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How Gen Z is flipping the career paradigm on its head and navigating the entrepreneurial world independently.
The data featured in this post is from an internal study, the "Small Business State of Mind" report, commissioned by Microsoft Corporation in April 2022 and conducted by Wakefield Research. In 2021 alone, Americans submitted over 5.4 million applications to start a new business. With the U.S. experiencing a small business boom, Gen Z, the generation known for bucking traditional paths, is shaping its future. They’re showing us their entirely unique perspective on work and success and shaking up the world as we know it with their social media prowess, value of self-expression and heightened social consciousness. With 62% of Gen Zers indicating they have started—or intend to start—their own business, Gen Z is making its mark poised to become the most entrepreneurial generation the world has seen. So, what does the state of small business look like today and how is Gen Z shaping this evolution? ’s "Small Business State of Mind" report—a survey of 1,000 small business owners with 0-24 employees—digs into the mindsets of today’s entrepreneurs to understand their work motives, lifestyles and vision for the future as they lead, navigate and plan for the opportunities and obstacles that lie ahead.Key Findings
A look at five small business trends shaping entrepreneurship as we know it:- 9-to-never. Gen Z small business owners are redefining the workplace hustle.
- The do-good effect. Small business owners investing in social good are seeing the benefits.
- Risky business. Small businesses are letting data breach prevention fall to the wayside.
- Road to retirement. Why is Gen Z set on small business ownership? Early retirement.
- TikTok over textbooks. Gen Z small business owners are leaning into TikTok for business advice while debating the necessity of a higher ed degree.