The Rise of Gen Z: Digital Entrepreneurship and World Around You

For decades, generations have lived their lives aimlessly following the normal 9 to 5 lifestyle. The motto: work for someone else, earn a steady paycheck, and retire after forty or so years.

This is no longer the case.

The United States is witnessing a surge in entrepreneurship unlike no other. A new generation -- tech-savvy, achievement-oriented, and egalitarian -- Generation Z includes people born between the mid-1990's and the early 2000's.

Before we begin, it's important to note that the Gen Z generation is not the same as the Millennial generation, other known as Gen Y. In a new study released by founder of Millennial Branding and author of Promote Yourself Dan Schawbel, "17% of Gen Z vs. 11% of Gen Y wants to start a business and hire others."

Inspired by young innovators such as Mark Zuckerberg, both Gen Z and millennials have become more free-thinking and independent than their predecessors. Although millennials have grown up with the Internet, Gen Z has proven to have a much better relationship with digital technology. Comprised of about 21 million people in America, Gen Z is regarded by many as perhaps the most entrepreneurial generation of all.

Gen Z's symbiotic relationship with technology proves that the generation is the most tech-savvy generation of all time. An example of this can be found in one student's conversation regarding his relationship with technology:

"My mom got an iPhone and she was super-excited and she couldn’t figure out how to use it, and I go, “Mom, I’ve never had an iPhone,” but I knew how to operate it — because my friends all have iPhones, so I knew how they operate them."

What does this mean for the business world?

Gen Z is capable of using technology to help them achieve their goals as they strive to improve the world around them. This generation has already displayed the ability to utilize social media platforms to produce revenue - a concept known as digital entrepreneurship. While some have become social media influencers, others have used websites such as Shopify to open a digital marketplace.

Regardless of what method they use, Gen Z has shown that they are more than capable of integrating social media and the Internet with business practices. For business owners, this is crucial. If you own a business in today's world, you have to use social media and online marketing if you want to remain competitive. Statistics show that 90% of all marketers agree that social media marketing increases business exposure and drives in more traffic.

Technological integration is an absolute must for business owners. Managers and business leaders must realize that the younger generation has grown up with this technology, therefore they are more than capable of using the latest software to increase efficiency and overall productivity.

Speed is now the name of the game, and technological advancements such as 3D printing and programs such as AutoCAD have taken industries to new levels. As Gen Z takes over the business world, we will see an enormous rise in technological integration - a new Industrial Revolution, better and faster than ever before.

What should companies do with technological integration moving forward?

Businesses must first look into utilizing new forms of technology to enhance customer experiences and raise employee productivity.

Marketing firms have begun utilizing augmented reality (such as Spark AR) and virtual reality in their marketing strategies. A 2017 Channel Report shows that only 8% of marketers is virtual reality (VR) and 7% use augmented reality (AR) in their marketing tactics. It is expected that these percentages will rise in the coming years as younger generations such as Gen Z take over the industry.

Everyday transactions are changing as businesses use new transaction processors such as Square that replace conventional cash registers, speeding up the payment process and streamlining the transaction. Mobile apps such as Apple Pay and Wallet replace the need for tangible credit and debit cards.

The financial industry is experiencing numerous technological changes. Cryptocurrencies such as Bitcoin have created an entirely new economy. Blockchain is a public ledger, other known as the record-keeping technology behind Bitcoin. As of today, about 84% of companies have already begin experimenting with blockchain technology, finding that it can make business operations more secure and efficient.

As Gen Z enters the business world through their own entrepreneurial ventures and corporate careers, we should expect a continuing rise in the usage of online resources as teams use apps and online resources to collaborate on projects.

How can a Gen Z employee benefit my company?

For current business owners, you must remove the stereotypical title from millennials and Generation Z employees and understand the benefits that come with a tech-savvy employee.

The new generations can become valuable assets for your company. Numerous business owners fail to remain open-minded, and this form of ignorance can be detrimental to the business itself. Terminologies such as digital marketing and "SEO" may sound unfamiliar to some, but Gen Z students are learning how to apply their tech-savvy knowledge to the business world and other industries.

Generation Z has proven to be a more ambitious and tech-savvy generation than ever before. They can be an asset to businesses, or they can create the next competing company. The world is forever changing, but those who fail to change with it will be left behind.