Why Generation Z Could Lead the Way in Creating a New Entrepreneurial Wave

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Results of a new survey have revealed that younger generations are hungrier than ever to go it alone in the world of business.

A new study conducted by price comparison website Know Your Money has revealed that almost two thirds (64.8%) of 16-24 year olds would consider starting their own business. Considering that on average only 1 in 10 people actually run their own company within their lifetime, this is a massive statistic. It seems the life of a business owner is catching the eye of Generation Z. 

So why is interest from this demographic so high? Dan Schawbel, author of Promote Yourself and founder of millennial branding, told the Mail Online his opinions on why Generation Z and entrepreneurism might just be a match made in heaven.

“Generation Z has everything at its finger tips. You can start taking classes online or connecting with experts before you’re 10 years old. Teenagers are now giving influential TED talks, building their reputation and networking before they have even left school. The majority of them would rather be entrepreneurs than employees.”

Whilst it seems Generation Z is ready and raring to get started, youth does pose its challenges in the world of business. First impressions play a big part in the dog eat dog domain, and looking a bit “wet behind the ears” or inexperienced can mean you have to work extra hard to prove yourself. Fail to do this and you run the risk of being ignored or worse…exploited.

Of course, there are advantages. Being young usually means you carry a lot less baggage with you in terms of home/life responsibilities, giving you the freedom to really throw yourself into the challenge and take risks without reservations. 

One city which is having big success in promoting entrepreneurism to a new generation is Newcastle. The North East city which sites on the River Tyne has a buoyant business support network which is able to help make dreams of starting your own business a reality. 

The Business and Intellectual Property Centre is based in the City Library and offers budding businesses the benefit of expert advice, a space to work and meet clients and, importantly, the chance to pick the brains of people who have already set up their own businesses.

In 2017, almost 10,000 businesses used its meeting facilities, and there were almost 200 ‘experts in residence’ offering one-to-one sessions covering everything from HR to PR.

John Musham, Business and IP Centre manager, said: “Those are the activities that are valuable to people who might traditionally turn away from setting up a business. I think it enables them to see that there’s help available and that it is accessible.”

This support network also involves reaching out into the community and encouraging ‘grassroots’ enterprise, whether that be startup businesses or groups wishing to take over (or introduce new) local services.

You can read Know Your Money's full report into entrepreneurism and the rest of its data here - https://www.knowyourmoney.co.uk/are-we-a-nation-of-entrepreneurs/

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