Over a fifth of Gen Z adults (22%) hope to become their own boss within the next year, a study has found – and as many as 63% have already had a go at running their own business venture or side hustle.
While 13% of those, born after 1996, feel that starting up their own small business is still a couple of years away, 60% hope to have achieved this before they turn 30.
And the top driving factors behind this ambition include pursuing a passion (38%), or to experience personal growth (35%).
The survey of 2,000 adults also found the most popular industries in which Gen Z would like to set up their own company include fashion (18%), entertainment (19%), or food and drink (22%).
However, the top things holding this younger generation back include lack of confidence (40%), and a fear of failure (42%).
The findings emerged as insurance company AXA, which commissioned the research, has launched its latest AXA Startup Angel competition, with top prizes of £25,000 for two aspiring entrepreneurs, as well as business insurance for a year, and dedicated mentoring on offer.
Deepak Soni, the insurer’s UK director of small business insurance, said: “Being your own boss can give you freedom – but it also requires a huge amount of hard work, passion, and dedication.
“It’s fantastic to see there’s a new wave of would-be entrepreneurs, who are relying on enthusiasm to compensate for their lack of entrepreneurial experience.
“We’re keen to support them on their journey, because we know that running your own business can feel like an uphill struggle at times.”
The research also examined the attitudes towards entrepreneurship from older generations, too – with millennials, aged 28-43, similarly eager to become their own boss. More than a third of this age group (37%) said they would like to start their own business or side hustle at some point.
However, the desire to do so seems to dwindle with ages, as just a quarter (26%) of Gen X, aged 44-59, are keen to go it alone in business – while only 8% of Boomers (aged 60-69) want to take the plunge.
The motivating factors behind wanting to start a business or side hustle varied greatly depending on age – with the most important factor for the older generations, Boomers and Gen X, cited as being their own boss (44%, and 45%, respectively).
In an ever-changing job market, nearly a third of Gen Z (31%) believe being their own boss would give them security – far more so than older generations (just 10% among Gen X, and 9% of Boomers).
Both millennials and Gen Z were also more selfless in their outlook to starting a business – with helping their local community named as a driving factor for 21%, and 16%, respectively.
And similarly, the barriers stopping those polled from taking the plunge into entrepreneurship also varied greatly by age – with just one in 10 Boomers (9%) flagging failure as a concern holding them back.
But across all age groups, a lack of money was the most common denominator stopping people from ditching their day job (29%) – with personal savings (47%), and small business loans (21%), considered the top finance options of choice.
The research, carried out via OnePoll.com, also identified the three most important characteristics of running your own business – including being a hard worker (64%), innovative thinking (53%), and having a long-term vision (47%).
AXA has created a report into “understanding the business owners of the future”, titled “The Startup Angel Report 2024”.
Spokesman Deepak Soni added: “It’s fascinating to lift the lid on the mindsets of would-be entrepreneurs across different age groups. There’s a whole host of motivating factors for becoming your own boss, as well as various issues that can hold you back.
“Money is an obstacle for many – but having someone to mentor and guide you through uncharted territory can offer the reassurance that you’re on the right track. The AXA Startup Angel competition offers a financial boost, plus expert mentoring, to get an entrepreneur on the road to success.”