Gen Z revealed as the “entrepreneur generation”

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A new study has revealed the expectations and aspirations of those belonging to Gen Z – those born between 1996 and 2015, and running their own business is on the wishlist of an overwhelming majority of them.

The third annual international study of Gen Z, conducted by The Center for Generational Kinetics and commissioned by WP Engine revealed that 91 per cent of Gen Zers plan to start, or possibly, start their own business sometime in the future. Furthermore, 61 per cent of those Gen Zers said they would start their business online.

The study noted that Gen Z is a generation of pragmatists, self-starters and entrepreneurs. As such, if for instance, an opportunity does not exist, Gen Zers are driven to create and build such opportunities themselves.

The research has also reinforced the idea of the Gen Z as being the most Internet-dependent generation. And, with the current COVID-19 pandemic forcing many organisations to make a major shift towards digital transformation, the role of the Gen Z, who have long been immersed in the digital way of doing things, is seen as becoming more important than ever.

“Gen Z are digital pioneers and have charted the path for the rest of the world to go fully digital,” Mark Randall, Country Manager, ANZ for WP Engine, said. “In Australia, lockdown has caused a profound change in the way we do everything, from shopping to eating to engaging with friends and family. Gen Z was already comfortable in that new paradigm, so if you meet the digital needs of Gen Z, you now meet the needs of the rest of the world.”

Gen Zers are far more likely than other generations to believe in the positive impact of technology to the world – 65 per cent think artificial intelligence will have a positive impact and 75 per cent believe the Internet will bring people closer together. When asked which value, quality, or attribute is most important to their generation, Gen Z rated tech-savviness (22 per cent) as the second-highest value they cherish after freedom (27 per cent).

“Gen Zers are a huge, diverse generation and the fastest-growing group of employees, customers, and voters,” Jason Dorsey, President at The Center for Generational Kinetics, said. “As we’ve seen over the past three studies, this generation thinks and acts very differently. Their connectedness, their ability to navigate change quickly and their desire to have a positive impact on the world are all reflected in their higher expectations of technology and organisations.”