Generation Z is the next demographic cohort after the millennial generation. People born in the years between the mid-1990s and mid-2000s are all part of this generation. We are not the maker of technology nor the creator of internet, but the user of these interfaces. So, how will these babies, born in these years, shape the future of your life.
As the new young adults are entering the work force, the ‘old’ entrepreneurs must prepare for the fallout.
Entrepreneurship is a term that is used everywhere due to flashy displays of success and achievements by big companies. Being all about the mindset, it takes imagination and, perhaps, a dash of insanity to become one. Entrepreneurs view the world not the way it is but make it the way they want it to be. From inventors of the first aircraft, the Wrights Brother, to creating personal computers, Bill Gates and Steve Jobs, are all entrepreneurs that pursued a vision that others deemed to be ludicrous. This role is not only becoming more prevalent, due to its alluring success shown by the millennial generation, but also accessing information and knowledge are being redefined by large modern technology conglomerates.
“Logic will get you from A to B. Imagination will take you everywhere.” – Albert Einstein
Personally, being part of the Gen Z, I would want to become an entrepreneur in changing the world to make our lives a better place to be in. Our generation is hungry for improvement and driven by curiosity. What has happened in the past generations will be completely altered by the Generation Z as we will make huge world improvements, choose clean food over fast food, emphasise on diversity, and create things that may be currently unimaginable for you.
In fact, from a study by Universum Global that made a survey on 50,000 students, 36% percentage of Gen Z are interested in becoming entrepreneurs as they fear that they are not able to have development opportunities in their careers. This shows that just over one-third of this generation’s population prefer starting their own business instead of being defined or limited by others. Moreover, exactly 56%, conducted from the survey, considers joining the workforce immediately instead of spending additional time on taking a degree. What this means is that universities and college degrees are no longer a necessity from our perspective to achieve our goals. As a parent, you may worry for your child’s education degree and believe a college degree is compulsory as that was your method of success. As a student, from my generation, you may completely agree with me that the traditional method of education from school teachings are not the most effective guidance for you and that non-traditional methods of digital teachings may increase your learning efficiency.
Cryptocurrencies, Blockchain and Fintech
Generation Z will be taking a huge role in shaping the future economy.
Generation Z is taking ‘entrepreneurship’ to the next level through the economy. Bitcoin, Ethereum and Ripple are all examples of cryptocurrency. It is a form of digital currency with encryption to secure financial transactions. Although digital currency is currently not permanent due to illegal actions and unethical behaviours, it will be adopted by our generation through blockchain plumbing. With a transaction recorder in place, it allows firms and governments to gain trust in cryptocurrencies due to protection of intellectual property. In addition, blockchain is an uprising business for millennials and Generation Z. By our era, this cryptography would become a compulsory need and no longer optional. Leaders of this industry need to anticipate future needs of their users, or they will find themselves overtaken by ingenious Gen Z founders. Furthermore, financial technology (fintech) is rapidly increasing in the economy institutes due to its immediate automated delivery and usage of financial services. Not being fully developed creates opportunities for our generation to make use of this avant-garde technology to alter the economy for increased standard of livings instead of sluggish traditional methods that has caused nothing but political conflicts amongst ourselves.
Hence, all these futuristic hi-tech software and interfaces will be improved by our generation and not by the millennials. Our generation will be different just like any other generation in terms of transforming entrepreneurship for the future. When Gen Z came around, we were surrounded by an overabundance of digital information which has brainwashed us differently from the past methods where communication was inconvenient.
Advancement of Technology
Generation Z is creating the future based on how technology is advancing.
Generation Z is taking ‘entrepreneurship’ to the next level through the advancing technology era. So, entrepreneurship is all about setting up and risking your life savings in hope for a profitable life. In my opinion, I strongly believe that this is true to a certain extent. During the financial crisis and the booming years, everyone was mainly focused on investing in properties and buying lands. These years are over as Gen Z will be pouring all their investments in technology. How can I be so sure about this? Well, as mentioned before, we are born in a world where technology was already created. Being addicted to technology, not wanting to say this, I must admit that we cannot live without it.
No matter which industry we will be working in, everything will be linked to technology. For example, weather control may become even more possible through our generation to a certain extent. We are not Gods, but simply humans who are using science to manipulate the weather. Don’t believe this? In 2008, Beijing Olympics’ weather was ideal as the Chinese government used the ‘cloud-seeding’ method to create a downpour everywhere else while keeping the stadium dry. This works by firing rockets filled with silver iodide crystals into rainclouds to freeze water droplets to allow the droplets to continue to grow and fall as snow which liquefies into rain before hitting the ground. There are negative factors such as being expensive with environmental concerns, but it does affect the timing and location of where the rain will fall. Our generation will take advantage of these technological advancements and investigate in machineries that may generate this type of ‘miracle’ or find solutions to remove the negative factors. Truthfully speaking, there are so many more other unbelievable technologies that will be focused by us such as theory of molecular assemblers, space-based solar power, artificial lifeforms, etc.
Workplace
“Generation Z is disrupting recruiting, training, managing, and more in 2019 and beyond – Ryan Jenks”
Generation Z is taking ‘entrepreneurship’ to the next level through the workplace. The desire for work-life harmony is affecting how Gen Z’s perspective towards work is becoming more and more negative. From a survey, an average of 28% of young employees are feeling exhausted at work which shows an increase of 7% more, compared to the older generations. Having burnt-out workers will more likely cause an increase in absences such as excuses of being ill and may even cause an increase in turnover rate.
When the Gen Z takes over the market in around 10-15 years, everything will change. If I was the CEO of a company, my ideal working method would be more focused on the output (results) over the input (time spent). By leveraging a firm’s digital resourcefulness, employees would be able to work not just diligently but also smarter. As a result, like what all company wants, efficiency will increase while attitude remains positive. Furthermore, I would give employees a reason to come to work. Offices should not be built like a cell where everyone seems to be trapped in a dark grey shady world but a place where resources are more accessible than home. Forcing employees to swipe their card every morning or showing up to work to just be ‘present’ is not a motivation for them in completing their projects. Think about Google companies, especially Googleplex, they don’t seem like a workplace but more of an ‘adults’ playground’. That is what Gen Z is striving for! To be modern, to be ‘chill’, and to be efficient. Only when your employees are happy will your company function properly. When I become an entrepreneur, my business will be a place where you ‘WANT’ to work in.
What are your thoughts?
Still not convinced that our generation will be taking ‘entrepreneurship’ to the next level? Just imagine what the world will be like in 15 years and that is the time when Gen Z is the reason why the world is functioning the way it is. Our ancestors have built our world into a more industrial place leaving our planet in to a state of turmoil. We will help to improve the world not through selfish creations but through caring for the environment and increasing efficiency in accessibility to resources. Entrepreneurship is changing as Generation Z takes over the market.
Just before you finish reading this, what are your thoughts on the future of the business world, and will entrepreneurship really transform in to the ways I think it will become? Thank you for your time. Leave a comment below to let me know!
Author: Mr Jervis Wei, Hospitality Bachelor Student at Hotel Institute Montreux, from Hong Kong