Watch out world. Gen Z entrepreneurs are taking the world by storm and we’re not slowing down.
Our generation today isn’t just participating in today’s economy; we’re in the driver’s seat, steering it in a fresh direction.
Gen Z entrepreneurs grew up with phones in hand and social media apps buzzing with activity – tools that are now our weapon of choice in challenging and transforming traditional business models.
Today, we’re exploring the rise of Gen Z Entrepreneurs. We’ll cover everything from the challenges our generation is facing in today’s business world to the success stories of Gen Z entrepreneurs who are making it big!Â
Table Of Contents:
- The Rise of Gen Z Entrepreneurs
- Challenges Facing Gen Z Entrepreneurs
- Characteristics of Gen Z Entrepreneurs
- Industries Gen Z is Disrupting
- Gen Z’s Approach to Entrepreneurship
- Successful Gen Z Entrepreneurs to Watch
- Resources and Support for Gen Z Entrepreneurs
- What’s next?
- FAQs
The Rise of Gen Z Entrepreneurs
Gen Z, born between 1997 and 2012, is ushering in a new generation of entrepreneurs taking over.
62% of Gen Z have either started their own business or plan to do so in the future.
You read that right. 62%. 🤯
[Dwight from The Office saying “WOW!”]
And it’s not just an out-of-reach fantasy. Recent research shows that 93% of Gen Zers have already explored business ownership, and 75% aim to become full-time entrepreneurs.
Do you think we’re dreaming about the perfect 9-5 job?
No way, not happening.
At least not all of us.
Nowadays, young entrepreneurs aren’t just sitting around and waiting for opportunities to knock; we’re rolling up our sleeves and starting businesses ourselves.
We’re redefining what it means to be an entrepreneur today, from starting media companies to investing in venture capital startups and impacting cultural trends as influencers.
Redefining Entrepreneurship
Gen Z is turning the business world on its head, questioning everything we thought was set in stone.
We aren’t excited about taking the “traditional career path” that previous generations have taken.
We’re motivated by our entrepreneurial drive. We want to pursue a flexible and free life, follow our passions, and find our purpose. Entrepreneurship provides us with that and more.
We’re not content with the status quo, so we’re changing it, and that’s bringing its own challenges and opportunities.
Challenges Facing Gen Z Entrepreneurs
With the U.S. experiencing a small business boom, Gen Z is becoming the most entrepreneurial generation the world has ever seen.
As we navigate the business world, we face challenges like limited access to resources and navigating confusing business processes.Â
So what are we doing about it? We’re relying on our grit and creativity to figure it all out.
Lack of Resources for Gen Z Entrepreneurs
62% of Gen Z business owners cite a lack of resources (time, people, money) as their top business struggle.
To cut down on time and costs, we’re embracing AI tools like ChatGPT and Content at Scale. AI tools and software are an excellent budget-friendly resource for any entrepreneur. They give us downtime to prevent ourselves from burning out.
We’re rolling on a budget and making the most out of it.
Navigating The Business Process
Diving into business applications and the business process can be intimidating for a first-timer. The legal business jargon almost threw me into a spiral.
I remember when I first filed for my LLC when I turned 23 in September 2023. The process of registering through the Secretary of State website in Nevada was confusing.
I watched YouTube tutorials on “How to set up an LLC in Nevada” and devoured countless articles because I was afraid of filling it out incorrectly.
At the time, the filing fee cost $425 (in Nevada), and if you filed incorrectly, you had to restart the entire process.
And pay again. NO refund.
Thankfully, I used Bizee, an online tool that handled all the confusing paperwork to register my company. Everything was filed and completed in less than 30 minutes! (Bless)
If you’re interested in filing an LLC and starting your own business like I did, try out Bizee today!
Despite these obstacles blocking our path, we’ve always got the brains to find a solution.Â
Nothing is impossible. As I like to say: everything is figureoutable.
Characteristics of Gen Z Entrepreneurs
So, what makes us different? Let’s jump into what really sets our generation apart.
Social Responsibility
For Gen Z, it’s not just about turning a profit (although, we do value time freedom and financial freedom).
Caring for our community and advocating for social causes are important to us.
We’re diving in, sleeves hoisted high, ready to tackle the heavy hitters:Â climate change isn’t going to fight itself, inequality is on our hit list too, and we’re stepping up for mental health
We also expect brands and companies to value and advocate for social causes aligned with us.
Graphic obtained from eMarketer
It’s about giving these important issues the attention they deserve. We’re the ones feeling the brunt of these problems, but hey, we’re not just sitting back.Â
Taking a bold stance on key issues doesn’t scare us in the slightest.
Seeking Flexibility and Balance
The traditional 9-to-5 grind does not appeal to many Gen Z entrepreneurs.
We’re all in on making sure we have the freedom to enjoy work-life balance.
Working from anywhere in the world, having a schedule that fits our lives, and diving into projects we’re passionate about really matter to us. We’re building businesses that support our desired lifestyle.
We’re creating a culture that prioritizes well-being and fulfillment above all else.
Staying Ahead of the Curve
When it comes to the latest trends and technologies, we’re always in the know. This is no surprise since we grew up with smartphones and the internet.
We’re constantly exploring new ideas that interest us. From experimenting with AI to creating the latest social media trend, we’re quick to adapt.
Taking risks and embracing change is our bread and butter. We’re always ahead of the game, navigating our businesses and ventures to thrive in a world that never stops changing.
You’ve got to evolve and change, or you’ll get left behind, dude.
Key Takeaways:
Gen Z entrepreneurs are challenging the traditional corporate path, combining our expertise in technology with a strong sense of social responsibility and creating the balanced life we desire.
We’re not just daydreaming about starting our own businesses and ventures—we’re actually going for it, powered by our curiosity to leave a mark and dive headfirst into new ideas.
Our generation is mixing things up and we’re not just following the usual paths to business success. We’re breaking the rules and creating a new blueprint on what it takes to really make it big.
Industries Gen Z is Disrupting
Gen Z is shaking things up across the board. Be it the buzzing world of media or the cutting-edge sphere of tech, our young, creative flair leaves a lasting mark.
Media and Content Creation
Gen Z is revolutionizing the media landscape with our authentic personalities.
Gone are the days when we just soaked up content; now, we’re creating it behind the scenes.
From viral TikTok stars like Khaby Lame to podcasts like Gen Z on Gen Z, we’re using our voices to shape the conversation for our generation.
Traditional media take note:Â Gen Z is here, and we’re not playing by the old rules.
Technology and Software
Young entrepreneurs are starting startups, launching viral apps like NGL, and pushing the boundaries of what’s possible.
We’re always eager to jump into the latest tech crazes, be it AI or crypto, and find cool new ways to put them to work for us. In fact, 94% of crypto buyers are Gen Z / Millenials.
With cryptos like Bitcoin that align with our values of transparency and inclusivity, we’re investing in things that speak to us directly.
Gen Z’s Approach to Entrepreneurship
Gen Z is rewriting the rules of entrepreneurship, and we’re doing it our way
Embracing Side Hustles
For us, side hustles aren’t just a way to make extra cash—they’re a way of life.
But let’s be real: the current economy has forced some of us to take on a side hustle. In fact, a recent study found that 55% of Gen Zers have a side hustle.
The reasons? Rise of inflation and economic fallout from the COVID-19 pandemic.
Keeping our finances healthy enough to not worry about the electric bill is just one piece of the puzzle.
Dipping our toes into side hustles also opens up a world where we can follow our passions and rake in some extra income from various sources.
We no longer solely rely on the 9-to-5 grind. These days, we’re mixing up how we make money and having with it.
Leveraging the Gig Economy
Gen Z is embracing the gig economy like no previous generation.
We’re throwing ourselves into the world of freelancing, consulting, and snagging those short-term projects with all the oomph we can muster. The flexibility and freedom of the gig life align with our entrepreneurial spirit.
Why settle for a boss when you can be your own?
In 2023, I started consulting and doing short-term projects with clients in digital marketing and coaching. I fell in love with controlling my schedule and having the freedom to live my life as I wanted.
In January of 2024, I made the most I’ve ever made in a month.
Over $7,000.
From less than 30 hours of work.
During the entire month of January. 🤯
It didn’t require me to sacrifice my time OR freedom. I achieved this while traveling, embracing hobbies like salsa and bachata dancing, and spending time with my family.
It’s no wonder our generation is attracted to the gig economy and all the freedom it comes with.
But I will say that not every month is the same.
You should prepare to deal with months when you make a lot or none at all.Â
My advice? Learn, grow, and keep going.
Thriving in the Creator Economy
The creator economy is booming, and Gen Z is at the forefront.
Nowadays, many young people are finding clever ways to make money by partnering with brands, selling their own merchandise, and getting people to sign up for paid subscriptions.Â
Our job? To make the online world fall in love with us, turning every click and like into bricks for our digital kingdom.
For our generation the creator life isn’t just a “hobby” – it’s now a career full of opportunities for anyone to make a living.
According to Goldman Sachs, the creator economy will soon be worth $500 billion by 2027. So, where can I get my half? 👀
And if you’re looking to become a full-time creator, there’s no better time to start than right now.
Take Gen Z media star Charlie D’Amelio for example.
Charlie D’Amelio
D’Amelio rose to fame in 2019 for her viral dance videos. What kicked off as a playful pastime quickly catapulted this 19-year-old into the spotlight as a celebrated author and a darling of the media scene.
And today? She’s estimated to be valued at a cool $20 million.Â
Key Takeaways:Â
Gen Z is flipping the script in every industry, from social media to crypto.Â
Our tech-savvy and daring ideas are stirring things up in traditional sectors. We’re also embracing side gigs and jumping into the gig economy with a whole lot of oomph.
We’re really good at turning our passions into businesses.
Successful Gen Z Entrepreneurs to Watch
Stay on the lookout for these dope Gen Z, female entrepreneurs.
Hogoè Kpessou: From Uber Eats to Million-Dollar Luxury Brand Owner
Hogoè Kpessou’s journey is nothing short of inspiring. She started out delivering food for Uber Eats to make ends meet and pay for community college, but she had bigger plans.
Fast-forward a few years, she’s now a rising star in the fashion world with her own million-dollar luxury brand, Goè .
It’s estimated that Goè raked in more than $1 million in sales at the end of 2022.Â
On top of steering her company, Hogoè also makes time to give back through community service. A percentage of her sales are donated to a charity in her hometown in Togo that supports orphaned children.
Kpessou is shaking things up with her innovative ideas and a strong commitment to giving back, making her one entrepreneur you’ll want to watch closely in the years to come.
Meagan Loyst: VC Gen Z Trailblazer
Meagan Loyst is making moves in the venture capital world, and she’s doing it  ~like a boss~.
Meagan is the Founder & CEO of Gen Z VCs, the largest community for Gen Z investors and founders with 27,000+ members from 80 countries.
She’s not your typical founder and investor who just writes a check and steps back.
Nope, she dives in with both feet, working side by side with founders and their teams to help them grow stronger and expand their reach.
Big names and up-and-comers in various fields are lining up to get her advice, consulting, and support, including Fortune 500 companies and small startups alike.
Loyst is making waves in the VC scene with her sharp business wit and commitment to aiding new founders. You’d be making a big mistake to sell her short.
Resources and Support for Gen Z Entrepreneurs
Kicking off a business comes with its obstacles, but Gen Z Entrepreneurs might find the climb a little more challenging.
The good news? We’re armed with tools and support networks to help us overcome hurdles.
The bad news? No such thing because we always find solutions to challenges.
Accessing Funding and Scholarships
Getting the necessary funds is one of the toughest obstacles for any entrepreneur dreaming big. However, it can be tougher for Gen Z entrepreneurs, who may not have extensive credit histories or collateral.Â
The COVID-19 pandemic and its economic consequences certainly haven’t helped either.
That’s where collectives like Gen Z VCs come in. Gen Z VCs specialize in connecting young entrepreneurs to investment and support resources for startups. This global community has your back, introduces you to new folks, and equips you with the tools for success.
Exploring other ways to gather funds? Crowdfunding platforms like Kickstarter and Indiegogo help bring contributions from people all over the world.
Kickstarter is like an online piggy bank where everyone can chip in, making sure great ideas get off the ground without any middlemen getting in the way.
Indiegogo is a bustling online marketplace where ideas get their wings through the power of crowdfunding. Innovators and dreamers post their projects, hoping to connect with folks who are eager to support something new. This platform is perfect for tech products and business ideas!
Also, remember grants and scholarships specifically targeted at young entrepreneurs, like the Unigo Entrepreneurship Scholarship and the Scholarships.com Entrepreneurship Scholarships.
Incubators and Accelerators
Incubators and accelerators are like the greenhouses of the business world.
They provide the perfect environment for your ideas to sprout and grow by providing funding advice, expert mentorship, and valuable connections that open doors that might otherwise stay closed.
Some notable incubators and accelerators include Y Combinator, Techstars, and 500 Startups. Thanks to these programs, big names like Airbnb, Dropbox, and Reddit have rocketed from fresh ideas to global titans.
Many universities also have incubator programs like the Martin Trust Center for MIT Entrepreneurship.
Online Communities and Networks
Online communities and networks work to connect folks far and wide in the vast digital landscape.
They act like a bustling marketplace of ideas, where transactions happen not with money, but with knowledge, advice, and friendship.Â
If you’re just kicking off your entrepreneurial journey, consider these platforms as undiscovered gems waiting for you.
One popular online community is /r/Entrepreneur on Reddit, which has over 3 million members and features discussions on everything from marketing to e-commerce. Many business owners share their challenges in /r/Entrepreneur, and the community comes together to provide solutions and advice.
You can also check out /r/YoungEntrepreneur to specifically connect with young people in entrepreneurship.
Another great resource is Startups.com. It’s like a treasure chest for entrepreneurs, packed with all sorts of goodies:Â think of an academy to kickstart your startup journey and a whole community of advisors and mentors ready to lend you their wisdom.
Mentorship and Guidance
Having a mentor when you’re just starting out can be a game-changer.
Organizations like SCORE and MicroMentor connect you with experienced business mentors who are ready to share advice, listen closely, and walk you through everything – whether that means getting your initial business plan down on paper or tackling those complicated legal and financial obstacles.
Key Takeaway: Gen Z Entrepreneurs are making waves from luxury fashion brands to VC start-ups. With resources like venture capital firms tailored for young founders, incubators that foster growth, online communities for networking, and mentors ready to guide them, Gen Z entrepreneurs have the tools to succeed big time.
What’s next?
So here we stand, at a crossroads where innovation meets tradition.
We’ve barely kicked things off, yet we’re already creating ripples that can’t go unnoticed. From how things look, there will be many self-made billionaires and millionaires from our generation in the years to come.
Gen Z Entrepreneurs are kickstarting businesses that hit right at the heart of what we want and need today.
Around here, dreaming big is just the start – we’re all about making those dreams happen. We seize opportunities.
We act. (Gen Z Acts, get it?)
And one thing is clear as we keep breaking new ground and transforming the business world: we’re not sitting around waiting for the go-ahead—we’re rolling up our sleeves and diving right in, on our own terms.
FAQs
Who are Gen Z Entrepreneurs?
Gen Z entrepreneurs are entrepreneurs born between 1996 and 2012.
What percentage of Gen Z are entrepreneurs?
About 62% of Gen Z have indicated interest in starting a business or have already done so. We’re leading the charge as the most business-savvy generation.
What businesses are Gen Z starting?
Everything you could think of. From e-commerce stores to content creation, social media marketing agencies to startups, and carwashing businesses to brick-and-mortar stores, Gen Z is tapping into every industry, both online and in person. Shoot, if you wanted to start a software company, there are thousands of us doing that now.
We’re creating business ventures early and inspiring younger generations by showing what’s possible.
What is the entrepreneurial mindset of Gen Z?
Gen Z values independence, freedom, and challenging the status quo. We’re throwing away the old rules, creating our own with bold ideas, and using our tech smarts to push beyond what anyone thought possible.
What really gets us out of bed every morning is the fact that we’re the creators of our lives, making an impact and creating the life we desire.
Why is Gen Z So Entrepreneurial?
As the first generation to grow up with the internet, we have everything available at our fingertips: resources, information, ideas, you name it.
All we have to do is act on the information and ideas.
The internet has shown us there are no limits to what we can do. We can make a career doing what we love:
- Creating our brands on media platforms as influencers and content creators.
- Investing and creating crypto coins.
- Launching e-commerce and merch stores.
- Starting a car washing business in our local neighborhood.
- Support businesses with our own social media marketing agencyÂ
Anything is possible. And we’re living proof.
