Research Shows 9 out of 10 Students want to be Entrepreneurs
Research Shows 9 out of 10 Students want to be Entrepreneurs
Why is this happening?
Entrepreneurship trends are on the rise among young people. And while some of them are yet to complete formal education, their ambitious and entrepreneurial mindsets are shaping the way to their future employment.
We are talking about Gen Z. Born between 1995 and 2009, they are called the values-driven generation. Mccrindle research identifies their tops hopes as owning a home and having financial freedom and independence, and one of their greatest fears is not having enough money to live comfortably.
The same research finds that most Gen Z anticipate running their own business or a side hustle, which will help them complement and diversify their future income streams. Interestingly, this trend is predicted to intensify among newer generations, such as Gen Alpha, with 4 in 5 today’s primary school kids expected to run a business of their own at some point in their lives.
There are a few factors that contribute to this trend. More people from the family or community venture to start a business of their own, enjoy flexible lifestyles and align work with their values. Exposure to such experiences, and often involvement in support roles, inspires and helps young people build confidence to commercialise their own business ideas.
Secondly, business education is widely available at low or no cost, with virtual learning convenient to pursue at any time. Lastly, the availability of easy-to-enter platforms to produce and monetise self-made content also plays a role in driving entrepreneurial thinking forward.
“A recent Instagram survey of Gen Z based in the US found that nearly two-thirds of them plan to use social media to make money in 2023”
It is thus safe to suggest that interest towards entrepreneurship will continue to rise among young generations in the coming years.
What does it mean for businesses in the future?
Being tech-savvy and visually engaged, Gen Z live increasingly digitally integrated lifestyles. They expect more flexibility in the workplace and more alignment with their core values.
According to McCrindle, 3 in 5 of them fear being stuck in a job they don’t enjoy or find fulfilment in. This may prompt employers to be very clear about the purpose and values their organisations deliver to the world, to ensure the provision of more meaningful careers for Gen Z employees.
Greater career mobility (an average school leaver could have 18 jobs across 6 careers over their working life) and less reliance on a single source of income may suggest less loyalty to employers, with financial incentives not seen as a major benefit. This may mean that organisations should think of a greater alignment of jobs with the core values of their employees and offer non-monetary benefits, such as flexible working lifestyles and learning opportunities to help them excel in their careers.
How Miss M Online is assisting with that trend?
Founded by a qualified marketer and a business professional with firsthand entrepreneurial experience, the online business educational project Miss M Online Classes pursues two goals.
First, it helps young adults, teens and pre-teens develop an entrepreneurial mindset which is recognised as the essential skill of the future to thrive in the workplace. Through understanding core marketing concepts, such as value proposition, customers, competition, positioning and communications, young people learn about marketing and what drives business decisions and sales. Presented through simple language and life-based examples, business education for young people equips them with a holistic understanding of how business works.
Next, students learn to recognise marketing effects, such as colour perceptions, selling words or supermarket layouts, to be able to critically assess the marketing languages directed at them and make smart buying decisions, avoid impulse purchases and stay in control of their shopping behaviours.
With informational overload continuing, it is the responsibility of professionals to share valuable knowledge to help raise financially educated people who will be able to confidently navigate the business environment, whether as future business owners or shoppers. And this is exactly what Miss M online Classes strive to deliver to emerging generations.
Tags: entreprenuers growth youth
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