The Rise of Entrepreneurship
Gen Z might be the youngest generation in the workforce, but they’re not letting that limit their ambition. According to a recent study conducted by Microsoft (MSFT), roughly 2 in 3 Gen Z workers own their own business or plan to start one eventually.
This entrepreneurial urge likely has to do with the pandemic. Much of Gen Z entered a workforce plagued by layoffs and furloughs, making the idea of a stable job, valued highly by prior generations, appear trivial. Moreover, quarantine offered workers of all ages the rare opportunity to take a step back from their job and ask, “Is this really what I want to be doing with my life?”
For most younger employees, it would appear the answer was no.
Taking Back Control
For Gen Z, owning a business isn’t just about money. It’s also about having control. Just under half of Gen Z works multiple side hustles, opting for flexible work schedules over a traditional 9 to 5. In fact, according to Microsoft’s report, over 90% of Gen Z entrepreneurs work unconventional hours.
The flexibility to work on your own terms and take personal time as needed are priorities for the newest generation of workers. But that doesn’t mean Gen Z is lazy. 81% of Gen Z business owners also report they work on vacation — 20% above the average across generations.
The Gen Z drive to own a business isn’t about wanting to work less. In many cases, these business owners are working longer hours than they’d work at a traditional job. The difference is that, rather than choosing between passion and profit, Gen Z hopes to have both.
Many of these emerging companies are driven by mission over money. And among those that prioritize social good, 82% of Gen Z respondents feel this mission-driven mindset helps their businesses grow.
Despite the difficult circumstances faced so far, Gen Z’s work culture prioritizes entrepreneurship, hard work, and flexibility. In other words, even as generations change, the American Dream remains the same.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.