Generation Z is being dubbed as the most entrepreneurial ever, with 54 percent, according to one survey, expressing the ambition to start their own company. They are willing to do everything to reach their goals, including skipping out on college to avoid falling into debt that they will have to pay off for years and years to come — just like what happened to their predecessors, the Millennials, who also had entrepreneurial ambitions but are still weighed down by debts they took as students.
What makes members of Gen Z, or Zoomers, different is that a high percentage of the population already has started their own ventures into the business world. Despite their young age, a lot of them are now entrepreneurs.
A lot of them are also finding success. Take, for example, Moziah’s Bows, a business started by Moziah Bridges at just 9 years old. He went to Shark Tank, was featured in popular magazines, now has several employees, and currently earns six figures per year.
Zoomers are different from previous generations in a lot of ways. Their values are different, and so are their priorities. Here are the reasons why they are likely to succeed.
They Receive Expert Advice from Everywhere
Mentorship is essential for any young person starting a career because it equips them with all the tools they need to succeed. A mentor gives them industry information, teaches them soft and hard skills relevant to their field, and grants them professional connections that may help open opportunities for them. Young entrepreneurs benefit from mentoring services to run their businesses better and avoid the pitfalls that often plague newcomers such as the inability to delegate or better manage their time.
However, aspiring entrepreneurs are often exposed to informal business mentorship. Because they are digital natives, they know exactly where to find the information they need to be entrepreneurs. They watch videos on YouTube, they read articles online from reputable publications like Entrepreneur, and they interact with other business owners through social media platforms.
RSG RESURGENCE founder, Jaffry Jan Mallari, is an example. He said that the success of his brand is a result, in part, of the support of the community on Reddit. He, like many entrepreneurs of his generation, is leveraging mentoring from their community to reach their goals. Now, Mallari’s business earns six figures annually.
They Utilize Technology
Technology plays a huge role in the success of young entrepreneurs. Unlike older business owners who are slow to adopt new technology, Zoomers know that technology can give their business ventures an edge.
About 91 percent of all Zoomers surveyed believe that technology can broaden their horizon and help them turn their ideas into reality. They are quicker to master new technology, and they understand how technology can improve everyday processes. They also utilize multiple digital tools to grow their business faster.
They are Born Innovators
Every business wants to reinvent the wheel, but not everyone is successful at it. However, among Zoomers, it seems like innovation comes naturally.
Generation Z is also the most diverse alive right now, and the majority of them see themselves as creative. In one recent survey, 56 percent of all respondents who are members of Generation Z say they are creative. For comparison, only 44 percent of those who are above the age of 24 consider themselves creative.
These two factors — diversity and creativity — are key to innovation. Previous studies have shown that organizations that have a diverse workforce “out-innovate” competitors. Zoomers have a strong desire to be socially responsible and want, as much as possible, to provide equal opportunities to everyone, regardless of background.
Creativity, on the other hand, benefits the business because it allows for novel new ideas in marketing, product development, and problem-solving. One survey revealed that nearly all company executives believe that creativity leads to increased revenue and a bigger market share.
They Reject the Old Ways
Zoomers are determined to do things their way. They have seen previous generations fail by following the same broken systems and processes. They refuse to do the same.
The 2008 recession was a learning experience for young people who saw their parents and their siblings laid off or struggle to find employment. More recently, the pandemic and the resulting economic fallout cemented the belief that to succeed, they do not need full-time employment. They do not even need an office or an in-house staff. Everything can be done remotely and alongside talented people who hail from all over the world.
Members of Generation Z are significantly different from their older counterparts. It will be thrilling to watch how they will disrupt and change the business landscape once they all realize their full potential.