The Gen Z Entrepreneurial Revolution

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