How Generation Z Is Altering the Face of Entrepreneurship for Good

7 min read

Opinions expressed by Entrepreneur contributors are their own.

For the longest time, my generation, the Millenials, were touted as the Entrepreneurial generation. For the most part, we have lived up to the billing. However, as the world evolves, the art of business evolves with it, and it turns out that Generation Z has more to do with this evolution than many care to admit. 

Generation Z entrepreneurs are springing forth at such a startling rate that a recent Gallup Student Poll found that 40 percent of students surveyed from grades five to 12 stated they wanted to run their own business. Then, 24 percent said they have already started. At this rate, it isn’t at all challenging to see Generation Z take over as the most Entrepreneurial Generation. 

What I find interesting as I observe this generation is that they are distancing themselves from the generation before them in the way they innovate and do business. There are some interesting differences between the way this generation is carrying on and the traditional entrepreneurial pattern. 

An early start

Generation Z is drawn to starting businesses at an early age, born into the entrepreneurial message’s boom. Many of their parents (Millenials) are also Entrepreneurs, and this has encouraged a shocking amount of kid entrepreneurs to take flight. 

Seeing kid CEOs is becoming somewhat normal. Examples abound like Moziah Bridges, who started Moziah’s Bows at age nine years old and quickly grew his business to earning $150,000/year. Moziah has employed several employees, gone on Shark Tank, and has been featured in several popular magazines. There are many more examples than this article can cover. 

Related: 10 Ways to Become a Millionaire in Your 20s

Traditionally, the bulk of Millennial entrepreneurs started in college, after college, or a few in high school, but the trend is skewing more towards a younger age-group. The advantages of starting this early are pretty obvious; investors and sponsors are more willing to sponsor young people’s businesses than older ones. 

The story of Trey Brown, the 14-year-old founder of  SPERGO, a boutique fashion collection receiving a $25K from Sean Diddy Combs, made the rounds recently, and that’s just one of the many. Generation Z isn’t just starting early; it is reaping the full benefits of starting early. 

As far as we know, mentorship has been one and will remain one of the significant pillars of successful entrepreneurship. This fact has not changed with Generation Z, but they are certainly not getting their mentorship in the regular ways we got ours. 

Communities within social media have become the go-to for Generation Z entrepreneurs to get their counsel and mentorship. Mutual interest communities have always existed, but  Generation Z has taken it a notch up. 

A large portion of generation Z entrepreneurs is self-taught utilizing Google, YouTube, and other platforms. Still, a significant chunk relies on Mutual-interest communities to sample ideas, get guidance, and make business decisions. 

‘Streetwear Startup’ is one of those communities that has gained notoriety for the closeness of its community and how many successful streetwear startups it has helped push out, a simple Reddit page, with rave reviews. 

Jaffry Jan Mallari is the young CEO of RSG RESURGENCE and one of such success stories from Streetwear Startup. In his own words, “Reddit is one of the main sources of Resurgence’s success, the community helped skyrocket my visibility attracting fans such as Dustin Wang, who has gone on to become a repeat customer.”

Related: Meet 16 Teen Founders Who Are Building Big Businesses — and Making Big Money

Jaffry Jan went from Initial Highschool failure to business failure, then massive success. He claims that, like many others in his generation, leveraging community mentorship is one reason he has bounced back and is well on his way to building a six-figure business. The name, Resurgence, has a poetic ring to it, all things considered. 

The benefits of these communities to this generation are that they can swap ideas and seek more experienced members’ opinions. They have elevated collaboration over competition, a key that seems to be propelling them towards immense success beyond Millennials. 

Kings of disruption

If it isn’t different, it isn’t cool; this seems to be the mantra for generation Z entrepreneurs. Everyone seems to be trying to reinvent the wheel or to disrupt whatever industry they are entering significantly. 

They have taken the idea of disruption way deeper than we anticipated. Caroline and Isabel Bercaw, co-founders of Da Bomb bath, took the bath bomb industry by surprise when they launched their strange bath bomb product that included a small toy within. They were just 11 and 12 years old at the time (2012), and they have gone on to grow this business to a massive self-funded business generating over $20 million annually. 

Disruption is in this generation’s DNA, and we can expect a greater deluge of creative ideas and businesses in this decade. 

Identity entrepreneurship

Identity politics has been condemned repeatedly in some quarters as being evil and divisive, but Generation Z has found a way to apply the concept to business to significant effect. 

Identity entrepreneurship refers to branding your business and business idea around a theme like race, religion, or location. This has always existed but has been brought to the fore by this new generation. 

New Generation Z businesses are continuing to brand themselves as Young Black Entrepreneurs (YBE’s) or Young Latino Entrepreneurs. Due to the powerful impact of social media and the internet and their adept abilities at navigating it, Generation Z has managed to gain more powerful results from this Identity Entrepreneurship than generations before. 

The effect is clear: it causes an influx of traffic from people who identify with the same affiliations. If done well, it’s quite genius! 

Expansion minded

In the last 5- 10 years, while we have seen many businesses started by members of Generation Z, we have not seen many new platforms created. It does seem to me that these young entrepreneurs are comfortable utilizing the platforms created by Millenials and earlier generations in the early internet age and building massive and expansive businesses.

Platforms Facebook, Youtube, Google, Amazon, Instagram, and the likes have taken over the internet. They are not getting any serious competition from Generation Z’ers for apparent reasons. Still, these brilliant entrepreneurs have built some staggering businesses wholly on these platforms, and some have even built such expansive businesses that link throughout a number of these platforms.

Related: Meet 12 Young Founders Who Are Disrupting the Way Business Is Done

Entrepreneurs like the 9-year old Ryan Kaji of Ryan’s World, a youtube channel that reportedly makes about 22 million Annually from youtube, is a great example. 

On the other hand is Cheri Wang, CEO of Coshipper, who has successfully built one of the most expansive and successful Amazon FBA businesses in the United States that offer comprehensive services across air, land, and sea.  Wang believes that these platforms are the future of entrepreneurship though he admits that it doesn’t make entrepreneurship easier nowadays as there are still massive obstacles. 

This generation’s ability to build something massive on these platforms is a deviation from many Millenial Entrepreneurs who still focus rather unproductively on trying to develop new platforms.  

This fantastic generation is doing a great deal of good and competing in some complicated industries, and we would love to see even more. It’s always refreshing to watch evolution happen, and all we can do is follow the trends when necessary.

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Puerto Rico’s child entrepreneurship and its philosophy of changing the world

The fact of being at risk of poverty has not been an impediment for Julio and Kevier to create their own company to help the planet.

3 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

  • Despite being at risk of poverty, the small entrepreneurs, with the help of the Friends of Puerto Rico Foundation, were able to create their own company which they called New World.

Julio and Kevier, two Puerto Ricans only 10 and 11 years old, make accessories and household products with their own hands using recyclable materials that they find on the street or that family and friends give them as gifts.

Despite being at risk of poverty, the small entrepreneurs, with the help of the Friends of Puerto Rico foundation, were able to create their own company which they called New World (New World), and with which they are dedicated to seek sustainable ways in the elaboration of their crafts to join the cause of reducing pollution worldwide.

“We want to save the world with our products,” they commented during an interview for Entrepreneur in Spanish. In addition, they pointed out that the name of their company comes from the interest of creating positive changes in order to allow a new beginning for the planet.

Lamps, necklaces and earrings are the products born from the creativity of Julio and Kevier, who comment that, to make these, they only use cans, lids and thread.

Image: New World via Facebook.

Currently, the crafts are only sold to family and friends, however, both hope that in the future their inventions will be acquired around the world.

A program to promote child entrepreneurship in low-income areas

Most of the American children living in poverty are in Puerto Rico, 56% of them live under low income levels. Through the non-profit organization Friends of Puerto Rico, the SEEDS program seeks to develop children like Julio and Kevier to transform them into leaders and social entrepreneurs with the aim of making their generation the first that will not live in poverty.

“These children have endured poverty, earthquakes, tsunamis and hurricanes. They deserve the opportunity to be heard, ”said Marie Rodríguez, SEEDS coordinator.

The purpose of SEEDS is to develop entrepreneurial skills in students who are between 9 and 12 years old to have in them skills that can benefit their professional future, as well as their commitment to society.

Since its implementation in 2019, the program has managed to create until today, 25 companies together with 100 students from various public schools, who, like Julio and Kevier, are committed to creating positive social change through the vision of their companies.

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Entrepreneurship in the pandemic is always a challenge, even for Martha Debayle

9 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

  • The announcer and businesswoman looks to the future in a difficult time for the world.
  • Passion is fundamental to starting a business.
  • We are stronger than we think.

Who in this world doesn’t know Martha Debayle ? Loved by many and criticized by others, no one can deny that when it comes to business, she does it very well. She is a woman who, regardless of challenges or scandals, knows that life goes on and hard work much more.

For the launch of her new Martha Debayle x Ivonne fall-winter collection, we talked with her about her experience as an entrepreneur, her passion for fashion, the pandemic, the future in business and of course, some advice for entrepreneurs.

Image: Courtesy Martha Debayle x Ivonne

Entrepreneur en Español (ENT): What has been your process as an entrepreneur?

Martha Debayle (MD): I don’t have a background in finance and business, so I have been guided a lot by my instincts and intuition. Also, I have always had my ears and my heart very open to the audience to understand what they want.

From the day BB Mundo was born, almost 21 years ago, with the idea of generating content for parents, I realized that there was very little information out there, intelligent, deep and rigorous for new parents.

When I decided to start making magazines with BB Mundo , then with The Beauty Effect and Moi , a lot is instinctive and to see the results of the audience on different platforms, such as social networks. We realized how they loved the way we curated content and that’s why, despite the fact that the publishing industry was in a tailspin at the time, we decided to launch three titles on paper.

Likewise, when I made Martha Debayle Home , which were products for the home, the clothing collection or the launch of the shampoo , they were all very natural things for me, because they are things that I love, I identify myself and people recognize me.

All this was born not only for the pleasure of sharing with people what I am passionate about, but because I realize that there are people out there who are very similar in what I am related to. All business initiatives have been instinctive to satisfy a market need out there.

Image: Courtesy Martha Debayle x Ivonne

ENT: From your experience of going ahead with your business in the middle of 2020, what can you say to female entrepreneurs?

MD: 1. Have a plan

Be clear about where they are going, what they want to achieve, be willing to carry that weight, bring their project to fruition and make it grow.

2. Don’t be afraid

I think that many times we stop to do many things because of the fear of failure and if that happens it is just a hard lesson, but you have to get up and move on.

Don’t be afraid to jump. In life, if you have to have what few have, you always have to be willing to do what few do.

3. Be very careful

You have to take great care of the flow of your company. Now we have seen it with the pandemic, those who had a reserve managed to survive, on the other hand, those who lived from day to day ended up thundering. A good operating reserve.

4. Be tenacious

Don’t give up, don’t throw in the towel, talent is overrated and the people who succeed are the ones who work, work and work. It is the one who is willing to do what needs to be done to achieve what you want to achieve.

ENT: How has the transition been from having your radio show, magazines and collaborating with brands, to being you and a recognized name in your own right?

MD: The time you invest in each thing. Building a company and a brand takes a lot of effort and money . As long as one is willing to do what one wants, things will work out.

In this case, it is taking care of it a lot and being congruent between what I think, do, say and feel, because when you are a brand you have to be with your message. For this reason, my lines have to do with me, like the house , the hair , also the clothes, plus all the projects that come in 2021. Everything is very much in line with who I am, like my values under which I live and represent . I think that honesty is what ends up making what we do a success.

Image: Courtesy Martha Debayle x Ivonne

ENT: As your second collection with Ivonne, what do you expect this year?

MD: It is a collection with a lot of personality, that looks to the future, to a certain extent galactic , full of brilliance. We want this to be another inspiration for millions of women out there, because we have spent many pandemic months without dressing, without feeling glamorous or in our prime . That is why we bring to light this collection, to inspire women to take risks, open their hearts, try different things on themselves, to know that the sky is the limit but above all that they feel encouraged, happy and motivated to look beyond what we now live.

ENT: What is it like for you to take out this collection in the middle of a global pandemic?

MD: The truth is that it was very complicated. We already had the Spring / Summer collection, but we had to postpone the launch precisely because of the COVID-19 issue . However, we believe that clothes bring great joy to women. It is a good gift for these moments in which we have not had such a good time, to celebrate life, that we are well and healthy.

We decided that it would only be an online sale (as of October 28), through and , with international shipments. We know that we have many followers in other parts of the world. That feeling of globalization is something that the pandemic has left us learning, we are all so interconnected.

ENT: Where did your passion for fashion come from and why did it become a factor in doing business?

MD: I come from a very fashionista grandmother and mother who always took care of their image. I remember that my grandmother arranged the sleeves of the dresses, made up the shoulder, put her in the back, raised the length of the skirt. It was absolutely everything for her, as it was for my mom. They were both super elegant and distinguished, with great personal taste and style. My love of looking good and flawless certainly comes from them.

Throughout these years, through social networks, people told me that they loved several of my clothes. And there I said: why not make a collection of clothes, of good quality, with a first-rate Mexican brand, such as Ivonne, at affordable prices and with incredible fabrics that we brought from Spain, France, Turkey, Italy, for all women who want to dress up and feel great.

ENT: How do you feel when dressing Mexican women and women from all over the world, now?

MD: For me it is an honor to share a bit of what I like. But the most important thing is to do things with quality, at a good price and to think that there are going to be women out there who the day they put on our clothes feel like a billion dollars , motivated, inspired and can stand before the world empowered, invincible and unbeatable . That is the best gift.

Image: Courtesy Martha Debayle x Ivonne

ENT: Any tips for women for 2021?

MD: It is a futuristic collection because I want that even though they cannot see it today, they look to the future with eyes of love, hope and faith, but above all with eyes of trust. That in this coming 2021, each and every one of them know that they have what it takes to handle whatever life brings. We are stronger than we think, always.

ENT: What’s next for Martha Debayle and her brand?

MD: We are an unstoppable machine, the entire team that works with me is passionate, creative, unstoppable to continue producing and doing. A new collection is coming and launching at the end of the year, for 2021, there are also more reserved joys that we are working hard on, because life is one and if it is not one who, and if not now, when?

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Entrepreneurship – The number of new businesses in America is booming | United States

THE PANDEMIC has had all sorts of unexpected consequences, from a boom in sourdough-bread baking to more people listening to nostalgic music on Spotify. Less noticed is a once-in-a-generation surge in startups. The government regularly releases figures on new-business formation, derived from applications for tax registrations. And “high-propensity” business applications—those displaying characteristics typically associated with firm-creation and the employment of staff—recently reached their highest quarterly level on record (see chart).

Some of these may represent people trying to claim stimulus funds, and a backlog of unprocessed applications had probably built up in March and April. Nonetheless they reflect a genuine rise in American entrepreneurship. Based on a different survey Goldman Sachs, a bank, finds that the share of respondents starting a new business in the past three months has also risen sharply. Other evidence shows that about as many Americans now work for themselves as before the pandemic, even as overall joblessness remains high.

All this has surprised economists. In the last recession the number of “high-propensity” business applications sharply declined. And over the past four decades the rate of new-business creation had been drifting downwards (researchers pointed to declining population growth as one cause, as well as the growing power of large firms, which may have dissuaded new ones from entering the market). The fact that America has suddenly recovered its entrepreneurial mojo is particularly intriguing, since nothing comparable seems to be happening elsewhere in the rich world.

The surge in startups cannot make up for all the damage wreaked by lockdowns and social distancing. The overall number of firms employing workers almost certainly remains lower than it was before the pandemic, since so many have gone bust, says John Haltiwanger of the University of Maryland. Many of America’s largest firms continue to shed staff (see article). The jobs report for September showed the unemployment rate at a still-high 7.9%.

But the entrepreneurship boom bodes well for the future. A recovery with lots of startups tends to be more jobs-rich than one without, since young firms typically seek to expand, hiring new staff. Talk to the owners of new enterprises, and it is hard not to feel optimistic about America’s economic prospects. “People in general are tired of staying indoors, so if they feel safe at an establishment, they’re gonna come out,” says Matt, who with his wife Thao has just opened Smokin Beauty, a Vietnamese-inspired BBQ joint in Austin which boasts plenty of outdoor seating. Buzzer, a platform which allows people to see clips of sports events, proudly describes itself as “a company born during a global pandemic that has paused all live sports”.

Economists do not yet know what has provoked America’s entrepreneurship boom. But the economic-rescue package passed by Congress in March may play the biggest role. It did relatively little to preserve jobs, instead focusing on protecting people’s incomes with stimulus cheques worth up to $1,200 and bumped-up unemployment-insurance (UI) payments. This gave people both the need (losing their job) and the means (greater financial security) to take on the risk of founding a business.

Some evidence backs up that theory. Official data suggest that 90% of the net rise in the number of sole traders is being driven by people with a gross household income of less than $35,000, a group that was especially likely to lose their jobs when the pandemic struck, and who would have seen a particularly large income boost from the stimulus measures. America’s new crop of entrepreneurs is moving away from dying sectors and towards up-and-coming ones. In most industries the number of sole traders is in decline, yet in the past year the number working in the information sector, comprising jobs such as data-processing, web-search portals and publishing, has risen by 50%.

The more-generous UI benefits expired in July. More people may now prefer to look for a steady job rather than take a risk on a new business. Yet as the economy changes, new opportunities will continue to emerge. America’s startup boom may last for some time yet.

Editor’s note: Some of our covid-19 coverage is free for readers of The Economist Today, our daily newsletter. For more stories and our pandemic tracker, see our hub

This article appeared in the United States section of the print edition under the headline “Startup nation”

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Balancing entrepreneurship and parenting: how to become a successful dadpreneur

parenting and family life, whilst running a successful business and maintaining
work-life balance is no easy feat!

To invest in your dreams and kick-start your side hustle whilst maintaining your day job – may feel impossible! However, to successfully juggle work, life, family and a side-hustle – in synergy – takes commitment, time management, self-discipline and prioritisation.

The secret to becoming a successful dadpreneur is to ensure you’re following your passions.

It is true, the combination can be
overwhelming, resulting in round-the-clock pursuits full of irregular hours and
multiple stress factors. There are many secrets to finding success whilst
combining both parenting and entrepreneurship.

Here are my tips on how to go from Dad to successful entrepreneur.

  1. Prioritisation: Family always comes first! It’s a matter of priority and balancing. Try not to focus on the “perfect”. kids are only young once. Enjoy those little moments.
  2. Be passionate: If you’re an aspiring entrepreneur it is critical to understand that success does not happen overnight. A successful entrepreneur has experienced: hard work, resilience amongst failure, passion towards their project and a vision for the future.
  3. Work / life balance is key: Work on your side hustle at night once you have put the kids to bed. As important as having efficient procedures in place of hard work, big ideas and a rigorous work ethic, don’t forget to implement a work-life-balance system. Keep your mental health top of mind during this challenging time and a positive attitude at the forefront of your business structure.
  4. Have a strong mission: When bringing your small business dreams into reality have a strong mission behind the brand. Get as creative as possible during this unique time with the methods that work for you. If you are looking to bring your side hustle dreams from the ideation phase into reality, you need to believe in your brand and have a strong purpose behind your actions. I strongly suggest outsourcing what you don’t have time for or aren’t good at. For me, there was no point in wasting time, effort, and sanity coding a website. Rather, I chose to focus on the design and sales activities, and hire talented people to run the site and our marketing efforts.
  5. Open communication: Whilst juggling your career and side hustle with family life, you must maintain open lines of communication with your partner!
  6. Ups and downs as an entrepreneur are inevitable: Remember; it’s not going to be easy! When stuck in a rut, try these five tips to pull yourself out: practice gratitude, remind yourself of ‘why’ you started, focus on past victories, walk it off and make a new plan with a fresh attitude. Having gratitude on your side is a powerful tool to elevate yourself and utilise your potential to the highest ability. When feeling discouraged, focusing on the feeling of gratitude for your struggles and for the constant learning experiences you are exposed to can aid in shifting your mindset.
  7. Switch off: As a dad first and an entrepreneur second, you are going to have to put in an immense number of hours into your business. You must remember to switch off and look after your health.

Successful entrepreneurs take risks and maintain hope for their future successes. No system will work perfectly for every aspiring entrepreneur as all individuals have a unique standard workflow.

However, whether an aspiring or seasoned entrepreneur, ensuring your attitude is set up to maximise your talent will make the journey towards success an enjoyable one. All it takes is the first step to make your dreams a reality. You will never know what opportunities are out there unless you push yourself out of your comfort zone and make it happen.

Marcus Marchant, Founder, Bondi Joe and CEO, Vistaprint Australia

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