Gen Z employees, known for their confidence and strong digital skills, are expected to outperform Millennials in entrepreneurial strategy. A new poll now shows that an increasing number of individuals are opting for independence by starting their own companies instead of seeking employment with other people. According to the survey conducted by Santander UK, 76% of Generation Z individuals (born 1996 onwards) do not intend to work the 9 to 5 job for the rest of their lives. However, this generation of working adults has aspirations to become an entrepreneur someday as opposed to 57% of Millennials, 36% of Generation X and 25% of Boomers.
Most respondents believe that growing up in the digital age gives Gen Z an edge over Millennials in entrepreneurship. Notably, 39% think Gen Z can successfully start a business using just their smartphones.
On the other hand, Generation X and boomers responded that there were fewer opportunities to create a business in their youth (34%) since there was predictability towards acquiring academic credentials and an employment offer.
Sam Jones, founder of Gener8 and the Dragon of the Den stated that Generation Z is the most entrepreneurial generation. He said that as these people were born and raised in the completely digital era where they could have access to information, tools and connections around the globe, the global virtual mindset of innovation and flexibility prevails. In the words of Jones, this kind of fundamental understanding has equipped this generation with the knowledge of digital environments, and as such, has set Generation Z up to not only launch their own companies but also to beat previous generations in the process of transforming their ideas into a reality.
Mike Regnier, the CEO of Santander UK, added that while Generation Z is correct in believing that they are digital wizards, savvy business people, and do appreciate the need to be innovative, flexibility and perseverance needed to succeed are not a function of age. Speaking of the nature of entrepreneurship he mentioned that, it stems from passion, curiosity and the need to make something. The possession of these traits is developed by some people early in their lives in response to having solved a particular problem while for others the business drive comes later in life, probably after discovering a market niche.
In the survey conducted on 2,000 adults, it was revealed that even though Generation Z and millennials are thought to be most ‘start-up’ focused, age isn’t an issue.
More than 850 applications were registered for the awards this year and Generation Z represented nearly 66% of the applicants. Of the 100 that have been listed, different sectors such as healthcare, sustainability, AI and technology sectors are represented.
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