in Western countries and 29 in Asia. Among the mainland entrepreneurs surveyed, 44 percent of them are under 35.

Another important finding in the survey is that of all the Asian entrepreneurs surveyed, 40 percent of them are women. On Chinese mainland, 37 percent of entrepreneurs surveyed are female and over 52 percent of them are under the age of 35. In comparison, the percentage of female entrepreneurs in the West is only 31 percent. The average asset of female entrepreneurs on the mainland is 4 million dollars, exceeding male entrepreneurs’ 3.5 million dollars.