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Each generation has characteristics that set them apart. Generation Z, the first generation to grow up online, has a very different approach to work than millennials, Generation X, and baby boomers.
After entering the workforce during the COVID-19 pandemic, Gen Z has found themselves in a job landscape rife with instability and part-time work as a substitute of full-time positions with advantages. Fortunately, Zoomers are using this time of upheaval to their advantage. Instead of settling for unfulfilling, uncertain careers, Gen Z is discovering the advantages of entrepreneurship—according to one testas many as 93% have taken at least a step towards starting their own business.
In previous many years, entrepreneurship was seen as a dangerous alternative to a more traditional profession path that involved a four-year degree and then retirement. But as a comfortable middle-class life becomes increasingly elusive through standard means, entrepreneurship is now seen as a viable alternative to working for another person.
Of course, entrepreneurship isn’t just for Generation Z. Anyone who wants to can reap the benefits of the many advantages of startup life.
Why Now Is a Great Time to Become an Entrepreneur
The word “entrepreneur” dates back to the 18th century, but the concept has been around since one caveman sold an axe to one other. But it’s only in the last 15 years that entrepreneurship has evolved into what it is today.
That’s because the Internet has greatly lowered the barriers for anyone looking to start their own business, from virtually anywhere in the world. Historically, the U.S. West Coast—particularly Silicon Valley—has been a hotbed for startups, thanks to aspects resembling the region’s preponderance of research universities and significant government investment, among other incentives. The San Francisco Bay Area has long had a pioneering spirit, since it attracted the so-called Forty-Niners who hoped to strike it wealthy during the gold rush of the mid-Nineteenth century. That spirit eventually gave way to a different form of pioneer, interested less in mining gold and more in developing creative solutions to problems using technology.
But now you don’t have to pack up and move to Mountain View to launch your dream startup. Bootstrappers, especially those that aren’t looking for outside investment, don’t have to squeeze in funding at Google networking events. Digital nomads now roam freely around the world, working on their businesses in all places from Manhattan to Mexico to Malta. Becoming an entrepreneur is easier than ever—all you would like is a strong web connection.
The Pros (and Cons) of Being Your Own Boss
There are many reasons why someone might want to grow to be an entrepreneur. Maybe you’ve identified a need for a product that doesn’t exist and you wish to solve a problem. Maybe you see an opportunity to make the world a better place. Or possibly it’s the lifestyle that appeals to you: being your own boss, setting your own schedule, and not answering to anyone.
These are all valid reasons to start a business, and there are loads of them. But before you succumb to daydreams about writing emails by the pool in Bali, remember: starting a startup is work — Very work. A 40-hour work week will be a rare luxury, especially at first. Not being accountable to anyone means there is no one to turn to when things get tough, and if you fail, well, it’s hard to find anyone to blame but yourself. In Reddit post When discussing the pros and cons of being self-employed, one user summed it up succinctly — “Pro: Freedom to manage yourself the way you want; Con: Freedom to manage yourself the way you want.”
Research suggests that some personality types handle this better than others. test from Myers-Briggs, the well-known Myers-Briggs Type Indicator (MBTI), found that Intuition (N) and Perception (P) personality types tended to have a more entrepreneurial nature than Sensing and Judging types. As the study noted, “The entrepreneurs in the group showed significantly higher orientations toward creativity, risk-taking, impulsivity, and especially autonomy than the nonentrepreneurs,” adding that “those with a preference for extraversion, intuition, thinking, and perception tended to show higher levels of entrepreneurial orientation.”
This does not mean that only some personality types are suited for entrepreneurship — the study makes clear that individuals across the MBTI spectrum can — and do — grow to be entrepreneurs. But it’s price taking a close look at your strengths and weaknesses to determine whether it’s ultimately the right move for you.
You create your own happiness
I began my company, Jotform, as a side project. I did it in the evenings and weekends, in addition to my full-time job. As a bootstrapped founder, I knew there was no big money injection that might save me. That meant I had to make tough decisions and sacrifices, like moving from New York back to my native Turkey to keep costs down.
It was up to me to make or break, and I’m grateful that my exertions and the decisions I made back then allowed me to grow my business to what it is today. While there have been definitely individuals who supported me and helped me along the way, it is incredibly rewarding to know that Jotform’s success is a results of my exertions.
Almost everyone wants the freedom to create their own destiny. In the past, most individuals have settled for less. But I imagine there has never been a better time to be an entrepreneur. Gen Z may have some obscure slang, but they are not afraid to break out of the corporate mold and create their own happiness. For them and anyone else who chooses this path, the sky is the limit.