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While people credit knowledge and intelligence for making humans the most dominant creature on this planet, it’s our unfathomable capability to adapt that has led us to success. From striving through harsh calamities to finding innovative methods that can materialize our desires, humans have always adjusted to changing times and found opportunities in unpredictable times.
Even during the Great Recession of 2008 – 09, when businesses were crashing, and unemployment rates were off the charts, researchers analyzed that entrepreneurship had actually risen during that period. People found different ways to monetize their cars and homes, which birthed some of the most revolutionary startups like Uber, Airbnb, Pinterest, and so on.
And our next-generation entrepreneurs that are incubated within the harsh circumstances of this pandemic have also found some interesting ways to start their own business.
While the lockdown took a toll on small-scale businesses that found it extremely hard to stay afloat, it paved the way to the long due age of technological dominance. Those who can adapt to this shift are profiting from the benefits of conducting virtual business. And without a doubt, this has proven to be a great boon for the aspiring entrepreneurs of Generation Z.
These entrepreneurs were brought up in an environment of developing technologies and are more accustomed to adopting the tides of a dynamic market. Using technology comes more intuitively for them, which has become very crucial for an entrepreneur. Furthermore, thanks to the internet, they have access to all the knowledge at just a click of a button.
According to the United States Census Bureau research, 4.4 million new businesses started their journey last year in the USA, which amounts to about a 24% increase than what was experienced in 2019. And a majority of these endeavors are started by young entrepreneurs ranging from ages 14 – 26. Furthermore, recent data also reflects that around 62 percent of Gen Zers are planning to start their own business.
What has made these young entrepreneurs capable of pursuing their dream is the global shift to the digital economy. More and more companies are conducting their business through online platforms, which has enabled them to attract a crowd of millions of users.
Analyzing the future trajectory of the global economy, John Haltiwanger, one of the leading economists in the world, has estimated that most of the new businesses that are commencing amidst the pandemic will probably stay small and won’t employ a huge workforce. He has also estimated that most of these new businesses will focus on sectors like retail, food industry, professional assistance, scientific and technology services.
Along with that, many employees lost their jobs during the decline of the global economy, which also became a motivating factor for them to start their own business. Some economists suggest that the stimulus checks that were distributed during the lockdown helped young aspirants raise capital for their business and spurred a whole new wave of entrepreneurship.
While we can uncover a great deal about the plausible future by analyzing trends, only time can tell where the global economy is headed. However, we can positively say that technology and virtual platforms will play a major role in creating our economic future.
The young adults of Generation Z are already adopting this drift and dominating the economy. If you want to compete with them, you will have to adapt to the latest advancements and make the best of it.
And if you are looking to partner up with an entrepreneur who can help you understand and adopt these technological advancements, Ziga is here to help you.
Ziga is a social network of entrepreneurs that can help you collaborate with other visionaries and find entrepreneur partners. Interested in becoming a part of a global entrepreneur network? Click here to create your profile.