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Gen Z is increasingly proving to be an entrepreneurial generation, with most wanting to start their own business, but one expert has warned it may not be as simple as they think.
A survey of 2,000 British people showed that about 75% of Generation Z (the generation born between 1996 and 2012) have the ambition to “be their own boss” and have no intention of working a 9-to-5 job for the rest of their careers. . Santander UK established.
Additionally, 77% are confident in their ability to start and run a successful business, with 39% saying they only need a smartphone to do so.
In contrast, more than one-third of Generation X and Baby Boomers said they had fewer opportunities to start a business when they were younger due to pressure to pursue traditional education and career paths. Generation X was born between 1965 and 1980, while Baby Boomers were born between 1946 and 1964 after World War II.
“It turns out that Gen Z is the most entrepreneurial generation yet, and that’s no coincidence,” “Dragon’s Lair” star and Gener8 founder Sam Jones said in the survey. “Unlike previous generations, they have grown up fully immersed in the digital age, with information, tools and global connections just a click away.”
This exposure leads to innovative thinking, he added. “Not only are they ready to start their own businesses, but they are uniquely positioned to outperform previous generations in turning their ideas into reality.”
Gen Z’s entrepreneurial spirit is well-documented, driven by a desire for autonomy and freedom, including greater flexibility, better work-life balance, and purpose – Future of Work Experts, Executives at Workplace Intelligence Partner Dan Schawbel, said.
become one Viral TikTok VideosAlexis Firment, a former teacher from Ohio, complained that she couldn’t leave work early even if she completed all her tasks for the day. The video resonated with young viewers, with some lamenting in the comments the struggle of being “treated like a child” at work.
“They have grown up in the digital age, witnessed economic instability, and are often disillusioned with the rigid structures and limitations of traditional work arrangements,” Schawbel told CNBC Make It.
“In contrast, entrepreneurship is attractive to Gen Z because it provides them with more control over their work and lives, opportunities for innovation, and the potential to leverage their technical skills. It also provides a platform to solve problems they care about. social or environmental concerns, while potentially providing greater financial returns and independence,” he added.
‘Potential reality check’
Schawbel said the main advantage of Gen Z is that they are digital natives and can quickly adopt new technologies compared to older generations.
“Their innate understanding of digital platforms, social media and emerging technologies enables them to navigate the online business landscape with ease,” he said.
But he noted that while Gen Z is tech-savvy and smart, they may not be well-equipped to run their own businesses.
“Gen Z’s preparedness for the challenges of entrepreneurship is mixed. While they have certain advantages, such as digital savvy and innovative thinking, many may underestimate the demands of running a business,” he said.
“Long working hours, financial instability and constant pressure to maintain profitability can be daunting realities that conflict with their desire for work-life balance.”
Schobel added that while some Gen Z entrepreneurs will thrive, others will face a “potential reality check” as business needs conflict with their lifestyle preferences.
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