REDEFINING ENTREPRENEURSHIP

Dona Senara examines how young innovators are shaping the biz landscape

Recently, the business world witnessed a significant shift due to the emergence of a new generation of entrepreneurs. Gen Z entrepreneurs, like their millennial predecessors, are redefining the entrepreneurial landscape in various ways.

Their unique characteristics and experiences have propelled them into the business world with fresh ideas, new approaches and a profound commitment to creating meaningful change.

One of the most distinctive features of Gen Z entrepreneurs is their digital fluency. Having grown up with smartphones, social media and the internet, they naturally leverage technology for business.

This generation fearlessly experiments with emerging technologies such as AI, blockchain and e-commerce platforms.

Consider the success story of Gen Z entrepreneur Ben Pasternak, who cofounded the app Monkey in 2016, which enables users to connect with people worldwide through video chat.

By embracing emerging technologies and harnessing the power of social media, Pasternak created a global platform in a few years. In addition, he founded the food technology company SIMULATE in 2018.

Gen Z entrepreneurs often prioritise social and environmental issues. Many are driven by a sense of purpose and aim to use their businesses as tools for positive change. Sustainability, diversity and inclusion are not simply buzzwords but core values for these young innovators. For example, founder of the youth led organisation Climate NOW and Broadway Speaks Up Sarah Goody reflects the generation’s concern for the environment, and the drive to make ethical consumer choices more accessible.

Personal branding is crucial in the digital age. Therefore, Gen Z understands the power of social media platforms, and leverages them to create strong personal and business brands.

A prime example is Gen Z content creator and entrepreneur Emma Chamberlain, who has built a massive following on YouTube and other social media platforms. She has effectively transformed her brand into a business, partnering with major brands and launching her company Chamberlain Coffee.

Nevertheless, Gen Z entrepreneurs do face their fair share of challenges…

Many set up businesses at a young age, which can bring about hurdles related to financing, experience and credibility. However, their willingness to learn, adapt and collaborate has been instrumental in overcoming these obstacles.

With the ability to recognise the value of collaboration and networking, Zoomers seek mentorship from experienced professionals, and are eager to collaborate with other businesses and individuals. Their proactive approach to networking has proven effective in breaking down age-related barriers in the business world.

Furthermore, many Gen Z entrepreneurs possess a global perspective. Their international awareness and exposure to various cultures make them well-suited to operate globally; they understand the interconnectedness of the world and are eager to expand their businesses beyond national borders.

Resilience is a characteristic shared by many Gen Z entrepreneurs. They\re unafraid of failure and view it as a stepping stone to success. With a growth mindset, they learn from setbacks and continue to pursue their entrepreneurial goals.

Several Gen Z entrepreneurs have already achieved remarkable success, and serve as role models for their peers and other generations. The stories of these young innovators inspire those who want to venture into the world of commerce.

Another success story is that of the founder of RecMed Taylor Rosenthal. At the age of 14, he developed a vending machine that dispenses first aid kits and supplies. His innovation has garnered widespread attention and even secured a contract with Six Flags amusement parks.

Gen Z entrepreneurs are undeniably shaping the business landscape with their fresh ideas, digital expertise and commitment to purpose driven ventures. As they continue to gain experience and expand their horizons, we can anticipate a wave of innovation that will redefine industries and sectors world­wide.