Gen Z, born between 1997 and 2012, is quickly gaining recognition as one of the most entrepreneurial generations in history, with 62 percent either having started or planning to start their own businesses. These young entrepreneurs are not just embracing the entrepreneurial spirit; they are redefining it through innovative approaches to branding, skill acquisition, and business operations. Despite their youth, with the oldest members being just 24, they are achieving remarkable success in fields like app development, YouTube, beauty products, and handcrafted bow ties.
Even though they faced significant disruptions due to a global pandemic and economic downturn during crucial years of their lives, Gen Z remains confident in their potential. They are challenging stereotypes and proving that their seemingly unconventional methods are effective. Their ambitions go beyond personal success, aiming to tackle social issues like justice and climate change. They understand that their survival may depend on their success, but they are determined to achieve it in their own way.
While they share similarities with millennials, Gen Z entrepreneurs bring unique qualities and experiences that give them a distinct edge in the business world. Here are five important lessons we can learn from them:
1) The Importance of Flexibility
Today’s youth are open to new opportunities and less tied to a single career path. Gen Z is highly adaptable, able to adjust to new circumstances with ease. This flexibility is enhanced by their lifelong exposure to technology, which has prepared them for the “new normal” of the future. Their ability to learn anything, anywhere, on any device is a valuable skill. Employers would do well to embrace this flexibility, both as a business strategy and a leadership approach.
2) The Power of Social Media
With the rise of social media and social e-commerce, Gen Z has unprecedented access to global connections. They spend a significant amount of time online, which has given them a deep understanding of branding and self-promotion. They are adept at leveraging relationships and new ideas, promoting their creations to build a following and monetize their efforts through ads, sponsored content, or merchandise. Many young YouTube creators, for example, are making six-figure incomes annually, demonstrating the effectiveness of this new business model.
3) Abundant Role Models
Unlike millennials, who often had limited entrepreneurial role models, Gen Z has a wealth of examples to follow, from tech moguls to YouTube stars. Mentors are easily accessible, providing guidance and inspiration. Tara Bosch, who founded SmartSweets at 23 and later sold it for $400 million, is a prime example. She started by watching “Shark Tank” and taking a short course, illustrating how Gen Z views entrepreneurship as a viable career path.
4) The Value of Efficiency
Gen Z excels at optimizing tasks and values efficiency over traditional work habits. They prefer working smarter, not harder, using technology and innovation to find better ways to get things done. This approach, often mistaken for laziness, is actually a form of cleverness. Senior leaders should recognize that traditional methods are not always the best and learn from Gen Z’s innovative strategies.
5) Learn On-the-Go Attitude
Despite having access to high-quality education, Gen Z does not rely solely on traditional learning methods. They understand that success doesn’t necessarily require a four-year degree. They embrace continuous learning through online resources like incubators, MasterClass, and Google’s job credentials. Gen Z is willing to dive in, gain hands-on experience, and learn as they go, often starting businesses without waiting to have all the answers. They are unafraid to pursue their goals, even without formal qualifications.
These lessons from Gen Z entrepreneurs highlight their adaptability, innovative use of technology, and willingness to challenge conventional wisdom, offering valuable insights for the future of business.