89- Possible future of business — the world of GenZ

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In this episode of The Struggling Biz, we present a recent article that was written by Jason Dorsey in the post by JL Dumas titled “How GenZ will change the future of business.”

Now, we have heard such articles in other posts from podcasters such as Mark Horstman in Manager Tools that speak about the same topic and their prognostications.

But this article tends to describe more in detail of what the world of business may look like in the future, as the world of entrepreneurs becomes flooded with GenZ people who want to avoid high costs of college and university education and want to accomplish more in less time with smarter methods. This is part of what is described as “Zconomy.”

In the credentials part of this article, it claims that Jason Dorsey is the leading Gen Z and Millennial expert. He is President of The Center for Generational Kinetics. And his new book is Zconomy: How Gen Z Will Change the Future of Business.

For those who may ask about the Center mentioned above, it is stated in the article that The Center for Generational Kinetics has a goal to separate general myths from truth to data so leaders can make significant decisions and take action.

One popular misconception in the book that is mentioned is: People confuse age with a generation. One of the key principles espoused is that Generational Context is stepping out of your own generation and looking through the lens of another era.

Here are some of the points of understanding this new generation for business environments:

“Generation Z is age 23-24 years old.
Generation Z does not remember 9/11.
The generation-defining moment for Generation Z is the COVID 19 Pandemic.
Generation Z is more frugal with their money than in previous generations.
Generation Z is looking for stability in terms of seeking employment.
Generation Z is particularly interested in benefits: 12% of GenZ are already saving for retirement and already have an emergency savings account.
Generation Z is the fastest-growing generation in the workforce today, based on the percentage, and they are going to be the essential consumers over the next 10-15 years.”

For this entrepreneur, understanding this generation may be one of the most important tasks for an aspiring or new entrepreneur. As you may have heard last year, most of the small business owners who launched their entrepreneurship are in the middle-aged group (some over 50 years of age). And the generation gap may get in the way of understanding if you have to hire another resource within that age group or if you enter into a joint venture with a GenZ person.

We do recommend that you consume this article and take a look at the book, because you may be confronted with GenZ people in the future who may end up working for you or partnering with you in entrepreneurial ventures or projects. If you do, the best thing for your understanding of them and ensuring that you can be successful with GenZ in terms of business relationships is to know what possible motives, loyalties and other traits of needed characteristics which you can adapt to for your success.

Thank you for your attention.