With an innate digital literacy and a driven spirit, Generation Z is channeling their skills and creativity into business entrepreneurship. In fact, Worth notes that “Gen Z is rapidly becoming known as the most entrepreneurial generation ever, with 62 percent of Gen Zers indicating they have started—or intend to start—their own business.”
Today, let’s discuss a few ways Generation Z is transforming entrepreneurship — now and for years to come.
Gen Z’s Unique Approach To Business Is a Game-Changer
A recent study of Gen Z by WP Engine and The Center for Generational Kinetics compares this cohort to generations past and sheds light on Generation Z’s unique approach to business. Born roughly between 1995 and 2012, Gen Z has never known a world without computers or the internet, and this has provided a competitive edge in today’s market. Not only are members of Gen Z embracing entrepreneurship, they are also finding increased success through the use of technology. Gen Z understands the importance of social media as a powerful device for networking and establishing brand recognition. Collaboration comes naturally to this generation, and they are unafraid to build an audience, make industry connections, and shop their ideas to friends, family, and the public at large.
Gen Z is Utilizing Free Tools To Save Money And Increase Profits
Members of Gen Z are offering goods and services just like all the entrepreneurs that came before them. However, Gen Z knows how to promote and monetize a business by utilizing the latest tools to steer people into their sales funnel at zero cost. In addition to e-commerce websites, there are several free and easy online platforms, such as Etsy, Shopify, and Pinterest, that allow entrepreneurs to sell their products without the need for a storefront or a massive amount of start-up capital. Social media sites like Facebook and Instagram provide an opportunity to easily reach a target audience and grow a customer base. They are also a means for free advertising and branding. Payment apps and drop shipping can reduce overhead costs and streamline the process for business owners and customers. Gen Z entrepreneurs are using these tools to their advantage.
Gen Z Business Ventures Seek To Make A Difference
Members of Generation Z are not only driven by ambition and a desire to make money on their own terms. They are also driven by a desire to make the world a better place. As the most racially and ethnically diverse, and the most educated generation, these emerging leaders have dealt with political instability, economic uncertainty, and a global pandemic that has impacted their views and passions in unprecedented ways. Well-equipped and unafraid to tackle issues like social justice and protecting the environment, Generation Z is looking to solve problems and take action. To quote WP Engine, “Gen Z won’t wait around for something to happen. They will build it.”
As entrepreneurship continues to evolve, there is a lot to be learned from Generation Z. Tammy Dowley-Blackman Group has spent the past two decades delivering innovative and interactive approaches to leadership development for early career professionals, as well as providing comprehensive tools for those hiring and managing them. Through our multi-platform company, Looking Forward Lab, we provide in-person cohort learning and training, online courses, and group and individual coaching designed specifically for Generation Z. We also offer a community to network with and support each next step of learning. Visit our website for more information, or contact us and let’s talk!
Tammy Dowley-Blackman Group, LLC is a certified National Supplier Development Council Minority Business Enterprise (MBE), Small Business Administration (SBA) Woman Owned Small Business (WOSB), and Women’s Business Enterprise Network Council (WBENC) woman-owned company. The company is comprised of a suite of brands, including TDB Group Strategic Advisory, a management consulting firm, as well as Looking Forward Lab, which offers a full-service learning engagement model focused on Gen Z workplace development and support for their managers.