Gen Z is changing the ‘hustle culture’ by embarking on entrepreneurship instead of corporate life. They said it’s a way to offer them a chance for early retirement. Read more below why you’ll see fewer Gen Z in the workplace.
After graduating from universities, Gen Z members would instantly find a corporate job and climb the ladder within the organization. This would entail working long hours in front of the computer while still not being the ‘boss of your own time.’ Sure, Gen Z employees would be able to save money from having a corporate position. However, most claim that it doesn’t give them a chance for early retirement. And this is why we’re now finding an increasing number of Gen Z entrepreneurs today, and fewer Gen Z in the workplace.
Vice president of a Microsoft store, Travis Walter, said that the pandemic had been the harbinger of new digital ideas. And that’s why we’re seeing a boom in entrepreneurship now. Studies show that 62 percent of Gen Z has started their own business or are yet to start their own business. Government data also show that 5.4 million Americans had lodged business applications in 2021 alone.
Hustle culture has evolved
It’s no surprise how the hustle culture has evolved in recent years. Digitization and digitalization are significant factors that led to young entrepreneurs wanting a slice of the entrepreneurship pie.
However, Gen Z entrepreneurs acknowledge that establishing their own business doesn’t mean they do less work. It only means they have more freedom regarding time and can wear multiple hats. It also means they can be more flexible with their schedules.
According to a Microsoft survey, 48 percent of Gen Z have many side hustles, as compared to 34 percent of small business owners with fewer than 25 employees.
The data also shows that 92 percent of Gen Z entrepreneurs work outside office hours, and 81 percent also say they work while on vacation.
“I think it’s important to let people work the way they need to work because then they can actually do their best work, as we’re seeing with entrepreneurs and Gen Z,” Walter said.
The shift into entrepreneurship is attributed to the pandemic and how it gave Gen Z members a discovery of what they truly want. Most of them were probably bored with their corporate jobs and felt like they were stuck at one point in their lives.
However, some of these new business opportunities didn’t arise from ‘rediscovery.’ Some were a result of people losing their jobs and needing new income streams.
Gen Z entrepreneurs are more mission-driven
A prime example of a Gen Z entrepreneur who deviated from the common 9-5 job is Ritwik Pavan.
He says he’s been on an entrepreneurial journey since high school. Pavan claims he has a problem-solving mindset, so he’s leveraging this to think of business ideas that help make people’s lives easier.
Pavan and co-founders Christian Burke and Matthew Schaefer created the Vade app in 2018. It’s an app that focuses on urban mobility, helping drivers to get real-time parking information. This way, it helps reduce traffic congestion as well as carbon emissions.
Pavan claims they’re working unconventional hours, even working for 18 to 20 hours on some days. However, he’s thrilled to be able to make decisions for his own company while continuing a mission to offer more convenient lives for citizens.
