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Each generation has characteristics that set it apart from others. Generation Z, the first generation to grow up online, has a completely different attitude to work than Millennials, Generation X and Baby Boomers.
After entering the workforce amid the chaos of Covid-19, Generation Z found itself in an employment landscape characterized by instability and gig work instead of permanent jobs with benefits. Fortunately, Zoomers are using this time of disruption to their advantage. Rather than settling for unsatisfying, precarious careers, Generation Z is exploring the benefits of entrepreneurship—a whopping 93% have taken at least one step toward starting a business, according to one study.
In previous decades, entrepreneurship was seen as a risky alternative to a more traditional career path that one would take after a four-year degree and stick with until retirement. But as a comfortable middle-class life becomes increasingly difficult to achieve through traditional means, entrepreneurship is now seen as a viable alternative to working for someone else.
Of course, entrepreneurship is not just for Generation Z. Anyone who wants to can enjoy the many benefits of startup life.
Related: You're not crazy: trading your well-paid job for entrepreneurial freedom is the right move
Why now is a great time to be an entrepreneur
The word “entrepreneur” dates back to the 18th century, but the concept has been around since one caveman sold another a hand axe. But it's only in the last 15 years that entrepreneurship has evolved into what it is today.
That's because the Internet has significantly lowered the barriers for anyone wanting to start their own business from virtually anywhere in the world. Historically, the West Coast of the U.S. — particularly Silicon Valley — has been a hub for startups, due in part to factors such as the region's abundance of research universities and significant government investment. The San Francisco Bay Area has always had a pioneering spirit, ever since it attracted so-called “Forty-Niners” hoping to strike it rich during the Gold Rush of the mid-1800s. That spirit eventually gave way to pioneers of a different kind, who were less interested in mining gold and more interested in using technology to find creative solutions to problems.
But today, it's no longer necessary to pack up camp and move to Mountain View to pursue your startup dream. Bootstrappers, in particular, who aren't looking for outside investment don't have to go to Google networking events to get funding. Digital nomads now roam freely around the globe and work on their companies anywhere from Manhattan to Mexico to Malta. Becoming an entrepreneur is easier than ever – all you need is a strong internet connection.
Related: Now is the best time to start your dream business, so don't worry about timing.
The advantages (and disadvantages) of being your own boss
There are many reasons why you might want to become an entrepreneur. Maybe you've identified a need for a product that doesn't exist and want to solve a problem. Maybe you see an opportunity to make the world a better place. Or maybe it's the lifestyle that appeals to you: being your own boss, making your own schedule, and not answering to anyone.
These are all legitimate reasons to start a business, and there are plenty of others. But before you get lost in daydreams and type emails by the pool in Bali, remember: Starting a startup is work—lots of work. A 40-hour workweek is a rare luxury, especially in the beginning. Not being accountable to anyone also means you have no one to turn to when the going gets tough, and when you fail, it's hard to blame anyone but yourself. In a Reddit post discussing the pros and cons of self-employment, one user summed it up succinctly: “Pro: freedom to manage yourself however you want; Con: freedom to manage yourself however you want.”
Research suggests that some personality types do better at this than others. A study by Myers-Briggs on the well-known Myers-Briggs Type Indicator (MBTI) found that personality types with intuition (N) and sensing (P) tend to be more entrepreneurial than the sensitive and judgemental types. As the study notes, “the entrepreneurs in the group showed significantly higher tendencies toward creativity, risk-taking, impulsiveness, and especially autonomy than non-entrepreneurs,” adding that “people with a preference for extraversion, intuition, thinking, and sensing tended to show a stronger entrepreneurial orientation.”
This doesn't mean that only certain personality types are suited to entrepreneurship – the study makes it clear that people from all MBTI spectrum types can – and do – become entrepreneurs. However, it's worth taking a close look at your own strengths and weaknesses to determine whether it's ultimately the right move for you.
Related: Are you ready for entrepreneurship? How to break free from corporate life and pursue your passion
You make your own luck
I started my company Jotform as a side project, working on it nights and weekends alongside my full-time job. As a self-employed founder, I knew no big cash infusion was going to save me. That meant I had to make difficult decisions and sacrifices, like moving from New York City back to my native Turkey to keep costs down.
I had to make a decision to go under or not, and I'm grateful that my hard work and the decisions I made back then allowed me to grow my company to the size it is today. Of course, there were people who mentored me and helped me along the way, but it's incredibly satisfying to know that Jotform's success is the result of my own hard work.
Almost everyone wants the freedom to create their own destiny. In the past, most people have settled for less. But I believe there has never been a better time to become an entrepreneur. Generation Z may have incomprehensible slang, but they are not afraid to break out of the corporate mold and create their own happiness. For them and anyone else who chooses this path, the sky is the limit.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
