5 PROFITABLE BUSINESS TO CONSIDER IN LAGOS

 

 Lagos is the city where hustle meets opportunity. And if you’re looking to dive into entrepreneurship, you’re in the right place. With its bustling population, thriving economy, and endless energy, Lagos offers some of the best chances to turn your business dreams into reality.

Whether you’re a fresh entrepreneur or looking to expand your ventures, here are five profitable business ideas you can kick-start in Lagos.

Laundry business

One thing you should know is that Lagosians are busy. Between the crazy traffic and packed schedules, a lot of people do not have the time for laundry. That’s where you come in.

A laundry business can thrive in this fast-paced city because people prefer to drop off their clothes for cleaning rather than spend the time that likely do not have on it themselves. It’s simple, in-demand, and you don’t need huge capital to start.

Food service

If there’s one thing Lagosians can’t resist, it’s food. With remote work on the rise and people more than happy to pay for convenience, food delivery is a major win.

Whether it’s for the office crowd or small gatherings, especially with the daily rush to beat traffic, most people would rather order their meals than add any extra stress to their day.

Also, people eat every day, so you’ll always have customers. If you can add a delivery service to it, better for you. Everyone’s after the easy option.

POS business

With ATM lines that seem longer than Lagos traffic on a Monday morning — and no guarantee that you’ll even get cash when it’s finally your turn (no thanks to Emefiele’s ‘no-cash’ policy) — the Point-of-Sale (POS) business has become a real lifesaver.

People need cash, and your little POS stand could be their go-to spot. Many prefer it because it’s quick, convenient, and almost guaranteed to deliver cash, all for a small fee. Plus, it’s super easy to start.

All you need is a POS machine, a busy corner, and you could be earning between ₦5,000 to ₦20,000 daily.

Cleaning service

As Lagos continues to expand, so does the need for cleaning business services — whether it’s homes, offices, or event venues.

With people’s busy schedules and the never-ending dust of Lasgidi, cleaning services are in high demand.

Delivery service

In the age of online shopping and fast-paced living, delivery services are booming.  Lagosians are more than happy to pay for the convenience of having things brought straight to their doors.

Whether you focus on food delivery, packages, or errands, the opportunities are endless. All you need is a reliable mode of transportation and good organisational skills to start this business.

 

To influence people, make 1 key change in how you talk, says communication expert: It puts you ‘in a position of power’

 

Some people think asking questions — to friends, peers or bosses — can make you look weak or insecure.

But the simple act can actually help you garner influence and even get the people around to you change their minds, says communication expert Matt Abrahams — if you know the right questions to ask.

“Asking a question puts you in a position of power,” Abrahams, a Stanford University lecturer, says. “I can actually raise my status and lower your status when I ask a challenging question.”

Asking good questions “demonstrates you care, it demonstrates empathy, it demonstrates you’re willing to learn and, in some cases, admit you don’t know everything,” he adds. “Those are all valuable tools and assets to have when you’re trying to grow your career or deepen relationships.”

Effective leaders often balance their credibility with humility, a willingness to learn and connect well with their colleagues, experts say. But not every question will help you get ahead. You need to know how, when and why you’re asking the question for it to help make you more influential, says Abrahams.

Here’s how to ask the right questions, at work, home and in your social life, to get ahead and strengthen relationships, he says.

The recipe for a good question

Good questions contain three elements, says Abrahams:

• They’re concise, so the listener doesn’t get distracted
• They build on what the other person has said — furthering the conversation, rather than paraphrasing or summarizing
• They revolve around a focused idea, or the conversation topic’s “bottom line”

“It can have multiple purposes,” but it should be quick, clear and focused enough so people understand the point of I’m trying to make,” Abrahams says.

You should consider your intention or goal before asking any question, he adds. Do you want show you’re listening and understanding, or that you’re very interested in the subject at hand? Maybe you want to subtly help the other person understand another perspective, or simply move the conversation along.

One of the worst intentions, Abrahams notes: trying to get participation points in workplace meetings. Your questions always need to be thoughtful, he says — if you aren’t helping clarify a point or furthering a conversation, your colleagues may just roll their eyes at you.

How to practice asking questions

Asking good questions, especially to persuade, influence or change someone’s mind, takes practice. Start small, and try approaching .. your casual interactions like interviews, where you’re trying to learn more about the other person or conversational subject, recommends Abrahams.

If your questions often ramble, and you want to become more concise, he suggests turning to artificial intelligence: Ask a chatbot like ChatGPT for shorter ways to phrase specific questions, then analyze the results. You can also ask real people for feedback — after a big meeting or serious work conversation, find a trusted colleague and ask them what they thought of the questions you posed.

Above all else, always listen to other people before asking them anything, Abrahams says.

“Anytime you are listening, you’re doing yourself a service. You are showing the other person you’re here,” Abrahams says. Then, your question is more likely to feel like you’re “inviting the other person to collaborate, and solving the problem [together] helps you foster that relationship in the long-term.”

 

This water treatment startup is already a unicorn, and has $225 million in VC funding

 

While it might seem like humans and animals consume most of the world’s water, heavy industry uses up to half of it. That’s why business sectors are looking for new ways to recycle water, especially in the face of increased drought.

Some of the world’s most essential industries, like pharmaceuticals, food and beverage, textiles, mining, renewables and power all use huge amounts of water. Now, new companies are finding ways to reclaim and recycle water as inexpensively as possible.

The global water and wastewater treatment market is expected to reach half a trillion dollars by the end of this decade, according to Statista. Much of it now involves harsh chemicals and uses a lot of energy, but companies like Xylem, Veolia and Boston-based startup Gradiant are trying to reduce both costs and energy while eliminating chemicals.

“We take highly contaminated wastewater which contains solvents, which contains dissolved salt, which contains organics, and we eliminate the entire liquid waste,” said Prakash Govindan, co-founder and chief technology officer at Gradiant.

Anurag Bajpayee and Govindan founded Gradiant in 2013 as a spinout from the Massachusetts Institute of Technology (MIT)

Gradiant’s technology mimics how nature creates rain. Wastewater is heated and pumped into a humidifier and mixed with ambient air. As the two interact, they are heated into vapor, leaving the contaminants behind. Using a proprietary technology, the vapor is transferred to a column with cool clean water. When the two mix, the air cools and drops fresh water, like rain falls from a cloud. The process, according to Gradiant, cuts traditional costs in half.

“Other technologies can recover maybe 50 to 60% of water, but we can recover 99% of water,” Govindan said.

Gradiant is the first water purification unicorn. Its client roster is impressive, working with companies that include Coca-Cola, BMW, Pfizer and Adnoc. It claims to save 1.7 billion gallons of water daily, or the amount consumed by 48 million people. It closed over $500 million in new orders in the first half of this year, according to the company, making its growth trajectory attractive to investors.

“Scaling these technologies is difficult. It’s easy to find a product, but it’s it’s much more difficult to find a full end-to-end solution for customers, and that’s what Gradiant has done,” said Mark Danchak, co-founder at General Innovation Capital Partners, a Gradiant investor.

Gradiant is also backed by Warburg Pincus, M&G Investments, Formation 8, Clearvision Ventures and GRC. It has raised $228 million to date.

 

How one climate startup aims to use AI to protect the power grid

• As fires intensify in the western U.S., utility companies are on the front lines to protect power lines, and AI is a big part of the process.
• The U.S. has roughly 5.5 million miles of power lines on more than a quarter billion poles surrounded by even more trees, and keeping a human eye on all of it is impossible.
• Companies such as Pano AI, Satelytics and California-based AiDash are tapping high tech to lower risk.

As fires intensify in the western U.S., utility companies are on the front lines, working to protect the power lines that serve millions of customers. As the frequency of fires and severe storms increases, so does the amount of technology that utility companies use to keep things running.

The U.S. has roughly 5.5 million miles of power lines on more than a quarter billion poles surrounded by even more trees, and keeping a human eye on all of it is impossible.

That’s why artificial intelligence is taking the lead.

Enter new software companies such as Pano AI, Satelytics and California-based AiDash, which are tapping high tech to lower risk.

“Using satellites, we can monitor each and every tree, each and every pole, as frequently as we want, identify the challenges and fix them before they cause an accident,” Abhishek Singh, CEO and co-founder of AiDash, told CNBC.

Utility companies are often required by local governments to scan 100% of their lines and address any issues before fire season.

“This entire exercise of maintaining trees along power lines is a $10 billion annual spend in the U.S. alone,” Singh added. “With the labor cost increasing, and shortage of labor, it is becoming increasingly difficult to identify the problems without technology.”

AiDash uses its tech to not only identify current issues, but also potential future ones, integrating weather data with detailed vegetation data to gauge risk levels throughout the fire season and address them. The company does the same for extreme wind and precipitation events.

National Grid, which services customers in much of the northeast, is both a client of and investor in AiDash through its venture capital arm, National Grid Partners.

“The most important thing for us is the grid reliability,” Andre Turenne, vice president of investments at National Grid Partners, told CNBC, adding that the company has seen a 30% reduction in outages and a 55% reduction in the duration of outages since using AiDash.

“Their differentiator was they built an end-to-end platform, a workflow platform designed for utility engineers to actually deploy and do predictive analytics, deploy the crews on the ground and generally provide a platform for our engineers to use end-to-end,” said Turenne.  

In addition to National Grid Partners, AiDash is backed by Duke Energy, Edison International, Shell Ventures, Lightrock and SE Ventures. Its total venture capital funding so far is $91.5 million.

As part of the green transition, and as more industries make the switch to all-electric power, grid capacity and reliability will become even more vital. Over the next five years, National Grid said it plans to spend $75 billion in its jurisdictions in the U.K., as well as in New York and Massachusetts, to upgrade for both.

 

BITCOIN SET TO EXPERIENCE PRICE EARTHQUAKE: Super Powers are eyeing Bitcoin to revamp their economy

 

-         The bitcoin price has almost doubled over the last 12 months, climbing as Russia gears up for a bitcoin and crypto flip. This could be because Russian Rubble has faced enough sanctions in a lifetime, prompting it to seek alternative in trading. Bitcoin is the best bet.

-         Former U.S. president Donald Trump teases a mystery crypto project that could rival  bitcoin .

-         China About To Trigger A $1.4 Trillion Bitcoin And Crypto Price Earthquake.

 Economists are calling for China to unleash $1.4 trillion worth of "shock and awe" stimulus that could kick start the economy and trigger a "glorious" bitcoin price boom. The latest economic data out of China shows consumer inflation has remained stagnant, with the its consumer price index (CPI) climbing just 0.6% in August from a year earlier, falling short of the 0.8% rise expected by a Wall Street Journal poll of economists and fueling fears of a deflationary spiral. Through the second quarter of 2024, China's GDP grew 4.7% from a year ago, though in real terms, its nominal GDP, which doesn’t factor in inflation, only grew 4%, suggesting broad-based price pressures are weighing on the economy. Last month, Arthur Hayes, a cofounder of bitcoin and crypto derivatives pioneer BitMex who went on to set up the Maelstrom investment fund, wrote in a blog post that he expects China to next year "finally unleash its long-awaited bazooka fiscal stimulus," predicting the China-U.S. "crypto bull market shall be glorious." Meanwhile, bitcoin and crypto entrepreneurs and investors focused on China have said they expect China to roll back its bitcoin ban.

-          In June, crypto investor Brock Pierce predicted it's only a matter of time before China reopens its digital doors to crypto, while Justin Sun, the founder of tron blockchain, called a recent legal ruling in China "very important."

-          "Is China going to open up to crypto? … I'd say it's inevitable," Pierce, a former child actor who cofounded the USDT dollar-pegged stablecoin issuer Tether in Hong Kong a decade ago, told the South China Morning Post. "The question is not so much if, it’s a matter of when."

-          In May, attendees of a Hong Kong bitcoin conference sparked speculation the much-hyped Hong Kong spot bitcoin exchange-traded funds (ETFs) could eventually be opened up to mainland China investors.

-          China's 2021 bitcoin ban that made the trading and mining of cryptocurrencies including ethereum and XRP illegal, triggered a sudden bitcoin price crash at the time.

 

By Jacqueline C Nnadigwe

Enugu State Government Partners with Danish Firm for Local Tractor Assemblage

The Enugu State Government has formed a strategic partnership with a Danish company to begin tractor assemblage in the state, eliminating the need for farmers to import machinery.  

 

Governor Peter Mbah made this announcement on Saturday via his official X (formerly Twitter) account, emphasizing that this initiative will substantially strengthen Enugu’s agricultural sector. 

 

Governor Mbah revealed that 300 tractors would be assembled by the end of 2024, with a goal of reaching 1,000 tractors by the following year.  

“I’m excited to announce that tractor assemblage will commence in our beloved state before the year ends. Through our partnership with a Danish company, over 300 tractors will be assembled this year alone, with a target of 1,000 by next year,” the governor tweeted. 

Governor Mbah also emphasized the state’s comprehensive strategy, which includes the development of Special Processing Zones designed to add value to agricultural products, enhancing their suitability for both local consumption and export markets. 

Additionally, he highlighted the government’s ongoing efforts to improve critical infrastructure, including the construction of paved roads, improved access to farmlands, strengthened security measures, and the promotion of a business-friendly environment.  

These measures are intended to create favorable conditions for attracting both domestic and international investments, contributing to sustainable economic growth in the state. 

What you should know  

§  Over the past few months, the Enugu State Government, led by Governor Peter Mbah, has implemented a series of initiatives focused on revitalizing the agricultural sector. 

§  One of the most notable efforts occurred on Friday, September 13, with the official launch of the Enugu United Palm Products Limited (EUPPL) revitalization project.

§  This project, a N100 billion investment in partnership with Pragmatic Palms Limited, aims to boost the agricultural output of the state by creating 3,500 jobs, reviving 20,000 hectares of palm plantation, and establishing oil mills and refining capacities. 

§  The governor has described the project as more than a business revival, positioning it as a key step in enhancing the state’s agricultural infrastructure and economy.

§  Governor Mbah has framed the initiative as part of a broader strategy to stimulate agricultural innovation and economic growth in Enugu.

§  The project is expected to improve both production and processing capacities in the state, contributing to local employment and the overall development of the agricultural sector.

§  Earlier in August, Governor Mbah announced the distribution of N4.6 billion worth of agricultural inputs and MSME grants to farmers, communities, and IT startups across Enugu State, aimed at supporting food security, agro-industrialization, and small businesses. 

§  The initiative involved providing 12,000 farmers with fertiliser, distributing 51 power tillers, and supplying various agricultural inputs to 1,251 beneficiaries in all 17 local government areas. 

AI skills could rival job experience in hiring decisions — and not just in tech

 

Close to 70% of leaders say they won’t hire someone without AI skills and would rather hire a less experienced candidate with AI skills than a more experienced person without them, according to the report, which surveyed more than 30,000 people in 31 countries. 

“Learning basic AI skills — such as prompt engineering, machine learning or data literacy — is the best insurance to shortcut your competitiveness against people who might have more experience,” Aneesh Raman, a vice president and workforce expert at LinkedIn, says 

Some companies including Google and Amazon have announced investments in teaching their workforce AI skills, but such initiatives aren’t the norm: Only 25% of companies are planning to offer training on generative AI tools like ChatGPT and Microsoft Copilot, Microsoft and LinkedIn found.

There are dozens of free online courses people can use to learn AI skills offered by companies like IBM and Google and Ivy League institutions like Harvard University and the University of Pennsylvania.

The hype around AI is far from peaking — it’s just starting to build, according to Colette Stallbaumer, general manager of Microsoft Copilot and co-founder of Microsoft WorkLab. 

Of course, Microsoft is betting big on AI. In May, the tech giant announced it will invest $3.3 billion over the next four years to build new cloud and AI infrastructure.

“Less than two years after generative AI burst onto the scene, we’re seeing this technology being woven into the fabric of work across a wide range of industries,” Stallbaumer says. “This is happening at a pivotal time where the pressure, volume and pace of work from the Covid-19 pandemic has hardly let up. Employees are overwhelmed and turning to AI for help.” 

Generative AI tools in particular have seen a surge in workplace adoption, with usage doubling in the last six months, Microsoft and LinkedIn report.

It’s not just programmers and engineers experimenting with these tools: Architects, project managers and administrative assistants are among the professionals looking to build their AI aptitude the most. 

Non-tech industries including health care, finance and marketing are adopting AI technologies at a rapid clip to streamline business operations and boost productivity, Stallbaumer adds, creating high demand and new job opportunities for professionals skilled in these tools.

Gen Z could use AI to accelerate their careers

As more leaders demand AI skills in new hires, younger applicants with AI acumen stand to have greater access to job opportunities over their more experienced peers without those skills and accelerate their ascent up the corporate ladder. 

Gen Z employees, being digital natives, are more likely to use these tools at work than their millennial, Gen X and Baby Boomer colleagues, Microsoft and LinkedIn found.

What’s more, 77% of leaders say that early-career talent with AI skills will be given greater responsibilities at work, the Microsoft and LinkedIn data shows.

Raman says AI could also help young professionals move their careers forward by providing faster access to tailored career advice, market research and other data-driven insights that help them feel more confident and competent in their jobs.

Lydia Logan, IBM’s vice president of global education and workforce development, expects that the rapid integration of AI in the workplace will trigger significant changes to entry-level job responsibilities.

“When I think about the first job I had, a lot of what I was doing was answering the phone, organizing files, and that’s still the case for a lot of people,” she says. “Many of those administrative tasks that can now be automated with AI, which leaves room for entry-level workers to take on the kind of responsibilities someone one or even two levels above them on the corporate ladder might have.”

What is Secondary Sale in Start ups

 

A secondary sale occurs when a stockholder sells one or more of their shares to a third-party. For it to be a true secondary sale, the sale can’t occur alongside an acquisition of the company. Instead, the shares need to be sold to another investor. 

Some secondary sales take place against a backdrop of restrictions and legislation. For example, secondary sales may be restricted without board approval, or the company itself might need to be given the right of first refusal. When that’s the case, the stockholder may be required to offer to sell their shares to the company before they’re able to carry out a secondary sale to another investor.

Secondary sales differ from primary sales because in primary sales, the company sells stock to its investors and keeps the money. In secondary sales, the proceeds of the sale go towards the stockholder and the company doesn’t see a cent. 

Because secondary sales take place in privately owned companies, secondary sales are often the only option that investors have available to them. 

Secondary stockholders need to be aware of a range of implications that can come into play, including: 

• Local law: Different countries have different laws regarding the sale and taxation of secondary stock.
• Contractual restrictions: Depending upon the contract that governs your shares, you may be subject to restrictions such as time limits that prevent you from selling before a certain date.
• Company performance: The way that the company has performed in recent months and years can have a huge impact on the amount that you can expect to receive in your secondary sale.
• Availability of buyers: You may find it difficult to find a buyer if the pool of potential buyers is small or non-existent.
• Board approval: In some circumstances, and depending upon the contract that’s in place, you may require approval from a company’s board of directors before you’re able to sell stock in a secondary sale.

What’s an example of a secondary sale?

For example, let’s say that a startup called “Acme Inc.” has completed its IPO and is now publicly traded. One of the company’s early investors, who owns a large number of shares in Acme, decides to sell some of their shares to a new investor.

This would be considered a secondary sale.

Secondary sales are common in the startup world, as they provide a way for existing shareholders to cash out some of their investment and for new investors to buy into the company. They can also provide additional capital for the company to use for growth and expansion.

Breaking: Jumia raises $99.6 million in secondary share sale

 

Ten days after it announced it would sell 20 million ordinary shares in a secondary transaction, Jumia ($JMIA) has closed the sale after reaching its funding target. 

According to a securities filing , the gross proceeds from the sale amounted to $99.6 million. The filing suggests an average share price of around $4.95 per share, slightly above Friday’s trading price of $4.90. On Monday, it was reported that liquor and wine maker Pernod Ricard bought 1.27 million ordinary shares valued at around $6 million.

At least one Wall Street analyst estimates that Jumia will lose $65 million for the full year 2024 and in Q2 2024, its cash position stood at $92.8 million. 

Raising $99 million will significantly improve Jumia’s cash position. 

Jumia did not immediately respond to a request for comments. 

The e-commerce giant will use the funding to finance ongoing efforts to acquire more customers, and expand its supplier base and logistics network. It will also invest in improving the technology that supports its vendors and marketing vertical—a value-added service that it has been extending to its customers since 2021.

Despite missing its revenue targets in Q2 2024, investors remain bullish on Jumia’s ability to crack Africa’s e-commerce market. The company will need all the conviction it can get.

₦2,000 weekly bonus: Food delivery startups get creative as riders ask for more pay

 

Keeping delivery fees affordable while motivating riders is a constant balancing act for food delivery companies. Quickening inflation and a second major increase in fuel prices on Thursday have further complicated that balance, forcing some strategising at delivery startups. 

On Friday, Mano, a food delivery platform, began paying riders a ₦2,000 weekly bonus in addition to their delivery fees and a monthly base salary of ₦47,000, said one driver who attended the town hall meeting. 

The company says riders do not have to wait a week to receive said bonus. “The allowance is paid once they meet their target,” Mano said in an email confirming the bonus. “Some riders reach the target multiple times a day.”

The company, which typically charges a flat delivery fee of ₦1,400, is also transitioning to a “dynamic pricing model.”

Glovo, another delivery platform, is also offering riders performance-based incentives.  Riders who deliver 550 orders in two months will receive a ₦23,400 bonus for fuel.  Anyone who hits the 800-order mark will get a ₦39,000 bonus, one Glovo rider told TechCabal. Those incentives began two months ago, that person said. 

“The company also promised to increase delivery fees generally, but no changes have been affected since then,” a Glovo rider said. 

Glovo has yet to respond to requests for comments regarding the matter.

Chowdeck has not made any price changes, according to three people at the company. 

“₦4,000 used to be enough to fill our fuel tanks, but now it takes about ₦6,000,” a Chowdeck delivery rider who uses a moped told TechCabal.  “We have been expecting them to make considerable changes.” 

This may be a tough ask for Chowdeck, which, according to two delivery riders, recently increased the fee it pays for long-distance trips (7 km–8 km) by ₦300. 

“They increased it from ₦1,500 to ₦1,800. They should increase it to at least ₦2,000,” another Chowdeck rider said.  

“The drivers know an increase may not be possible,” a Chowdeck supervisor, who asked not to be named, told TechCabal, hinting at the company’s hesitation to pass the cost on to customers.

Chowdeck has yet to respond to requests for comments.

In Ibadan, Nigeria’s third-largest city, HeyFood, a prominent food delivery startup, is considering a switch to electric bikes.

 “We find that riders are spending more time looking for fuel before resuming work, making fewer drivers available for deliveries,” said the company’s CEO, Akinropo Taiwo. “They even close early so they can secure fuel.”

Talk about gig workers transitioning to electric vehicles has become a common theme since 2023. Gig workers who use EVs that have up to 100 km of range on one full charge reportedly save up to 40%–60% on fuel and vehicle maintenance.

In May 2024, Glovo partnered with Nigerian EV manufacturer Siltech to use EV bikes for delivery in some parts of Lagos.

Yet, switching to EVs for Heyfood may be complicated since riders are currently paying off new petrol-powered bikes, which cost around $1,200–$1,700, according to a December report. 

With gig workers increasingly pushing for more pay as inflation bites and companies wary about passing on to customers, it leaves the sector between a rock and a hard place.

 

Most Generation Z want to ‘be their own boss’ — but one expert says they’ll face a reality check

 

Gen Z is increasingly proving to be the entrepreneurial generation, with the majority wanting to set up their own business — but one expert warns it might not be as straightforward as they think.

Some 75% of Gen Z — the generation born between 1996 and 2012 ­­— have ambitions to “be their own boss,” and have no intentions of working a 9-to-5 job for the rest of their career, a survey of 2,000 British adults by Santander UK found.

Additionally, 77% are confident about their ability to launch and run a successful business — and 39% say all they need is a smartphone to do so.

In contrast, just over a third of Gen X and Boomers said there were fewer opportunities to start their own businesses when they were young because of pressures to pursue traditional education and career paths. Gen X were born between 1965 and 1980, while baby boomers were born following World War II, between 1946 and 1964.

“Gen Z is proving to be the most entrepreneurial generation yet, and it’s no coincidence,” Sam Jones, Dragon’s Den star and founder of Gener8, said in the survey. “Unlike previous generations, they’ve grown up fully immersed in the digital age, where information, tools, and global connections are just a click away.”

This exposure has led to an innovation mindset, he added. “They’re not just prepared to start their own ventures – they’re uniquely positioned to outpace previous generations in turning ideas into reality.”

Gen Z’s entrepreneurial spirit is well-documented and is driven by a desire for autonomy and freedom — including more flexibility, a better work-life balance, and having a purpose — Dan Schawbel, a future of work expert and managing partner at Workplace Intelligence, said.

In one viral TikTok video, Alexis Firment, a former teacher from Ohio, complained about not being able to leave work early even if she had finished all of her tasks for the day. The video resonated with younger viewers and in the comments some lamented the struggles of “being treated like a child” at work.

“Having grown up in a digital age and witnessed economic instability, they’re often disenchanted with the rigid structure and perceived limitations of conventional work arrangements,” Schawbel said.

“Instead, entrepreneurship appeals to Gen Z as it offers more control over their work and life, opportunities for innovation, and the potential to leverage their technological skills. It also provides a platform to address social or environmental issues they care about, while potentially offering greater financial rewards and independence,” he added.

‘Potential Reality Check’

Gen Z’s key strength is that they’re digital natives and are quick to adopt new technologies, compared with older generations, according to Schawbel.

“Their innate understanding of digital platforms, social media, and emerging technologies allows them to navigate the online business landscape with ease,” he said.

But he pointed out that while Gen Z are tech savvy and smart, they may not be fully equipped to run their own businesses.

“Gen Z’s readiness for the challenges of entrepreneurship is a mixed picture. While they possess certain advantages like digital savviness and innovative thinking, many may underestimate the demands of running a business,” he said.

“The long hours, financial insecurity, and constant pressure of maintaining profitability can be daunting realities that clash with their desire for work-life balance.”

While some Gen Z entrepreneurs will thrive, other will face a “potential reality check,” as business demands clash with their lifestyle preferences, Schawbel added.

Suze Orman says ‘everyone should absolutely’ own bitcoin—here’s why

Take a look at bitcoin’s price chart, and it’s easy to see the appeal for investors. The largest and most widely traded cryptocurrency is up 118% over the past 12 months, and returns have been astronomical since the coin’s creation in 2009.

Nevertheless, much of the old guard of investing and personal finance want nothing to do with it.

Earlier this year, financial podcaster Dave Ramsey compared buying to investing in the Iraqi dinar, which he views as an unstable currency that doesn’t enjoy the robust government backing of the U.S. dollar. Due to its volatility, “I wouldn’t wish bitcoin investments on someone I really dislike,” he said.

Berkshire Hathaway Chair Warren Buffett is out, too. Since bitcoin doesn’t produce earnings or throw off cash, Buffett once said he wouldn’t pay $25 for the entire world supply.

But don’t count Suze Orman among the crypto naysayers. The financial expert and host of “Women & Money (and Everyone Smart Enough to Listen)” counts bitcoin as part of her portfolio and thinks you’d be wise to hold some as well.

“Everybody should absolutely have exposure to bitcoin,” she tells CNBC Make It. “But in case I’m wrong — and I’ve been wrong — you gotta be OK with losing that money. So put as much money in there as you’re OK losing.”

Orman’s case for holding bitcoin

Crypto enthusiasts cite a variety of reasons to hold bitcoin and other popular cryptocurrencies. Some say bitcoin can operate as a store of value akin to a precious metal, since, similar to gold, there is a finite amount of it available. Others say bitcoin could serve as a long-term hedge for inflation. Others see appeal in bitcoin’s function as a currency and hold it in case the dollar or other currencies collapse.

But Orman isn’t interested in any of that.

“As younger people make more money and mature, [bitcoin] will be one of their investments of choice, and that will cause it to go up,” she says. “I don’t think it will ever be a currency or a store of value. But because the younger generation has a fascination with it — and you see the energy — a whole lot of people having interest in it, eventually it could very well catch fire.”

Some 70% of cryptocurrency ownership belongs to millennial — those born between 1981 and 1996 — and Gen Z — those born between 1997 and 2012 — investors, despite those two generations making up 41% of the population, according to Morning Consult.

Essentially, Orman’s case is that crypto is a speculative asset, one that moves not based on fundamentals but on investor demand, that will continue to attract more speculators. If you’re willing to stomach some volatility, she says, you stand to boost the value of your portfolio over the long term.

“This is an investment that you’re either going to lose it all, or you’re going to let it run until it’s worth $100,000 or $200,000,” she says.

Keep the risks in mind

Still, Orman says, you can’t invest without keeping in mind that your stake could go to zero. That’s why she suggests two guardrails.

One is only investing what you can afford to completely lose. For many Americans who will rely on their investments to fund their income in retirement, that’s not much. Many experts suggest devoting no more than 5% of your investable funds to high-risk assets.

Orman also favors buying crypto through a bitcoin spot exchange-traded fund rather than owning it in a digital wallet or through a crypto brokerage.

“I feel better owning an ETF because I would never want to see an FTX happen again. And don’t tell me it can’t happen again,” she says, referring to the collapse of the once-prominent crypto exchange.

As for holding bitcoin directly: “I still will never understand how the wallets work and how if you lose your passcode, you never get it again,” Orman says.

Moreover, Orman likes the ease of seeing her investment in a portfolio alongside her stocks, ETFs and mutual funds, rather than holding crypto in a separate account. “I can just relate to that. I can understand it,” she says.

Take a look at bitcoin’s price chart, and it’s easy to see the appeal for investors. The largest and most widely traded cryptocurrency is up 118% over the past 12 months, and returns have been astronomical since the coin’s creation in 2009.

Nevertheless, much of the old guard of investing and personal finance want nothing to do with it.

Earlier this year, financial podcaster Dave Ramsey compared buying to investing in the Iraqi dinar, which he views as an unstable currency that doesn’t enjoy the robust government backing of the U.S. dollar. Due to its volatility, “I wouldn’t wish bitcoin investments on someone I really dislike,” he said.

Berkshire Hathaway Chair Warren Buffett is out, too. Since bitcoin doesn’t produce earnings or throw off cash, Buffett once said he wouldn’t pay $25 for the entire world supply.

But don’t count Suze Orman among the crypto naysayers. The financial expert and host of “Women & Money (and Everyone Smart Enough to Listen)” counts bitcoin as part of her portfolio and thinks you’d be wise to hold some as well.

“Everybody should absolutely have exposure to bitcoin,” she tells CNBC Make It. “But in case I’m wrong — and I’ve been wrong — you gotta be OK with losing that money. So put as much money in there as you’re OK losing.”

Orman’s case for holding bitcoin

Crypto enthusiasts cite a variety of reasons to hold bitcoin and other popular cryptocurrencies. Some say bitcoin can operate as a store of value akin to a precious metal, since, similar to gold, there is a finite amount of it available. Others say bitcoin could serve as a long-term hedge for inflation. Others see appeal in bitcoin’s function as a currency and hold it in case the dollar or other currencies collapse.

But Orman isn’t interested in any of that.

“As younger people make more money and mature, [bitcoin] will be one of their investments of choice, and that will cause it to go up,” she says. “I don’t think it will ever be a currency or a store of value. But because the younger generation has a fascination with it — and you see the energy — a whole lot of people having interest in it, eventually it could very well catch fire.”

Some 70% of cryptocurrency ownership belongs to millennial — those born between 1981 and 1996 — and Gen Z — those born between 1997 and 2012 — investors, despite those two generations making up 41% of the population, according to Morning Consult.

Essentially, Orman’s case is that crypto is a speculative asset, one that moves not based on fundamentals but on investor demand, that will continue to attract more speculators. If you’re willing to stomach some volatility, she says, you stand to boost the value of your portfolio over the long term.

“This is an investment that you’re either going to lose it all, or you’re going to let it run until it’s worth $100,000 or $200,000,” she says.

Keep the risks in mind

Still, Orman says, you can’t invest without keeping in mind that your stake could go to zero. That’s why she suggests two guardrails.

One is only investing what you can afford to completely lose. For many Americans who will rely on their investments to fund their income in retirement, that’s not much. Many experts suggest devoting no more than 5% of your investable funds to high-risk assets.

Orman also favors buying crypto through a bitcoin spot exchange-traded fund rather than owning it in a digital wallet or through a crypto brokerage.

“I feel better owning an ETF because I would never want to see an FTX happen again. And don’t tell me it can’t happen again,” she says, referring to the collapse of the once-prominent crypto exchange.

As for holding bitcoin directly: “I still will never understand how the wallets work and how if you lose your passcode, you never get it again,” Orman says.

Moreover, Orman likes the ease of seeing her investment in a portfolio alongside her stocks, ETFs and mutual funds, rather than holding crypto in a separate account. “I can just relate to that. I can understand it,” she says.