Generation Z is rapidly adopting a unique approach to entrepreneurship.
Born between 1997 and 2010, Gen Z succeeds millennials, and while they are similar in some ways, their approach to entrepreneurship is unique.
They are the internet generation and their innovative minds have guided them to walk a different route in terms of entrepreneurship.
They are rapidly harnessing the entrepreneurial spirit, and soon they will become the most entrepreneurial generation the world has ever seen.
According to the 2021 entrepreneurial spirit index published by IPSOS, 29 per cent of Gen Z were ranked as having a very high entrepreneurial spirit compared to 36 per cent of millennials, 33 per cent of generation Z, and 25 per cent of baby boomers.
Notably, this up-and-coming generation is the most optimistic and purpose-driven.
They are dreaming to become bosses in the future, and this influenced them to spring at a startling rate.
Brought up in a competitive environment where almost everyone is burning the candle at both ends, no one wants to be left behind.
After harnessing enough skills and resources, these youngsters are thinking of starting either a company or businesses that will generate profits.
Zoomers were raised as digital natives, they grew up in a world of smartphones, social media, e-commerce, and on-demand services.
They are confident that if they create a product, they can skillfully turn it into a business by tapping the talents of a smart group of determined peers, and without massive capital investment.
Itai Matalon, CEO, and co-founder of UpNext company asserts that ‘generation create’ usually doesn’t worry about risking their financial stability by acting on entrepreneurship opportunities.
Generation Z is taking risks that are enabling them in finding widespread success with their entrepreneurial exploits, from apps and Youtube channels they have created to other considerable products they are inventing.
The unique qualities and traits of this generation are giving them an edge in business. They seem to outsmart the millennials.
They have the world at their fingertips. Instant and real-time social connection has exposed them to a broad range of influencers, ideas, perspectives, and opportunities.
Since generation Z is tech savvy, they are comfortable with the latest tools and channels, they innately understand the value of branding and self-promotion.
The real-time social connection enables them to embrace collaboration and exclusivity, they adequately use their internet skills to prove — whether their ideas can work or not.
These young founders are innovative enough and through this, they build an audience and find ways to monetize it, whether through ads, paid promotion, or productization.
Zoomers are curious and highly value learning. Long ago, those who were aspiring to be successful entrepreneurs believed that having a business degree was the only way of succeeding in business.
But today zoomers think differently. With the development of so many learning tools, they can easily take their lessons wherever they can get them.
Google has become their reference source where they can harness their entrepreneurial spirit and skills.
Many reports have also indicated that Millenials and Gen Z will power higher consumption.
It is now evident that huge demands from family and friends are leading this generation to e-commerce platforms like Shopify.
For those who are rapidly building their audience, they are utilising audience-building communities like TikTok to brand and convince more buyers through the tutorials they create almost daily.
When you examine our youths today, apart from making profits, they are driven to make a difference.
Everyone wants to solve problems like climate change and social justice issues.
As they struggle to be successful entrepreneurs, they want to ensure that their business is environmentally-friendly and does not cause pollution.
These educated minds know that polluting the environment will make it hard for human survival.
The world should expect a high degree of Independence and autonomy in whatever environment generation Z is in.
They think of themselves as creators of change. They are passionate and curious and they deploy creative forces to find innovative solutions to current challenges.
Student at Rongo University.
