New research has found that tech-savvy Gen Z and Millennials are more likely to set up their own businesses because they grew up in the digital age.
A survey of 2,000 adults, conducted by OnePoll for Santander, has found that three-quarters of Brits born after 1996 (Gen Z) say they are not planning to work a nine-to-five job for the rest of their career and would prefer to be their own boss.
In fact, these teens and 20-somethings are very confident in their ability to launch and run a successful business - with 39% saying they could run a business from their smartphone and 45% declaring that they could earn a decent income from social media.
The findings show that:
- 77% of Gen Z say they want to work for themselves;
- 57% of Millennials have either become an entrepreneur or intend to;
- 36% of Gen X either work for themselves or want to be their own boss;
- 25% of Boomers would rather be entrepreneurs.
Half of those polled said that Gen Z and Millennials have an advantage when it comes to starting a business because they grew up in the digital age. Gen X and Boomers say there were fewer opportunities to start a business in their younger years as there was more pressure to follow a traditional education and career path.
What's more, 44% of respondents say that it's easier to start a business today than it was two decades ago, while 57% say that social media gives businesses the opportunity to reach customers faster and at a lower cost.
"Gen Z is proving to be the most entrepreneurial generation yet, and it's no coincidence. Unlike previous generations, they've grown up fully immersed in the digital age, where information, tools and global connections are just a click away. This constant exposure has fostered a mindset that values innovation and agility. With a deep understanding of digital landscapes, they're not just prepared to start their own ventures - they're uniquely positioned to outpace previous generations in turning ideas into reality." Sam Jones, Dragon's Den star and founder of Gener8.
The survey also reveals that Gen Z are the most willing to take a significant financial risk to launch their business (53%), compared to 46% of millennials, 23% of Gen X and 20% of boomers.
When's the best age to start a business?
The study reveals that the average aspiring British entrepreneur has had ambitions to be their own boss since they were 27 years old. However, for 22% of respondents the decision to work for themselves wasn't taken until after they had turned 35.
Analysis of data on successful entrepreneurs in the UK suggests that 28 is a common age to start a business; however, there are those, like Dragon Deborah Meaden, who started her first business at 19 and others, like James Dyson, who started his business later in life.
Santander X Awards
Santander has selected 100 shortlisted businesses to compete in its annual awards competition for early-stage UK start-ups. The businesses will go head-to-head in a series of pitching heats to earn a place at this year's Santander X UK Awards National Final on 14 November where they could win up to £25,000 in equity-free funding.
This year, Santander saw more than 850 businesses apply for the awards, with Gen Z making up two-thirds of those that applied. The 100 that have been shortlisted cover a range of industries, including healthcare, sustainability, AI and tech.
"It's clear that digital-savvy Gen Z have a fantastic entrepreneurial spirit, but the qualities you need to succeed on your own aren't bound by age - entrepreneurship is driven by passion, curiosity, and the desire to create something meaningful. Some develop these attributes early on, often sparked by a need to solve a problem. While others may discover a business drive later in life, perhaps after spotting a gap in the market." Mike Regnier, ceo, Santander UK.
Written by Rachel Miller.
