New Square Report: 84% of Gen Z Entrepreneurs Aim to Still Own Businesses in Five Years
SAN FRANCISCO, July 26, 2023, (VSNewsNetwork.com) - Square, the financial services and mobile payment company, today released its first-ever Gen Z Entrepreneur Report. The report explores the attitudes of Gen Z entrepreneurs towards success, their faced challenges, and future prospects. View the full report here.
Key findings from Square’s Gen Z Entrepreneur Report include:
Despite 72% of Gen Z business owners believing their generation has had fewer economic opportunities than previous ones, an ambitious 39% plan to earn enough money to start another business or side hustle.
Gen Z entrepreneurs are not only self-employed, with 39% extending beyond being their own bosses and employing five or more people.
Economic policies such as lower taxes (46%), affordable housing (42%), and universal basic income (35%) are highly relevant to Gen Z business owners.
Many Gen Z entrepreneurs rely on personal savings to launch their businesses, with nearly half (45%) using this approach, including 53% of women and 38% of men.
While 80% of these young entrepreneurs began their businesses online or integrated a mobile component, an additional 46% started with a physical location for omnichannel operations.
Savanna Boda, Founder and CEO of Savanna Boda Aesthetics in Lewisville, TX, who uses multiple Square solutions to operate her business, remarked, “Our generation is so entrepreneurial because we want to control our lives and decide when and where we work. I'm addicted to making people feel good about themselves, and I derive immense joy from knowing I’m helping my community of clients.”
This report demonstrates Gen Z's commitment to entrepreneurial endeavors, with a significant 73% reporting that their businesses serve as their primary income source. Furthermore, an impressive 84% plan to continue being business owners five years from now.
For more insights on how Square facilitates commerce and financial services for sellers of all types, sizes, and ages, visit squareup.com.
Source: Square via Business Wire
