Microsoft Store report reveals small business trends among Gen Z entrepreneurs

Microsoft Corporationcommissioned an internal study titled "Small Business Mindset" in April 2022. Following Wakefield Research's survey of 1,000 small business owners with 0 to 24 employees, Microsoft Store is now sharing data from the report to uncover key small business trends and highlight Gen Z small business owners. How business owners will impact the entrepreneurial world. Microsoft shared the key findings of the report. The first is how Gen Z small business owners choose to work compared to traditional entrepreneurs, including Millennials. According to Microsoft, Gen Z’s workplace buzz is inspired by Millennials, but there are differences. In addition to unconventional work hours (91% of Gen Z small business owners work beyond their normal 9 a.m. to 5 p.m. schedule), 81 percent of Gen Z participants are said to work on holidays.

Despite this unusual setup, 61% of Gen Z small business owners believe they are more likely to retire early this way than with a corporate job. "Early retirement provides the opportunity to pursue personal passions while age is still behind them," Microsoft added. "One thing is for sure, Gen Z is not afraid to write their own playbook."

The study also found How Gen Z entrepreneurs are formulating the success of their businesses. Surprisingly, it includes creating positive social change through their business. According to 82% of Gen Z small business owners in the study, prioritizing social good impacts their business growth. Even more interestingly, 52% of these Gen Z entrepreneurs said doing so would also impact them personally by positively impacting their mental health. As a result, 50% of Gen Z small business owners in the study ranked social good as one of their top three business priorities.

While much of this study seems to be expected, some of the details revealed by Microsoft are shocking and interesting. These include the fact that 47% of entrepreneurs gamble when it comes to the fate of their business security data. Although most modern small businesses place a strong emphasis on technology, nearly half of participants reportedly "roll the dice and hope to avoid data breaches by not investing in appropriate security services."

On the other hand, while most business owners place great value on a college education as the basic and most important place to learn business management, Gen Z entrepreneurs disagree. 78% of Gen Z small business owners in the study said a college education is “not very necessary to run your own business.” That's where it gets interesting, as Microsoft unveiled a major component of a new career resource for Gen Z entrepreneurs: TikTok. According to Microsoft, the platform is slowly becoming a new resource for Gen Z’s business skills and knowledge. It emphasizes that it provides valuable business-related content and ideas that are not typically introduced in a classroom setting.

These findings show how small businesses are now evolving in the hands of Generation Z. The ideas presented in this study may be far removed from traditional notions of entrepreneurship, but they are creating a new type of business owner capable of surviving the various crises of this era. As this generation of business owners prioritizes social good, we can expect a nation of entrepreneurs that value society as much as they appreciate their customers.

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