There has been a lot of talk about millennials over the past couple years. But remember this: there is another generation coming down the pipeline in a hurry. The first members of Generation Z, defined by anyone born after 1995, are graduating college and making their way into the professional world.
There is more to Generation Z than its estimated $44 billion in annual purchasing power. This generation has an entrepreneurial spirit like none other. These people would rather make something than share something. They would rather create a photo as opposed to “pinning” or “retweeting” content from another party.
“61% of Gen Zs would rather start their own business than work for someone else.”
Here’s something else to chew on: the ad agency sparks & honey says that “61% of Gen Zs would rather start their own business than work for someone else.”
If this holds true, if members of this generation act on their feelings, the business world is about to be inundated with an influx of new companies.
While some people don’t get the entrepreneurial bug until later in life, it appears that Gen Zs want to get started early. This trend may continue in the years to come, thanks in part to toy design firms focusing on the appeal of owning a business.
The Wall Street Journal covered this fascinating trend in great detail, with its article entitled “A Lesson in Entrepreneurship From a Doll” examining the well-known doll company, American Girl.
Grace Thomas, one of this year’s most popular American Girl dolls, is an aspiring bakery owner. She may only be nine years old, but as the Wall Street Journal piece points out, her story touches on everything from “registering the business” to “obtaining a license.”
American Girl, owned by Mattel, has been searching far and wide for ways to fight against declining sales. One of its strategies is playing up the appeal of owning a business.
Julia Prohaska, senior director of global brand marketing for American Girl, shared her thoughts with the Wall Street Journal:
“Stories in our magazine about girls starting their own business have always rated very high with our readers. Marrying the idea of girls’ high interest in baking and cooking with entrepreneurialism was just a natural fit.”
American Girl is following in the steps of its parent company, Mattel, which took a big step forward with its 2014 release of “entrepreneur Barbie.” The iconic toy is priced at $12.99 and comes complete with a tablet, smartphone, and briefcase.
According to the U.S. Census Bureau’s Survey of Business Owners, the number of women owned businesses is on the rise. There were 7.8 million women owned businesses in the United States as of 2007, showing a 20.1 percent increase compared to 2002.