Due to a confluence of socioeconomic, technical, and cultural changes, Gen Z (those born in the late 1990s and early 2010s) has been more interested in startups and entrepreneurship in recent years. Their desire for independence, the simplicity of starting a firm, the availability of inexpensive technology and digital tools, changing investment, and the network effect have all captivated their attention.
According to the fintech startup BankBazaar’s most recent Aspiration Index, which was released last month, starting a business is, therefore, one of the top goals among today’s Gen Z. According to the poll, which included 1,529 participants from six metro areas and more than 18 Tier II cities, 85.5% of them aspire to launch their own company and pursue entrepreneurship.
The desire to start their own business is also one of the top priorities for 36% of Gen Z. Across genders, this proportion stays the same. In contrast, only 29% of millennials want to start their own business. With the exception of mental health and children’s education, fundamental needs like shelter and nourishment remain the most significant goals for metros compared to non-metros. However, according to the report, the non-metros want to start their own business.
Furthermore, in terms of area, the East places the greatest emphasis on early retirement, ranking it as their third-highest objective, whilst the North and South prioritise entrepreneurship as their first and second-highest goals, respectively. Even though Gen Z is becoming more entrepreneurial, their overarching objectives still include travelling, purchasing a home, and maintaining positive mental health. Another major desire and objective has been to save money for their kids’ schooling.
