A new survey of 2,000 British adults shows that 75% of Gen Z, those born between 1996 and 2012, want to “be their own boss” and have no plans to work a 9-to-5 job for their entire career. The survey also found that 77% of Gen Z are confident in their ability to start and run a successful business, with 39% believing they can do so using just a smartphone. In contrast, only about a third of Gen X and Baby Boomers said there were fewer opportunities to start their own businesses when they were young due to pressures to follow traditional education and career paths.
Gen X were born between 1965 and 1980, while Baby Boomers were born between 1946 and 1964, following World War II. Sam Jones, a Dragon’s Den star and founder of Gener8, commented on the survey findings, saying, “Gen Z is proving to be the most entrepreneurial generation yet, and it’s no coincidence. Unlike previous generations, they’ve grown up fully immersed in the digital age, where information, tools, and global connections are just a click away.” He added that this exposure has led to an innovation mindset among Gen Z.
Gen Z embraces entrepreneurial independence
Dan Schawbel, a future of work expert and managing partner at Workplace Intelligence, noted that Gen Z’s entrepreneurial spirit is driven by a desire for autonomy, flexibility, better work-life balance, and having a purpose. “Having grown up in a digital age and witnessed economic instability, they’re often disenchanted with the rigid structure and perceived limitations of conventional work arrangements,” Schawbel explained.
However, Schawbel also pointed out that while Gen Z are tech-savvy and smart, they may not be fully prepared for the challenges of running their own businesses. “The long hours, financial insecurity, and constant pressure of maintaining profitability can be daunting realities that clash with their desire for work-life balance,” he said. While some Gen Z entrepreneurs will thrive, others may face a “potential reality check” as business demands clash with their lifestyle preferences.
The survey was conducted by OnePoll.com and included responses from 283 members of Gen Z, 555 millennials, 507 from Gen X, and 605 boomers. It was revealed by Santander UK as part of their announcement of the 100 businesses shortlisted for the X UK Awards, which offer a chance to secure up to £25,000 in equity-free funding.
