Who Are Gen Z and How Are Their Businesses Sweeping The Nation?

” The Business Boomers”

“You’ll never catch me stuck in to dead end job”

“I can't work no 9-5, I was meant to live a soft life”

“Being your own boss is so much more convenient than having to clock in for somebody else”

These are all statements from friends, peers, even people in passing about the workforce in today’s day in age. According to a survey conducted by CNBC, “70% of people today have considered leaving their jobs.” Aside from sharing their clear disinterest in working a “dead end job” they also have another similarity they share, they all just so happen to be a part of Generation Z.

Gen Z has proven to be true trend setters, despite being one of the newer generations in existence. They have been shown to take true initiative in making their dreams come true instead of simply letting time pass them by. They are the key component in today’s current evolution with their high work ethic and constant need for self improvement.

The children of Gen Z are born between the years of 1997- 2012 and have taken the world by storm. Known to be the “youngest generation with adult members”, Generation Z has sparked quite a lot of movement toward entrepreneurship, seeing as though the majority of them believe that that is the key to true financial freedom.

Background

Gen Z is the first generation to experience and grow alongside modern day technology from youth. Many members of Gen Z have witnessed the first models of a lot of popular apps such as Facebook, Instagram, and Snapchat and can clearly recall the changes that these companies have experienced over the years.

With these changes also comes the change of trends. Everything you see on social media eventually sweeps worldwide onto other platforms and streams. Things as simple as what to wear, where to live, and how to interact with the outside world.

Social media can be very informative and with using this tool, a lot of people have taken the time to educate themselves on topics that are near to them.

For Gen Z, this means a trend of becoming entrepreneurs. Many have gathered business ideas, logos, concepts, even names off the back of social media platforms by simply scrolling daily and getting their mind trained to think like a boss.

Benefits

When asked, “Why do you want to become an entrepreneur?” Many members of Gen Z share a common understanding that it is the segway to a better life. Topics like becoming financially free and having the option to move freely without any outside obligations. One of the main points I’ve gathered is that entrepreneurship is seen as a gateway to not feeling trapped in the midst of climbing the corporate ladder.

Even as far as education goes, many believe that the main way to avoid accumulating debt is by not attending universities right out of high school. After talking to other entrepreneurs who have started or plan to start businesses in the near future, they all share a common idea that college is viewed as a scam. The idea of paying thousands of dollars to attend a university does not align with their goals of remaining debt free and quickly reaching their goal of financial freedom

They also believe that for many of them owning a business is their purpose. They recognize that they were destined to become business owners and take pride in being able to share their passions with the world. Many of them enjoy the work that they do and love having the opportunity to express themselves without repercussion .

Working a 9-5 leads many Gen Z to feel trapped in their work and being left to put their dreams aside to aid in building someone else's. By freeing themselves and finding financial independence they have opened the door to experiences that were thought to be foreign to them.

Aftermath

As of now, according to “Entrepreneurial Spirit Index” by Statista, it is found that 29% of Gen Z are currently entrepreneurs. This number is expected to increase as the entrepreneur spirit rises and the demand for certain products and services increases.

Businesses are being born alongside children with many young parents setting their children up for financial freedom as well. These actions include building credit in their children’s names or assigning them to LLC’s at the height of their businesses ensures that the child grows to have a trusted line of credit.

Generation Z have recruited people of all ages to join the world of entrepreneurship and leave behind the idea that in order to maintain a steady, safe life, they should continue attempting to be content in their 9-5. Why live in black and white, whilst dreaming your dreams in technicolor?