Today’s young people are thinking differently about their future. They have started twice as many businesses as the baby boomer generation with many deciding they don’t want to work for anyone else. According to a recent survey, about 60% of Gen Z are more interested in starting their own business instead of working a traditional job. Learn why young people are gravitating toward entrepreneurship and how you can help them achieve their goals.
Comfort with technology as digital natives
The affordability and accessibility of technological tools have influenced younger people to believe any goal is achievable when almost any information is accessible. Nearly two in five young people surveyed said their inspiration for starting a business comes from social media influencers and business experts. The studies show that young people want to learn the ropes from current business owners. 91% of Gen Zers surveyed use technology to broaden their horizons and learn about the world around them and believe it will help them realize their goals.
For millennials, at least 47% believe that all Americans have the means to start a business as compared to just 28% of boomers. Anyone with an idea can find ways to research, strategize, and execute small business goals. One in three millennials credit social media and online presence as an important component when starting a small business as compared to 66% of Boomers. They also believe it is the most effective form of marketing.
Value community and culture
The data also shows that entrepreneurship isn’t just a career choice for younger generations. It’s a lifestyle. Millennials are more likely to seek out a community of other entrepreneurs compared to Gen Xers and boomers. Most surprisingly, a whopping 84% of millennials report being more satisfied as an entrepreneur than when they worked for other people.
Part of what makes this rise in new entrepreneurs important is that this young generation encompasses a broader segment of society than in the past—including more women, minorities, and those without college degrees—who are starting more businesses than ever before. Gen Zers and millennials are most likely to be concerned about the world around them and are highly motivated to address problems. They tend to seek out jobs that will allow them to improve the world for the better. 60% of young people reported that it is a priority for them to have a career that helps make a positive impact on the world. They’re likely to look at societal problems as opportunities to connect their business with innovative solutions to societal problems.
Seeking out a new world for business
Unprecedented economic disruption has created the perfect conditions for new businesses to be built. After the psychological force of the pandemic, young people have been rethinking how they want to live. Many recent college graduates are struggling with debt and finding jobs in their chosen fields, which wouldn’t ideally position them to pursue their passions independently. Young people are putting in long hours and taking on multiple jobs with the motivation of financial stability after witnessing the financial hardship of the Great Recession.
Working from home and being one’s own boss is proving to be more satisfying than traditional workplaces and young people crave control over their own success or failure as opposed to relying on big institutions to solve their problems. Would-be young entrepreneurs are typically more nimble than corporations and are happy to prioritize online orders, attend remote online meetings, and forgo any need for a permanent, physical office location.
Passionate about doing what they love
While stereotypes about younger generations tend to shape the narrative about their potential, half of millennials and Gen Zers have a second job or a side-hustle business. Pursuing their passions is a priority, and seeking out a more personalized experience with brands is something they’ve come to expect. Millennials alone outnumber baby boomers by 7.7 million, and when combined with Gen Z they will shape the future of business.
Tapping into the younger generations for new prospects means that they’re more willing to see the possibilities and, most importantly, they are just beginning their journey in the business field. The new generation of goal-setters is ready to imagine the possibilities, connect with a compassionate community, and work hard to achieve financial independence. Make sure that you are connecting with them in the way that speaks to their vision for the future—so you can build it as a team.
