Doing It Their Way: Gen Z And Entrepreneurship

Gen-Z Entrepreneurship

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Gen Z And Entrepreneurship

Raised during the Great Recession and the Student Loan Crisis, Gen Zers are looking for lucrative career paths that don’t come with a mountain of debt

Gen Z Plans for the Future

Born after 1996, Gen Z includes 61 million Americans 一 and the oldest members are entering college and the workforce

College: Gen Zers Won’t Be Sunk by Debt

In 2017, 44 million Americans had student loan debt, totaling $1.4 trillion

College tuition rates have been increasing, beyond inflation, for decades

Annual in-state tuition and fees at public 4-year college
1987-1988: $3,190*
2017-2018: $9,970

70% of Gen Zers believe student debt will make it harder to save for the future

How will Gen Z pay for college?
76% of Gen Zers already earn their own money through part-time work
38% plan to work during college
24% plan to pay for college through personal savings
21% of Gen Zers had a savings account before age 10

Workforce: Gen Zers Will Make Their Own Work

Millennials turned to “side gigs” to make ends meet 一 Gen Z is focused on working for themselves and only themselves

Recent college grads have struggled to find adequate employment

In 2018, more than 1 in 20 young college grads can’t find a job
More than 1 in 10 are underemployed

How will Gen Z approach work?

Nearly half of Gen Zers plan to become entrepreneurs

Among today’s middle and high school students
45% say they will invent something world-changing
41% plan to start their own business

Today, almost half of young workers* freelance 一 By 2027, the majority of the U.S. workforce will be freelancers

Only 62% of Gen Zers consider good benefits important
Instead, Gen Z prioritizes good pay (72%) and inspiring work (64%)

Gen Z Values

Social connections over work/life balance
Good day-to-day experiences over great benefits

Once considered the most entrepreneurial generation, Millennials are ready and willing to help the next generation jumpstart their careers

Gen Zers can easily connect with mentors in their field through social media, blogs, podcasts, and more

Gen Z’s Entrepreneurial Spirit

Success Stories: Young Entrepreneurs

Ryan 一 RyanToysReview

  • 6-year-old YouTube star
  • 13 million followers, 21.1 billion views
  • Forbes’ 6th highest paid YouTuber

Moziah Bridges – Mo’s Bows

  • Launched bow tie collection at age 9
  • Youngest entrepreneur to appear on Shark Tank
  • In 2017, signed a deal to create bow ties for each NBA team

Tiffany Zhong 一 Zebra Intelligence

  • Skipped college to pursue her career
  • Used Twitter to build a venture capital network
  • Clients include Postmates and theSkimm

Gen Z Embraces Alternative Paths for Learning

Pre-college learning opportunities
As Baby Boomers reach retirement, companies are looking to fill the skills gap 一 And turning to younger students to find new talent

  • Lockheed Martin sends engineers into K-12 classrooms to lead STEM activities
  • Deloitte matches students in underserved communities with profession mentors
  • Microsoft offers paid internships in software engineering and digital art

Online courses and resources
Whether taking an online course while riding the bus, or checking email while watching TV, Gen Z uses technology to work more efficiently

  • Khan Academy: Offers free online tools to help K-12 students learn
  • Codecademy: Teaches programming, web development, and data science
  • Coursera: Offers college courses and degrees for as little as $29 per class

By 2025, the e-learning market will be worth more than 4X the higher education market 一 Largely due to the influence of Gen Z

Entrepreneurship degrees
For Gen Zers who still want a traditional education, colleges and university offer new and innovative programs in technology and entrepreneurship

  • Julian Krinsky Business School at Villanova University: 2 week program includes “Shark Tank” competition and stock market challenges
  • Miami University’s Redhawk Ventures: Student-run venture capital fund invests university assets in student and alumni business start-ups
  • University of Dayton’s B.S. in Entrepreneurship: Graduates have started 57 companies and raised $13 million in funding over the last decade

From college to careers, Gen Z is looking for innovative ways to work their own way

Gen-Z Entrepreneurship

Sources:
https://www.cnbc.com/2018/05/01/61-million-gen-zers-about-to-enter-us-workforce-and-change-it.html
https://www.experian.com/blogs/ask-experian/state-of-credit/
https://trends.collegeboard.org/sites/default/files/2017-trends-in-college-pricing_0.pdf
https://genhq.com/Gen-Z-2017/
https://www.entrepreneur.com/article/231048
https://www.epi.org/publication/class-of-2018-college-edition/
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