Way back in the early 60s, a young man decided to start mowing lawns to earn cash. By the time he graduated high school, in 1966, he had a truck, several mowers, and a crew working for him. He didn’t go to college – couldn’t afford it. Instead, he continued to grow his lawn care business, ultimately opening up a nursery, then two, then three. He also invested wisely and retired a millionaire. True story.
Of course, there have been many more stories like this over the years, including entrepreneurs who have bypassed normal schooling and careers in corporate America to strike out on their own. But most of the populations of Baby Boomers, Gen X, and even Millennials have seen entrepreneurship as too risky for their blood.
Enter Gen Z
Yes. The “entitled” generation who have gotten a rather bad reputation for being lazy and wanting everything “handed to them.” But more of them than any other generation have rejected typical career paths and opted for what previous generations considered too risky.
One survey from 2020 found that 62% of the Gen Z demographic had plans to ultimately start their own businesses. A more recent study puts that percentage at 84%. And among those who have already started their businesses, 80% launched online or at least had a mobile component.
When asked why, most spoke to the desire for independence, flexibility, work-life balance, and being in control of their own work schedules. They also spoke to having a positive impact on their communities and their concerns for the environment and social ethics.
How Gen Z Differs from Previous Generations
This cohort has grown up with devices in their hands. They are fully adept at using technology for any purpose they have. But they have also grown up in an uncertain world in which their elders have experienced job insecurity, the COVID pandemic, and the rise of a growing gig economy..
And Gen Zers see being their own boss as a lot more attainable in a tech-driven environment – one in which they excel and are fully comfortable. It’s just not as “mysterious” as it is to older generations, and they are fully adept in ways to build their brands online, using a huge variety of platforms, and monetizing what they have a passion for.
Bypassing the Slower College Route to Success
Many Gen Zers are anxious to get moving, and that means they are not interested in the typical college degree with its general education requirements eating up their first two years.
They look for alternative means of learning and training for what they believe they need. And many even state they learn as they go. They also believe, as many other successful entrepreneurs, that success is more a matter of work ethic and a strong moral compass.
Other advice for aspiring entrepreneurs? Learn from a person who has become successful as an entrepreneur. Take a look at Hily, an online dating service that has become a huge major player in that industry in just 7 years. Or study how Nathan Chan took his digital magazine Foundr to a multi-million dollar business in less than 10 years (the magazine, by the way, is specifically for aspiring entrepreneurs).
Just Where is Gen Z Going?
One of the most common things is that every generation thinks the next one coming up is inferior to theirs because they “just don’t get it.” Baby Boomers said this about Gen X, Gen X said this about Millennials (they didn’t have a decent work ethic), and Millennials are now saying the same about Gen Z (they are spoiled and entitled).
The interesting things that Gen Z say about Millennials is that while they “talked the talk,” they did not “walk the walk.” Gen Z is committed to walking the walk. And they are ignoring the negative stereotypes that others espouse, while they follow their passions and march to the beat of their own drummers.
Gen Z will do big things as it becomes a force in the economy – whether employed in an organization or running their own businesses. This is a creative, committed, and socially responsible generation.
It will be a mistake to underestimate them.
