Generation Z workers have significant entrepreneurial aspirations with over two-thirds (67%) aspiring to own or lead a business in the future, according to research by American Express and The Conduit, a collaborative impact community and members club.
The survey of employees aged 18-27 years old currently working in UK businesses, finds that many of those in the Gen Z age cohort believe they already possess key skills needed to set up shop on their own: nearly nine in 10 (87%) believe they are confident in their collaboration skills, and eight in 10 in their innovative thinking (82%) and leadership skills (80%).
However, respondents also identified gaps in their skillset which they felt might hinder their entrepreneurial ambitions. Only about six in 10 respondents (62%) stated they felt capable of developing a business plan, and only just over half (54%) in pitching for funding. For those aspiring to run their own business, other barriers they pinpointed included a lack of knowledge when it came to sources of business funding (34%) and believing they don’t have the right connections (23%).
The research suggests companies themselves could do more when it comes to harnessing some of this untapped potential, by fostering greater ‘intrapreneurship’ – the practice of employees displaying entrepreneurial behaviours even when working for an established business. The majority (63%) say they would be more motivated if their job allowed them more entrepreneurial freedom, with a similar proportion (62%) feeling they don’t have the opportunity to fulfil their potential in their current role.
Lee Sullivan, Vice President at American Express, said: “It’s clear from our research that the Gen Z workforce has an entrepreneurial mindset and many believe they have the skills needed to set up on their own.
“it also reveals a clear opportunity for the wider business community to support those with leadership ambitions, either within their existing organisation or in building their own business. Wherever their path takes them, American Express is focused on backing entrepreneurs and their businesses to succeed.”
Paul Van Zyl, Co-Founder and CEO of The Conduit, said: “Gen Z are not just the future of business – they are the changemakers of today. Their ambition, creativity and drive to lead are undeniable
