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.”
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