Confident and digitally adept, Gen Z is set to outshine millennials with their entrepreneurial spirit. A new survey highlights the growing trend among young people to start their own businesses instead of working for others.
Research by Santander UK has shown that three quarters of Generation Z want to “be their own boss” and don’t plan on working a nine-to-five job for the rest of their careers. 77 per cent are confident in their ability to start and run a successful business, and 39 per cent support doing so from their smartphone.
Half of those surveyed said Gen Z and Millennials have an advantage in starting a business because they grew up in the digital age. In comparison, Gen X and Boomers say they had fewer opportunities to start a business in their younger years (34%) because there was more pressure to follow a traditional education and career path.
“Generation Z is proving to be the most entrepreneurial generation ever, and that’s no coincidence. Unlike previous generations, they have grown up fully immersed in the digital age, where information, tools and global connections are just a click away. This constant connectivity has fostered a mindset that values ​​innovation and agility. With a deep understanding of digital landscapes, they are not only ready to start their own ventures – they are uniquely poised to outpace previous generations in turning ideas into reality,” said Dragons’ Den star and Gener8 founder Sam Jones.
“It’s clear that digital-savvy Gen Z has a fantastic entrepreneurial spirit, but the qualities you need to succeed on your own aren’t bound by age – entrepreneurship is driven by passion, curiosity and a desire to build something meaningful. Some people develop these qualities at a young age, often driven by a need to solve a problem. While others may discover a desire for business later in life, perhaps after spotting a gap in the market,” said Mike Regnier, CEO of Santander UK.
The survey of 2,000 adults found that although Generation Z and Millennials are considered the most entrepreneurial, age is no barrier to success.
This year, Santander had over 850 businesses apply for the awards, two-thirds of which were Gen Z. The 100 shortlisted cover a range of industries, including healthcare, sustainability, AI and technology.
