A recent study conducted by GoDaddy reveals that the younger generation in the UK, Gen Z, is increasingly drawn to the idea of running their own businesses or side hustles rather than pursuing part-time jobs in the retail or hospitality sectors.
This shift in mindset has significant implications for the future of work, with one in three (29 per cent) Gen Z Brits already having their own business or side gig, and half (50 per cent) expressing plans to start one.
The research, which surveyed over 1,000 British Gen Z respondents, underscores the financial motivation behind this trend. A staggering 58 per cent of Gen Z individuals find running a side hustle more appealing than working part-time in sectors like hospitality and retail. Contrary to the traditional desire to be one's own boss, 69 per cent of Gen Z respondents cited financial security as the most critical factor when considering job prospects, especially in light of the ongoing cost-of-living crisis.
Interestingly, over three-quarters of young Brits are willing to make a substantial sacrifice for their entrepreneurial dreams. On average, they would forfeit 24 per cent of their salary to pursue a business they are passionate about.
Gen Z's affinity for technology is also evident in their entrepreneurial endeavors. More than half (51 per cent) have harnessed the power of AI tools, such as ChatGPT, to assist and nurture their businesses, a significantly higher proportion compared to entrepreneurs of other age groups (35 per cent).
Omar Meho, aged 26, serves as a prime example of this trend. Instead of opting for a conventional part-time job, he launched the Music Workflow Academy, an online hub for music production and DJ skills. Reflecting on his decision, Omar stated, "Like other young people, in my late teens, I could have pursued a job at a local pub or supermarket. However, I believe those industries are now less appealing than ever. Not only do they often offer unattractive wages, but they also require work during weekends and evenings, times when we'd prefer to enjoy life."
He further emphasized the unique advantages of entrepreneurship, noting, "Running your own business is different. I've made significant investments in the Music Workflow Academy, and it has paid off. We now have over 100,000 students across 170 countries, and we've received multiple awards. Last year, I earned over £50,000, and last month, I cleared over £5,000 after tax. Such success wouldn't have been possible if I had pursued a 'traditional' employment path."
Andrew Gradon, Head of GoDaddy UK & Ireland, commented on this evolving landscape, stating, "Starting a side hustle has never been more accessible, and it's inspiring to witness the emergence of Gen Z entrepreneurs who aspire to be their own bosses and deviate from conventional income sources. We have witnessed firsthand the accomplishments of many of our younger customers as they shape the future of work."
This shift towards entrepreneurial pursuits among Gen Z signals a changing employment landscape, with technology and financial security playing pivotal roles in their career choices. As this generation continues to redefine work, traditional job markets may face ongoing challenges in attracting and retaining talent.
Article by Small Business
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