Generation Z the most entrepreneurial and willing to take financial risks, poll finds
HAVE you got what it takes to be an entrepreneur? Take this quiz to find out.
A test has been developed with entrepreneur Sam Jones, the man behind “the best” Dragons’ Den pitch and founder of Gener8 – which is now valued at £39m.
The in-depth tool quizzes aspiring entrepreneurs about their personality traits, strategic thinking, and decision-making skills.
It also explores lifestyles to help determine what they need to work on before deciding to go it alone.
The test was created by Santander UK, which has announced the 100 shortlisted businesses in with a chance of securing up to £25,000 in equity-free funding in this year’s Santander X UK Awards.
It comes after research of 2,000 adults revealed Gen Z is the most entrepreneurial generation – with three quarters harbouring ambitions to be their own boss.
Of those born from 1996 onwards, 76% don’t plan to work a 9-5 job for the rest of their lives.
In comparison, 57% of millennials have either become an entrepreneur or plan to, along with 36% of Gen X and 25% of boomers.
Sam Jones, who will be judging the final of this year’s Santander X UK Awards, said: “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.”
Of the youngsters polled, 39% believe they could launch and run a business from their smartphone, and 45% reckon they could make decent money from social media.
However, 34% of Gen X and boomers believe there were fewer opportunities to start a business in their formative years.
And 44% were under more pressure to follow a traditional education and career path back in the day.
It also emerged entrepreneurial Gen Z would be 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.
They are also the most confident in their abilities to make a success of their venture (77%).
Overall, 44% of all adults believe Gen Z and millennials have the most entrepreneurial spirit.
Half of these think they have an advantage because they grew up with the internet and are better placed to capitalise on new opportunities.
While 46% believe their high proficiency with technology has nurtured this, and 42% feel this exposure from a young age helps with more creativity and innovation.
But 44% reckon it is easier to start a business today compared to 20 years ago.
Nearly six in 10 (57%) recognise social media presents an opportunity for businesses to reach potential customers quicker and at a low cost.
And more advanced technology and digital tools can make the transition into entrepreneurship easier, according to 50%.
Despite this, many feel tech could be a barrier when it comes to launching a business – with 15% worrying that keeping up with AI could hold them back.
The study, conducted via OnePoll.com, also found the average aspiring entrepreneurial Brit has harboured ambitions to be their own boss since the age of 27.
But 22% only started to consider it as a career path after the age of 35.
It comes after figures revealed 30 of the most celebrated British businesspeople found they, on average, went it alone by the age of 28.
The likes of Deborah Meaden, Peter Jones and Ben Francis all started their first firms in their teens, while James Dyson and Jim Ratcliff didn’t take the leap of faith until they were in their 40s.
Mike Regnier, CEO of Santander UK, who will also be judging the Santander X UK Awards – which attracted over 850 entries, and more than two thirds were Gen-Z – added: “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.
“Entrepreneurship is vital for the growth of the UK economy.
“Start-ups and early-stage businesses help to create jobs, boost productivity, and encourage innovation.
“We are proud to support those that are just starting out through the X Awards, giving entrepreneurs of all ages the opportunity to win funding and support to take their business to the next level.”
How to start your own business
Dragon's Den star Theo Paphitis revealed his tips for budding entrepreneurs:
- One of the biggest barriers aspiring entrepreneurs and business owners face is a lack of confidence. You must believe in your idea — even more than that, be the one boring your friends to death about it.
- Never be afraid to make decisions. Once you have an idea, it’s the confidence to make decisions that is crucial to starting and maintaining a business.
- If you don’t take calculated risks, you’re standing still. If a decision turns out to be wrong, identify it quickly and deal with it if you can. Failing that, find someone else who can.
- It’s OK not to get it right the first time. My experience of making bad decisions is what helped develop my confidence, making me who I am today.
- Never underestimate the power of social media, and remember the internet has levelled the playing field for small businesses.
- Don’t forget to dream. A machine can’t do that!
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