Millennial and Gen Z entrepreneurs, who grew up surrounded by technology, are likely to approach business ownership differently than those in older generations, according to recent findings from American Express.
These findings come from the company’s Amex Trendex: Small Business Edition. According to the survey, 56 percent of Millennial and Gen Z business owners said they learned about entrepreneurship online or on social media. And 20 percent of Millennial and Gen Z entrepreneurs started their businesses right out of school or before having a traditional job, compared to just 3 percent of Gen X or Boomer business owners.
In addition, about 33 percent of Millennial and Gen Z business owners cited technology as a top factor that helped them navigate challenges over the past few years, compared to just 18 percent of Gen X and Boomer business owners.
Gina Taylor Cotter, EVP & GM, Small Business Products & Business Blueprint at American Express, said in a release, “We also found that growing up with technology and social media has influenced how Millennials and Gen-Zers operate as small business owners: they are more likely to start a company right out of school and rely on technology to run their business.”
Technology is an important tool for business owners of all ages. But it makes sense that those who grew up surrounded by software and social media are likely to look at these factors differently than those who learned about them as adults. Some businesses might find it beneficial to gather input from team members of varying generations to bring new perspectives to their technology decision-making.
It’s also interesting to note how technology has expanded the idea of entrepreneurship to those who might not have considered it as an option before. Many older entrepreneurs in American Express’s survey noted that they learned about business ownership from someone they knew personally. Now, young people don’t feel the need to have personal access to successful business owners since they can easily see tips and success stories online.
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