Gen Z

150,000 reasons why more than 50% of Gen Z in the US want to be entrepreneurs and why the workplace will need them

According to research carried out by Nielsen last year, over half of Gen Z who were interviewed – 54% to be precise – indicated that they wanted to start their own company.

So, what made one-in-two of this demographic want to start their own business?

Well, if they are living and studying in the US, here are 150,000 reasons to begin with. The cost of studying for a four-year undergraduate degree works out at $150,000 ($37,500 per annum).

The costs in the UK and the EU are similar depending on where you study. Even though it only takes three years to gain a degree from a UK university, the average cost is still around $100,000 and if you have enrolled at a university in London or another big city, living expenses can increase significantly.

So, little wonder that Gen Z students are thinking twice before going to university, given the amount of debt that they will be saddled with once they have graduated. During the Nielsen survey, budding Gen Z entrepreneurs identified taking control of their futures, having a purposeful life, being a good environmentalist and wait for it… a debt-free start to adult life, as the key drivers to pursuing life as an entrepreneur.

Most universities and colleges are also looking ahead to graduates of the future and their role in the job market. In 2018, the Institute for the Future predicted that 85% of the jobs that students would take on in 2030 did not exist. That looks highly probable. We only need to think of technological advances such as AI and IoT and the talent that is now required to operate in those fields. Think about the jobs for digital nomads.

So, it is little wonder that a significant portion of the Gen Z demographic is having second thoughts about whether college or university is absolutely necessary for them to achieve their career goals. Therefore, an idea that is gathering increased momentum is periods of study, work and then further study that will prepare Gen Z for their future careers.

According to Forbes, a study by TD Ameritrade in 2018 surveyed 3,000 US teens and adults, with around one in five Gen Z admitting that they may not go to college. And in some ways, they would welcome an unorthodox direction through their education.

In addition, more than 30% of Gen Z said they had considered taking a gap year between high school and college. Moreover, 89% of Gen Z had considered alternatives to a four-year degree course, after high school. To fill the void, companies are now moving into the role of educator to train people for the specific jobs they will need to be doing and keeping their skills relevant.

Firms like Google, Adobe, Hubspot, Microsoft and others offer students inexpensive or free certifications that provide job skill training. Gen Z students are asking corporate recruiters whether companies will help them acquire new skills to do their job. With Generation Z in mind, AT&T, Apple, Adobe and others are making job and skill training a priority.

Whether a gap year or work experience, tertiary education is a viable option. And it cannot be a coincidence that in 2018, about 7.6 million students were 25 years old and over. According to the National Center for Education Statistics, that accounts for more than 30% of all college students in the US.

The time is right for Gen Z to lead the corporate world and become tomorrow’s entrepreneurs and if any inspiration was required, they can take a leaf out of Mikaila Ulmer’s book.

After being stung twice by bees, she decided to do a bit of research and found out that the bees needed her help. She’d started selling her grandma’s flaxseed lemonade outside her house at the age of four, but added honey to the recipe. She was soon supplying to a local pizza parlour.

In 2015, the business took a leap when Ulmer started supplying Whole Foods with Me & The Bees Lemonade in an $11 million deal. Now in high school, Ulmer’s business has branched out into lip balms and she’s even served lemonade to former US president Barack Obama. Ulmer continues to invest 10% of her profits in bee conservation projects.

So, this is a classic lesson for all would-be Gen Z entrepreneurs from a 15-year-old – with no debt, complete control, purpose, and she is a good environmentalist!

I rest my case…

Generation Z

Generation Z, the art of conversation and networking

A message for Team Gen Z.

If like me, you were born anywhere between 1995 and 2015 chances are you have already been labeled – we are Generation Z, which is ironic because we all know how much we hate labels, it stifles our individual expression.

But anyway, who cares really, we know who we are, right?

Well that maybe so, but the older generations particularly Generation X, people over 40 years of age are likely to be our future bosses or seed investors. So, we not only need them to understand who we really are and what we stand for, we are going to have to reach out to them.

Now, being digital natives, open conversation doesn’t exactly come naturally to us. We were the first generation to grow up with technology and social media. To put that into perspective, the first iPhone was only released in 2007, imagine that iPhone 1!!!!

Facebook was founded in 2004 and LinkedIn was only formed in 2002! Instagram and Snapchat are both over a decade old, so they’re not exactly new kids on the block either.

The point I’m making here is that many of us are more comfortable socialising in a virtual space than a physical one. When we do socialize in-person, we more often than not, prefer to do that with other members of our generation. Now there’s nothing unusual about that, but what we need to do is to learn how to network effectively with older generations.

That’s of particular importance if you’re about to graduate or you are preparing to enter the workforce. So, I thought that I would offer you three tips that I hope will help you in the future – especially when we are actually allowed to network again without any restrictions!

  1. Take it one step at a time

Many people have a love hate relationship with networking. If you choose to dive in at the deep end, it can be very intimidating – walking into a room at a job fair or exhibition and engaging with complete strangers.

So, to prepare for this what you can do is to connect with a small group of people online before you go, that way at least you’ll have ‘broken the ice’ with a number of them and you can practice how you want to present yourself. You can also do this with one-on-one meetings of course, which is an ideal way to get quality time with career influencers.

If the thought of all that is still too much, try practicing with some of your friends, family or peers, it will help to build your confidence and iron out any awkward issues you might be facing.

  1. If at first you don’t succeed…

Don’t bombard people with messages and emails and keep your language plain, clear and concise. Give them time to respond to your first outreach and if you haven’t received a reply after a reasonable amount of time, a simple and polite follow up message or email is perfectly acceptable.

However, if that still draws a blank, don’t be afraid to pick up the phone. Older generations are quite often more receptive over the phone, particularly if they have heavy email traffic and don’t forget your mail might have gone into their junk folder.

Another unobtrusive way to draw attention to yourself is posting commentary or sharing other posts for your network to read. Again, don’t be overbearing, two posts per week is ample, but make sure they are engaging, if you really have nothing newsworthy to say, be quiet!

And of course, it goes without saying that we do not share our private life on our work platforms – keep them separate at all times.

  1. Focus on the types of people and organisations you want to connect with

Try and build an ideal profile of the people and organisations (products and services) you’d like to connect with. Make sure they share your values, whether they are ethical, sustainable, inclusive, respectful, community minded and socially responsible.

Ask yourself, are they passionate about what they do? Would you want to work for this person and or this company or organisation? Speak to somebody who used to work there and get an impartial reference from them.

Also don’t forget to speak their language, you’re approaching them, you need to engage so write or speak (and dress) in a professional manner, talk about real issues and factual anecdotes, don’t chatter and put your phone away!!!

Well, that’s about it, I’d like to wish you all every success and please do let me know how you get on. Sharing examples of your endeavours can really act as inspiration to others.

Good luck!