 |
Representing a growing cohort of business leaders, Gen Z is reshaping how UK firms operate and do business. But as the fastest growing cohort in the workforce, it’s common for assumptions to be made about what motivates and drives them to succeed.
To gain deeper insights into how Gen Z are approaching business, American Express partnered with collaborative impact community and members club The Conduit - conducting research to explore the professional motivations of Gen Z, and to shine a spotlight on the value they bring to both UK businesses and the broader economy.
Profit and Purpose Go Hand-in-Hand for Gen Z
The study, which surveyed senior business leaders and entrepreneurs aged 18-27, found that over four-fifths (82%) of this cohort consider their business to be ‘purpose driven’. What does this mean in practice?
For many, it’s about making a tangible difference, with nearly a third (31%) of Gen Z business leaders defining a purpose-driven business as one that ‘makes a positive difference to a significant environmental or social issue.’ Others see it as a business that’s ‘using its mission and values to guide decision-making’ (23%) or one that has ‘clear ethical credentials’ (17%).
While Gen Z business leaders are committed to driving positive change, they don’t see profit and purpose as mutually exclusive. More than eight in 10 (82%) say it’s important for their business to be as profitable as possible, and nearly nine in 10 (88%) say that hitting profit targets is a key measure of success.
The entrepreneurial drive of Gen Z is also clear from the research, with three-quarters (75%) of current business owners expressing the ambition to be a serial entrepreneur or business founder. But their motivations also go beyond personal success to leaving a positive legacy, with an overwhelming 92% of business owners wanting to build something their family will be proud of.
 |
Supporting the Next Generation of Entrepreneurs
The next generation of entrepreneurs are looking to redefine success by demonstrating that businesses can be both impactful and financially sustainable. Whether they’re at the start of their journey or scaling up, our focus at American Express is on backing these young leaders to help their business reach its potential.