Gen Zers Want To Be Entrepreneurs: Here’s How They Can Financially Do It
Written by
Chris Adam
Edited by
Rebekah Evans
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More young people want to be their own bosses and create their own paths for making money, rather than securing corporate jobs and traditional work schedules. Part of the draw may be the rise in the creator economy and influencers on social media.
According to a report from Samsung and Morning Consult, half of Gen Zers aspire to become entrepreneurs or start their own businesses. That could require skills not typically learned in the classroom. Here’s a look at some financial ways they can make it happen.
Gen Z Entrepreneurs
The report showed young people are becoming increasingly fed up with the idea of the traditional workplace and career. Instead, they want more flexibility and ways to make a difference in their world through their creative efforts and work endeavors.
The report showed many of those surveyed see entrepreneurship as an accessible way to achieve their dreams. “The rising popularity of platforms such as TikTok, Instagram and YouTube has created a new class of entrepreneurs called “creators,” a group that includes freelancers, business coaches, gamers and other professionals who share and monetize their expertise on these platforms,” according to CNBC.
Finance Skills
For Gen Zers who want to become entrepreneurs and run their own businesses, it’s important to develop strong business and finance skills. One key relationship may be with a banking partner.
“The right banking partner can help small business owners elevate their understanding of important financial topics and questions,” according to PNC. “Just as important, a banking partner can help young entrepreneurs secure the right financing at every stage of their company’s growth.”
Budget Basics
Just as with personal finances, creating a budget can be an important step for figuring out the financial aspects of entrepreneurship
A young hopeful entrepreneur will need to find a way to finance their dreams. If that’s you, perhaps you’re already thinking about your savings and perhaps you have a special fund set aside for your business. In addition, you may be looking at how your investments and other financial tools could help you in the creation and management of your business.
Technology Costs
The technology advancements today may make it easier for Gen Z entrepreneurs to achieve their dreams. There might be a lower cost of entry to get into business and keep things running, thanks to all the affordable technology options.
Professional Assistance
Young entrepreneurs may benefit from having some professional guidance as they get started and continue along the business path. While a financial advisor may be an obvious place to start, perhaps there are resources at a nearby college or university. Many places of higher education have programs and tools in place to help entrepreneurs and perhaps provide mentors.
A mentor and financial advisor may be great resources for navigating the sometimes complex financial situations that come with being an entrepreneur. You could ask questions and find help with funding your ideas, bringing in additional money from the outside, structuring your business to follow tax laws and putting the money you make back into the business.
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