Many forecasters are guessing that those who are 23 years old and younger will be the next great generation of entrepreneurs.A study by Universum asked 50,000 high school graduates and found that nearly 60 percent of Generation Z is spooked by student loan debt and that they are open to exploring if trying to make money after high school graduation might be more advantageous than going to college.
More than 36 percent were fearful that they will be stuck in careers that do not have development opportunities. Generation Zs are also very comfortable with starting their own businesses or doing contract work. Brandon Frere, CEO of Frere Enterprises and other ventures, recognizes that Generation Z seems primed to be energetic, imaginative entrepreneurs.
“It takes a lot to really make it as an entrepreneur and it isn’t for everyone,” said Frere. “But I am very excited about the next generation. Their technological abilities will be off the charts and if they have the drive and desire to add value to the lives of their customers, I’m certain they will create undreamed-of innovations.”
Generation Z is also the first generation born into technology. The smartphone turned 20 years old this year. Their familiarity with technology and devices allows them to create and edit a document, post a photo on Instagram, check in on their social media platforms and talk to someone — all by only using their phone. Their curiosity has never been limited and can only be defined by the width and breadth of the internet. Digital learning tools have further broadened the horizons of possibilities.
They have also grown up with stories of individuals starting out small, working alone or in little groups and coming up with the next world-changing innovation. For them, the names such as Gates, Zuckerberg, Musk, Page, Brin, Bezos, Jobs and Benioff are legendary and synonymous with success. These titans have innovated and redefined what it means to be an entrepreneur in the 21st century. For Frere, these indications mark a promising future rise in entrepreneurial spirit and he believes that Generation Z has the tools to tackle social, economic and technological challenges.
“Of course, we will have to wait and see,” said Frere, “But I am very hopeful that Generation Z will exceed my high expectations and be able to discover and scale solutions. There are many challenges ahead and it is imperative that we have visionary and driven entrepreneurs to take them on.”