How Generation Z Is Altering the Face of Entrepreneurship for Good

Opinions expressed by entrepreneur Contributors are their own.

For a long time, my generation, the millennials, were touted as the generation of entrepreneurs. For the most part we stuck to the reckoning. However, as the world evolves, so does the art of business, and it turns out Gen Z are more involved in this evolution than many care to admit.

SrdjanPav | Getty Images

Gen Z entrepreneurs are springing up at such an amazing rate that a recent Gallup student poll found that 40 percent of surveyed students in grades 5 through 12 said they wanted to be run their own business. Then 24 percent said they have already started. At this rate, it’s not at all difficult to see Gen Z adopting the most enterprising generation.

What I find interesting about watching this generation is that they distance themselves from the generation before them in the way they innovate and do business. There are some interesting differences between the way this generation carries on and the traditional entrepreneurial pattern.

An early start

Gen Z are drawn to starting businesses from an early age as they were born into the entrepreneurial message boom. Many of their parents (millennials) are also entrepreneurs and this has encouraged a shocking number of young entrepreneurs to take flight.

Seeing young CEOs is becoming somewhat normal. Examples abound like Moziah Bridges, who started it Moziah’s bows at the age of nine and quickly grew his business to $150,000/year. Moziah has hired several employees, performed on Shark Tank, and been featured in several popular magazines. There is many more examples than this article can cover.

See also: 10 ways to become a millionaire in your 20s

Traditionally, the majority of millennial entrepreneurs started in college, out of college, or a few in high school, but the trend is more towards a younger age group. The benefits of starting this early are pretty obvious; Investors and sponsors are more willing to sponsor young people’s businesses than older ones.

That Story of Trey Brownthe 14-year-old founder of I HOPE, a $25,000 boutique fashion collection from Sean Diddy Combs recently made the rounds, and this is just one of many. Gen Z doesn’t just start early; it reaps the full benefits of early onset.

Community Mentoring

As far as we know, mentoring was and remains one of the essential pillars of successful entrepreneurship. That fact hasn’t changed with Gen Z, but they certainly don’t get their mentorship the usual way we got ours.

Social media communities have become the go-to place for Gen Z entrepreneurs to seek their advice and mentorship. Mutual communities have always existed, but Gen Z has upped the ante.

A large proportion of Generation Z entrepreneurs are self-taught and use Google, YouTube and other platforms. Still, a significant proportion rely on communities of mutual interest to try out ideas, receive guidance, and make business decisions.

“Streetwear Startup” is one of those communities that has become known for the closeness of its community and for how many successful streetwear startups it has launched, a simple Reddit page, with rave reviews.

Jaffry Jan Mallari is the young CEO of Resurgence of the RSG and one of those streetwear startup success stories. In his own wordsReddit is one of the main sources of Resurgence’s success. The community has helped boost my visibility and attract fans like Dustin Wang who has become a regular.”

Also Read: Meet 16 Teen Founders Who Are Building Big Businesses — And Making Big Money

Jaffry Jan went from initial high school failure to business failure and then massive success. He claims that using community mentorship, like many others of his generation, is one reason he has recovered and is on track to build a six-figure business. All in all, the name Resurgence has a poetic ring to it.

The benefits of these communities for this generation are that they can exchange ideas and get the opinions of more experienced members. They’ve embraced collaboration over competition, a key that appears to be propelling them to immense success beyond the millennial age.

Kings of Disorder

If it’s not different, it’s not cool; This seems to be the mantra for Gen Z entrepreneurs. Everyone seems to be trying to reinvent the wheel or significantly disrupt the industry they are entering.

They took the idea of ​​disruption much deeper than we expected. Caroline and Isabel Bercaw, co-founders of Da Bomb Bath, surprised the bath bomb industry when they launched their weird bath bomb product that contained a small toy. They were just 11 and 12 years old then (2012) and have grown this business into a massive self-funded company making over $20 million annually.

Disruption is in the DNA of this generation, and we can expect a greater tide of creative ideas and ventures this decade.

identity entrepreneurship

Identity politics has repeatedly been condemned in some circles as evil and divisive, but Gen Z has found a way to apply the concept with significant economic impact.

Identity entrepreneurship refers to branding your company and business idea around a theme such as race, religion, or location. That has always existed but has been brought to the fore by this new generation.

New Generation Z companies continue to market themselves as Young black entrepreneurs (YBE’s) or Young Latino Entrepreneurs. Due to the powerful influence of social media and the internet and their adept navigation skills, Generation Z has been able to achieve stronger results from this identity entrepreneurship than previous generations.

The effect is clear: it causes an influx of traffic from people who identify with the same affiliations. When done well, it’s pretty awesome!

Eager to expand

In the last 5-10 years, while we have seen many companies created by Gen Z members, we have not created many new platforms. It seems to me that these young entrepreneurs can comfortably take advantage of the platforms created by millennials and earlier generations in the early internet age and build huge and expansive businesses.

Platforms like Facebook, Youtube, Google, Amazon, Instagram and Co. have taken over the internet. They don’t face serious competition from Gen Z for obvious reasons. Still, these brilliant entrepreneurs have built some amazing businesses entirely on these platforms, and some have even built such expansive businesses linked to a number of these platforms.

Also Read: Meet 12 Young Founders Disrupting The Way Business Is Done

Entrepreneurs like 9-year-old Ryan Kaji from Ryan’s worlda YouTube channel that reportedly makes about $22 million in revenue annually from YouTube is a great example.

On the other side is Cheri Wang, CEO of coshipper, who has successfully built one of the most expansive and successful Amazon FBA businesses in the United States, providing comprehensive air, land and sea services. Wang believes that these platforms are the future of entrepreneurship, although he admits that entrepreneurship today doesn’t make it any easier as there are still massive obstacles.

This generation’s ability to build something massive on these platforms is a departure from many millennial entrepreneurs who are still quite unproductively focused on building new platforms.

This fantastic generation is doing a lot of good and competing in some complicated industries, and we’d love to see more. It’s always refreshing to see how evolution is unfolding and all we can do is follow the trends when necessary.

Leave a Comment