Gen Z Has Significant Impact on Commerce, Employment

One generation shines brightly as a bastion of entrepreneurial zeal: Gen Z. Born between the mid-1990s and early 2010s, this age group not only embraces the entrepreneurial mindset but also outpaces all others in their aspirations to venture into business ownership.

A recent survey conducted by GOBankingRates unveils an astonishing 51% of 18-to 24-year-olds expressing their desire to embark on entrepreneurial journeys, with an impressive 14% having already taken the leap into the world of business ownership — numbers that surpass those of any other age group, according to Yahoo Finance.

The driving force behind Gen Z’s entrepreneurial fervor lies in their digital fluency and unfettered access to groundbreaking technology, empowering them to pursue their business endeavors with ease and unwavering confidence. The co-founder of Omnia Family Wealth, Michael Wagner, affirms that new technologies like AI have broken down barriers, making it easier for Gen Z to start their own businesses with minimal workforce requirements.

Having grown up in an era witnessing the rise of social media influencers, many Gen Z observed their childhood YouTubers transform from obscure individuals to millionaires through brand deals and product lines. The success of these young entrepreneurs fueled the desire within Gen Z to carve their own path and leverage technology to attain extraordinary accomplishments.

Moreover, Gen Z displays an interest in forging their own career paths, eschewing the traditional 9-to-5 work structure. The evolving nature of work, along with a yearning for autonomy, serves as a driving force behind their entrepreneurial pursuits. The gig economy, freelancing, and remote work trends have shown them alternative avenues to traditional employment, fostering a sense of motivation to create a workforce that aligns with their values and financial ambitions.

As a socially conscious generation, Gen Z places paramount importance on the values and impacts of the organizations they support. This ethical mindset is likely to give rise to businesses focused on sustainability, equality, and social good, potentially leading to a shift in economic activity towards more socially responsible models. Gen Z entrepreneurs are likely to prioritize ethical sourcing, environmentally friendly practices, and social responsibility, intertwining their businesses with causes that resonate with their target market. By integrating social and environmental justice into their business models, Gen Z entrepreneurs will redefine success, proving that profitability and positive impact can coexist harmoniously.

In the workplace, Gen Z is set to revolutionize the traditional 9-to-5 concept, favoring flexibility, collaboration, and remote work that suits their lifestyle. Their preference for flexible work arrangements could usher in a widespread acceptance of non-traditional structures, fostering a diverse, distributed, and dynamic global workforce. For Gen Z, outcomes hold more significance than hours worked, leading them to create opportunities for diverse talent and explore non-conventional office spaces.

Generation Z stands at the forefront of entrepreneurial spirit, driven by their digital prowess, desire for autonomy, and commitment to social responsibility. As they enter the business world with a clear focus on innovation and purpose-driven enterprises, Gen Z is poised to redefine success and reshape the future workforce landscape.

Noumaan Faiz, (he/him) is a journalist and entertainer from Hayward, CA who covers culture and entertainment.

Edited by Nykeya Woods