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The Gen Z Entrepreneurial Revolution

Should we give them a chance to bring about their own changes. (Part 3)

By Novel AllenPublished about a month ago 6 min read
Top Story - April 2024
21
The Gen Z Entrepreneurial Revolution
Photo by Wyron A on Unsplash

It is hardly debatable that the world has always been run by a bunch of aging dinosaurs, mostly male, who refuse to allow the younger generation to bring about changes. Politicians and leaders everywhere refuse to release the reigns of creativity and leadership until they are dead or dying. It is time to give the young a chance to revolutionize and change the entire landscape of their existence. Those of us with one foot in the grave, so to speak, should wake up and realize that we are not the ones who will be living in the world in the years to come.

This new generation does not want to live in the type of world which we have created. They do not want to be sitting bogged down in traditional schools and colleges for five days per week, and then cram their brains on weekends when they should be out enjoying nature (at least those who would not be glued to the computer etc. screens). Adding insult to injury, is the mountain of student loan debts which follow them into old age or death.

Gen Z and those beyond, desire freedom to make their own choices and reconstruct the world to suit their new ways of thinking.

I believe it is time for the GEN Z REVOLUTION. Time for the world to listen to their ideas and recommendations and turn over a new generational leaf.

Many parents have opted to remove their young children from schools and are part home schooling, part allowing them the freedom which is more conducive to their well being.

I believe that the overwhelming need for 'Therapy', is a deep underlying desire for change. We should not subject our children to our forced beliefs, for they were born in their own time.

Gen Z and trade schools

Gen Z (individuals born between the mid-1990s and early 2000s) is indeed showing a shift in their educational choices. Instead of following the traditional path of attending college, many Gen Zer's are opting for trade schools and vocational training.

Reasons behind this trend:

Student Debt Crisis: The rising cost of college education and the burden of student debt have made Gen Z more cautious. They are choosing trade schools to avoid the skyrocketing student debt associated with traditional universities.

Skills in Demand: Trade schools offer practical skills that are directly applicable to the workforce. Gen Z recognizes that vocational training can lead to well-paying jobs without the need for a college degree. For example, wind turbine service technicians, a fast-growing job in the U.S., can earn up to $103,000 per year without a college degree.

Changing Perceptions: The stereotype that a college degree is the only path to success is shifting. Gen Z is breaking away from this mindset and embracing alternative routes to career success. They see vocational training as a sensible choice that aligns with their goals.

Clear Path to Prosperity: Trade schools provide a clear path to lucrative careers. Students can learn practical skills without accumulating significant debt. As a result, enrollment in vocational-focused community colleges has risen, and more students are studying construction trades, HVAC, and vehicle maintenance.

In summary, Gen Z is increasingly turning to trade schools because they recognize the value of practical skills, the financial benefits, and the opportunity for a successful career without the burden of excessive student loans. It’s a refreshing shift away from the traditional college route. 🛠️📚

Is this trend affecting college enrollment overall?

The choices by the new modern day thinkers will certainly affect college enrollment and pose many challenges to the College Paradigm. Trust in universities has hit an all-time low, and millennials (the most educated generation) feel they’ve been “sold a lie".

Traditional colleges should join the trend and rethink their curriculum to march with the times. Fewer demands will now be made for their brand of education.

Gen Z is realizing that they’ve been pushed toward a direction that doesn’t align with their aspirations.

Vocational training is now seen as a sensible choice, providing practical skills and better job prospects.

Gen Z is reevaluating the college vs. trade school debate, recognizing that vocational training can lead to fulfilling careers and financial stability.🌟

Gen Z adults hope to become their own boss within a year.

Over a fifth of Gen Z adults (22%) hope to become their own boss within the next year, a study has found – and as many as 63% have already had a go at running their own business venture or side hustle.

While 13% of those, born after 1996, feel that starting up their own small business is still a couple of years away, 60% hope to have achieved this before they turn 30. The top driving factors behind this ambition include pursuing a passion (38%), or to experience personal growth (35%).

A survey of 2,000 adults found that the most popular industries in which Gen Z would like to set up their own company include fashion (18%), entertainment (19%), or food and drink (22%).

However, the top things holding this younger generation back include lack of confidence (40%), and a fear of failure (42%).

The findings emerged as insurance company AXA, which commissioned the research, has launched its latest AXA Startup Angel competition, with top prizes of £25,000 for two aspiring entrepreneurs, as well as business insurance for a year, and dedicated mentoring on offer.

The fashion industry is among the most popular job sectors young adults aim to get into, along with entertainment, food and drink

Deepak Soni, the insurer’s UK director of small business insurance, said: “Being your own boss can give you freedom – but it also requires a huge amount of hard work, passion, and dedication".

“It’s fantastic to see there’s a new wave of would-be entrepreneurs, who are relying on enthusiasm to compensate for their lack of entrepreneurial experience".

“We’re keen to support them on their journey, because we know that running your own business can feel like an uphill struggle at times.”

The research also examined the attitudes towards entrepreneurship from older generations, too – with millennials, aged 28-43, similarly eager to become their own boss. More than a third of this age group (37%) said they would like to start their own business or side hustle at some point.

Both millennials and Gen Z were also more selfless in their outlook to starting a business – with helping their local community named as a driving factor for 21%, and 16%, respectively.

But across all age groups, a lack of money was the most common denominator stopping people from ditching their day job (29%) – with personal savings (47%), and small business loans (21%), considered the top finance options of choice.

The three most important characteristics of running your own business – includes being a hard worker (64%), innovative thinking (53%), and having a long-term vision (47%).

AXA has created a report into “understanding the business owners of the future”, titled “The Startup Angel Report 2024”.

Spokesman Deepak Soni added: “It’s fascinating to lift the lid on the mindsets of would-be entrepreneurs across different age groups. There’s a whole host of motivating factors for becoming your own boss, as well as various issues that can hold you back.

“Money is an obstacle for many – but having someone to mentor and guide you through uncharted territory can offer the reassurance that you’re on the right track. The AXA Startup Angel competition offers a financial boost, plus expert mentoring, to get an entrepreneur on the road to success.”

.....................................................

Excerpts from:

Story by Sarah Lumley

....................

The Startup Angel Report 2024 states that:

There is a percentage of people who agree with the statement? “I would like to start my own business or side hustle at some point”

Gen Z 64%

Millennials 37%

Gen X 26%

Boomers 8%

Silent 35

Stream of ConsciousnessCommunityAdvice
21

About the Creator

Novel Allen

Every new day is a blank slate. Write something new.

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Comments (17)

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  • Alexander McEvoy26 days ago

    I was born in 1998 and have never even once wanted to start a business. My more entrepreneurial friends tend to mock me for that, one in particular who thinks that having a traditional job means that one has failed in their life. While I can see the appeal without a doubt, not being under the thumb of a boss or management structure does sound appealing, there are greater costs than I am willing to pay. For instance, one friend has been trying to start his business for three years now. Three years of work ours that would be illegal if an employer tried to make him work them, for $0 in income. Another friend is more successful, probably because her business didn't need any capital to start. But she still works well over 12 hours a day, and though she loves it, I could never. One of the most important things about achieving the entrepreneurial dream is a deep passion. Now, that passion can be for the work itself, the myth of the self-made person, the dream of not having a boss, the dream of being a boss, or any number of other things. But the consistent factor is that passion, that drive, and dedication. My two above mentioned friends have those things in spades - but they are extremely rare. I've only met those two, in the course of my life, who have that drive and dedication. Much as my job bothers me deeply at times, much as I loathe being part of a rigid hierarchy at times, I still say it's infinitely better to the self-employment market. Maybe my tune will change as I get older, but I'm inclined to doubt it.

  • Flamance @ lit.27 days ago

    Congratulations 🥳 to you dope story

  • Anna 29 days ago

    Congrats on Top Story!🥳🥳🥳

  • Lamar Wiggins30 days ago

    I loved the opening paragraph to this article...triple thumbs up for it! I do have to agree that as the times evolve so should the ideas. Us old folks won't be around to see what our impact will do for the future. Why not start to embrace new ways of progressing? I'm all for it. You might not be able to teach an old dog new tricks, but you can always find ways around burden. Have at it!

  • Back to say congratulations on your Top Story! 🎉💖🎊🎉💖🎊

  • Babs Iversonabout a month ago

    Fabulous informative and insightful!!! Loved it!!!❤️❤️💕 Congratulations on Top Story too!!!

  • Andrea Corwin about a month ago

    oops, forgot to say Congrats on TS!

  • Andrea Corwin about a month ago

    There seems to be so much confusion and angst in the young people, social anxiety. I like this: Traditional colleges should join the trend and rethink their curriculum to march with the times. When we lived in Germany, the kids had to decide young (maybe before 7th grade?) their path - college or a trade. Of course their course didn't cost them, it was paid for by the government. The trades pay well and give a sense of accomplishment and really could be thought of better in U.S.

  • Rick Henry Christopher about a month ago

    Very interesting article. I remember about 15 years ago there was talk about vocational and trade schools making a comeback in the near future - they were correct. On the "aging dinosaurs," I will say this: there is wisdom, knowledge, and experience with age. Yes, I do feel that the younger generations should have a voice in the "big picture" of life, politics, etc - but we should work together not against each other. As what Darnell mentioned trade and vocational were also heavily pushed in my high school days also (boomer). I think in the early 2000s somehow trade and vocational lost its way. On the poll at the end if you were to have asked a Boomer that same question 30 or 40 years ago we would have overwhelmingly agreed with that statement. But nowadays boomers in their 60s and 70s are hardly interested in starting a business, or getting a side hustle or climbing that ladder of success... we are more interested in enjoying our lives with the success we have already encountered.

  • D. D. Leeabout a month ago

    Great read! Trade and vocational were heavily pushed as alternative offerings when I was in high school (Millennial). Some took them, most didn’t. Only problem with statistics is the numbers do in fact. I know plenty of people with degrees living prosperous because of it and some that aren’t. The big difference being their field of study. I do see many Gen Z and Millennials wanting to be their own boss but the problem lies in the get rich quick attitude. Also, a part of maturing is realizing we’re not all meant to run businesses and such. People can work a 9-5 and still pursue passions as a hobby and derive the same fulfillment from it. Congrats on Top Story! I really enjoyed this on.

  • Dana Crandellabout a month ago

    As a Boomer with one-and-a half feet in the grave, I have to say those numbers are a bit deceptive, since the older generations are either past the point of needing side hustles or, like myself, "retired." That said, I applaud those Gen Z-ers who will actually work for the dream. I quit school after my Junior year to raise my family, got myself a job that provided good money and training in exchange for hard work, in addition to all the free techincal education I wanted. I have a drawer full of certificates and diplomas. I've been self-employed for 35 years and today I make my living with my lifetime "hobby." I think Kendall hit the nail on the head. I also hope that changes.

  • Shirley Belkabout a month ago

    My Gen Z grandchildren all have this in mind!

  • Emily Binkleyabout a month ago

    Facts, student death is horrible. And it's important to have a side hustle nowadays.

  • Scott Christensonabout a month ago

    I agree, and I admire your optimism👍

  • Kendall Defoe about a month ago

    GenXer here. I like the sentiment, but I don't see it in action. There were plenty of free programs offered for trade schools, but people still won't apply for them. I'm not sure whatvthe future is for them, but I am not that optimistic.

  • Mariann Carrollabout a month ago

    Here in the US some high schools offer free Trade schooling for free. The school bus take them to trade school or community college during some school days. I love your ideas, Novel♥️

  • Dharrsheena Raja Segarranabout a month ago

    Omgggg, don't get me started on student debts. I suffered so much with mine 😭😭😭😭😭😭

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