A 2021 statistical survey by Statista ranked Gen Z as the most entrepreneurial generation, a discovery that has led them to be called the Hustle Generation. Born between the mid-1990s and the early 2010s, Gen Z is stepping into adulthood with a mindset that sets them apart from their predecessors.
This generation is generally known for its tech-savvy nature, but another trait that seems to have flown under the radar is their desire for autonomy. This disposition is turning the traditional career path on its head, as more and more young people are choosing to chart their own course rather than follow the well-trodden corporate route.
The Rise of the Hustle Culture
Unlike previous generations that often sought stability in traditional 9-to-5 jobs, Gen Z is embracing a hustle culture that prioritizes flexibility, creativity, and independence: three characteristics that are embodied by the internet and social media.
For Gen Z entrepreneurs, entrepreneurship massively leans towards soft skills, internet skills, and the ability to create value with the smallest financial capital. The low entry barrier and minimal cost associated with starting a social media or an internet-based business make it an attractive avenue for young entrepreneurs.
From selling handmade crafts on Instagram to offering personalized advice on TikTok to just creating engaging content, Gen Z is harnessing the power of these platforms to turn their passions into profitable ventures. The visual nature of these platforms aligns perfectly with Gen Zer's preference for engaging, shareable content.
I chatted with Prominent Gen Z entrepreneur and social media influencer Jacob Levinrad, who shared his views on how Gen Z is changing the face of entrepreneurship using social media. "Content has metamorphosed from a tool for information and entertainment to a potent tool for branding, marketing, and sales over the last decade," he says. "The younger generation has perfected the art of selling content, selling with content, and selling in content, and this leverages the huge followerships that social media platforms offer, converting them to a massive, diverse market."
Levinrad, like many of his peers, has managed to earn tremendous success from social media and the internet, dropping out from high school at 17 to build a dropshipping business and then eventually building an e-commerce brand, an ad agency, and an e-learning company, all of which have been highly successful. He's just 21 years old.
Why Gen Z Prefers Working for Themselves
According to a new survey from Instagram, one in three Gen Z-ers say that "the best way to achieve wealth" is to work for themselves. Again, a new report from Samsung and Morning Consult shows that a whopping 50 percent of Gen Z-ers don't dream of finding the perfect job working for someone else. Instead, more young people are seeking balance and fulfillment outside of the confines of a 9-to-5, aspiring to become entrepreneurs or start their own businesses.
A key aspect of the Gen Z approach to work is the desire for autonomy. Traditional workplace structures, characterized by rigid hierarchies and a lack of flexibility, often fail to appeal to Gen Z individuals. Gen Z has been raised in a digital age with access to information and diverse perspectives; they value transparency, inclusivity, and purpose-driven work. Companies that do not align with these values risk losing the interest of Gen Z talent.
Additionally, the preference for remote work and flexible schedules is a major factor contributing to the rise of self-employment among Gen Z. The traditional 9-to-5 office model is seen as outdated, with many young individuals valuing the freedom to structure their work in a way that suits their lifestyle and priorities.
Several workplace trends contribute to Gen Z's inclination toward entrepreneurship and self-employment: a lack of diversity and inclusion, inflexible work arrangements, undue emphasis on corporate hierarchy, and a lack of purpose-driven initiatives, among other things. Companies that do not address these issues may struggle to attract Gen Z employees.
The internet has not only transformed the way we communicate but has also democratized entrepreneurship. Gen Z is harnessing the limitless potential of online businesses, ranging from dropshipping and affiliate marketing to app development and digital marketing agencies. The ability to operate remotely and tap into a global customer base has fueled the rise of internet-based entrepreneurship among Gen Z.
The gig economy has played a significant role in this shift, offering freelancers and entrepreneurs the flexibility to work on diverse projects and collaborate with clients worldwide. This freedom and the ability to balance work and personal life are crucial factors drawing Gen Z away from the conventional office environment.
The entrepreneurial spirit of Gen Z is reshaping the business landscape, challenging traditional notions of work and success. Social media, internet-based businesses, content creation, and e-commerce are not just hobbies for this generation; they are legitimate paths to financial independence and personal fulfillment. As Gen Z continues to populate the entrepreneurial landscape, businesses and industries must adapt to this dynamic generation's changing preferences and values.
The Hustle Generation is not just a moniker; it is a testament to a generation's resilience, creativity, and determination that is redefining the meaning of success in the 21st century.
EXPERT OPINION BY SEAN KIM, CEO, RYPE@HEYSEANKIM
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