Confident and digitally savvy, Gen Z is set to outshine millennials with their entrepreneurial spirit. A new poll highlights a growing trend of young people choosing to start their own businesses rather than work for others.
The research by Santander UK revealed that three quarters of Gen Z are seeking to “be their own boss” and are not planning to work a nine-to-five job for the rest of their career. 77 percent are confident in their ability to launch and run a successful business, and 39 percent back themselves to do so from their smartphone.
Half of those polled said that Gen Z and Millennials have an advantage when it comes to starting a business because they grew up in the digital age. In comparison, Gen X and Boomers say there were fewer opportunities to start a business in their younger years (34%) as there was more pressure to follow a traditional education and career path.
“Gen Z is proving to be the most entrepreneurial generation yet, and it’s no coincidence. Unlike previous generations, they’ve grown up fully immersed in the digital age, where information, tools, and global connections are just a click away. This constant exposure has fostered a mindset that values innovation and agility. With a deep understanding of digital landscapes, they’re not just prepared to start their own ventures – they’re uniquely positioned to outpace previous generations in turning ideas into reality,” said Sam Jones, Dragon’s Den star and founder of Gener8.
“It’s clear that digital-savvy Gen Z have a fantastic entrepreneurial spirit, but the qualities you need to succeed on your own aren’t bound by age – entrepreneurship is driven by passion, curiosity, and the desire to create something meaningful. Some develop these attributes early on, often sparked by a need to solve a problem. While others may discover a business drive later in life, perhaps after spotting a gap in the market,” said Mike Regnier, CEO, Santander UK.
The survey of 2,000 adults found that while Gen Z and millennials may be perceived as the most entrepreneurial, age is not a barrier to success.
This year, Santander saw more than 850 businesses apply for the awards, with Gen Z making up two-thirds of those that applied. The 100 that have been shortlisted cover a range of industries, including healthcare, sustainability, AI, and tech.