Gen Z (aged 6 to 25) are the young entrepreneurs of the future. And it seems that all of the uncertainty, challenges and ‘new normal’ of the past year due to COVID-19 has only fuelled their entrepreneurial spirit, not dampened it.
Why does it make sense to start a business during Covid-19?
Considering how uncertain everything has been since the start of the pandemic, it seems crazy to say that entrepreneurship in a pandemic is a good idea. But actually, COVID-19 has created some amazing opportunities for entrepreneurs, especially in the home delivery and PPE industries. The pandemic brought about massive change. New problems requiring solutions meant a new set of consumer needs that clever entrepreneurs were able to tap into.
So what does this have to do with teen entrepreneurs?
Gen Zers are the most ambitious, motivated and entrepreneurial of all generations. The most recent data from WP Engine shows that 62% of Gen Z wants to, or plans to start their own business, compared to 50% of millennials.
They’ve grown up with social media and technology, are naturally innovative when it comes to business ideas, and know how to make the most of online tools and tutorials to help them develop skills, and market themselves and their products. Compared to older generations, the idea of branding themselves as part of their business (a vital aspect of entrepreneurship) is exciting and intuitive.
Using remote technology like a laptop or mobile phone comes easily to teens. Throw in some boredom and the need for a creative outlet during lockdown, and the need for extra cash when many families are struggling financially due to the pandemic, and it’s no wonder that more and more Gen Zers are starting their own business.
Do you have a new generation entrepreneur teen?
Young entrepreneurs have great ideas – sometimes all they need is a little push to help them succeed. This year we partnered with the Zayed Sustainability Prize to support young entrepreneurs who want to start sustainable businesses.
Encourage your budding inspiration to find inspiration and follow the journey of the prize winners by visiting www.zayedsustainabilityprize.com or follow them on the social channels:
And don’t forget, teens can brush up on their business basics and learn all about entrepreneurship on our free online academy!