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Each generation has characteristics that distinguish it. General MrThe first generation that grew up on the Internet has a very different approach to work than millennials, Gen X and baby boomers.
After entering the workforce amid the turmoil of Covid-19, Gen Z has found itself in an employment landscape beset by instability and gig work instead of salaried jobs with benefits. Fortunately, the Zoomers are using this time of turmoil to their advantage. Instead of settling for unsatisfying and uncertain careers, Gen Z is exploring the benefits of entrepreneurship – according to a STUDYa whopping 93% have taken at least one step toward dipping their toes into business ownership.
In previous decades, entrepreneurship was seen as a dangerous alternative to a more traditional career path, which began after a four-year degree and continued until retirement. But as a comfortable middle-class life becomes increasingly elusive by standard means, entrepreneurship is now seen as a viable alternative to working for someone else.
Of course, entrepreneurship isn't just for General Z. Anyone who wants to can embrace the many benefits of startup life.
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Why now is a great time to be an entrepreneur
The word “entrepreneur” dates back to the 18th century, but the concept has been around since one caveman sold a ram to another. But only in the last 15 years has it happened entrepreneurship evolved into what it is today.
That's because the Internet has significantly lowered the barriers for anyone looking to start their own business, from basically anywhere in the world. In the past, the US West Coast – particularly Silicon Valley – has been a hub for startups, thanks to factors such as the predominance of research universities in the region and significant government investment, among other enticements. The San Francisco Bay Area has long had a pioneering spirit, ever since it attracted the so-called Forty-Niners who hoped to strike it rich during the Gold Rush of the mid-1800s. That spirit eventually gave way to pioneers of a different kind. , less interested in mining gold than hacking creative solutions to problems using technology.
But now, it's no longer necessary to pull up stakes and move to Mountain View for it start your startup dream. Bootstrappers in particular, who do not require external investment, do not need to seek funding at Google networking events. Digital nomads now freely roam the globe, working on their businesses anywhere from Manhattan to Mexico to Malta. Becoming an entrepreneur is easier than ever – all you need is a strong internet connection.
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The perks (and pains) of being your own boss
There are many reasons that someone might want to become an entrepreneur. Maybe you've identified a need for a product that doesn't exist and want to address a pain point. Maybe you see the opportunity to make the world a better place. Or maybe it's the lifestyle that appeals to you: Being your own bossmaking your own schedule and answering to no one.
These are all legitimate reasons to start a business, and there are many more. But before you get caught up in the eavesdropping dream of Bali emails, remember: Launching a startup is work – LOT of work. A 40-hour work week will be a rare luxury, especially at first. Answering to no one also means you have no one to turn to when the going gets tough, and if you fail, well, it's hard to find anyone to blame but yourself. In one Reddit post Discussing the pros and cons of working for yourself, one user summed it up succinctly – “Pros: Freedom to manage yourself however you want; Cons: Freedom to manage yourself however you want.”
Research suggests that some personality types do better than others. or STUDY by Myers-Briggs, of the well-known Myers-Briggs Type Indicator (MBTI), found that Intuition (N) and Perception (P) personality types tend to have a more entrepreneurial nature than Sensing and Judging types. As the study notes, “Group entrepreneurs showed a significantly higher orientation to creativity, risk-taking, impulsivity, and especially autonomy than non-entrepreneurs,” adding that, “people with a preference for extraversion, intuition, thinking and perception. tended to show higher levels of entrepreneurial orientation”.
That doesn't mean it's safe personality types are suited to entrepreneurship – the study clarifies that people across the MBTI spectrum can – and do – become entrepreneurs. But it's worth taking a close look at your strengths and weaknesses to determine if it's ultimately the right move for you.
You make your own destiny
I started my company, Jotform, as a side project, doing it on nights and weekends on top of my full-time job. Like one founder with boots, I knew there was no big infusion of money to bail me out. This meant that I had to make difficult choices and sacrifices, such as to return to my hometown in Turkey from New York City to keep expenses low.
It was sink or swim, and I am grateful that my hard work and the decisions I made at the time allowed me to grow my company to the size it is today. While there were certainly people who guided and helped me along the way, it is extremely satisfying to know that Jotform's success is a product of my hard work.
Almost everyone wants the freedom to create their own destiny. In the past, most people settled for less. But I believe there has never been a better time to be an entrepreneur. Gen Z may have some elusive jargon, but they're not afraid to break out of the corporate mold and create their own destiny. For them, and anyone else who chooses that path, the sky is the limit.