Title: Rise of Young Australian Entrepreneurs: Gen Z Embrace Small Businesses in the Face of Rising Living Costs
Young Australians are increasingly turning to starting small businesses as a means to secure their financial futures amidst the growing cost of living, according to a new research survey conducted by GoDaddy. The survey, which targeted members of Generation Z in Australia, revealed that nearly one in four individuals between the ages of 18-26 now have a small business or side-hustle, reflecting a significant increase from one in eight in April last year.
The study also shed light on Gen Z’s early adoption of Artificial Intelligence (AI), with almost half of the respondents stating they already use the technology. Interestingly, nearly a quarter of Gen Z respondents reported incorporating AI into their work, while two in five utilized it in their personal lives.
As the latest official data indicates a nearly 10% increase in living costs for employee households in the past year, the survey unveiled a heightened concern among young Australians regarding financial security. In contrast to April last year, when only 31% of respondents ranked income as a top priority, half of those surveyed this year deemed having a regular, secure income as one of the top two most important factors in their career.
Furthermore, work/life balance emerged as an increasingly significant consideration for Gen Z, with 44% of respondents in 2023 ranking it as a first or second order priority, compared to 36% in 2022.
Despite the rising cost of living, Gen Z’s ambitions remain undeterred. The survey results demonstrated that three-quarters of respondents expressed a willingness to make financial sacrifices to pursue a business they are passionate about.
Kalista Thomas and Emily Barker exemplify this trend, having recently launched Glamour & Co Beauty Studio in March 2022. Recognizing a gap in the market for a fun and creative beauty studio environment, the two friends and beauty experts ventured into small business ownership to gain more freedom in providing wedding services.
Their testament aligns with findings from the GoDaddy survey, which revealed that three in five Gen Z workers are primarily driven by work they feel passionately about. Additionally, half of the respondents value having a career they can take pride in, while less than a quarter are motivated to change the world or become their own bosses.
Although the majority of those surveyed expressed a preference for traditional employment over entrepreneurship, Gen Z displays a high degree of receptiveness toward small businesses. Over 60% believed that launching a side hustle is a more attractive way to earn extra income compared to traditional roles in hospitality or retail. Furthermore, nearly half of all respondents expressed plans to start a business or side hustle, with one in five intending to launch their business within the next 12 months.
For Emily and Kalista, starting a small business has proved to be a rewarding endeavor, and they encourage fellow young Australians to pursue their entrepreneurial aspirations. They emphasize the importance of putting oneself out there, taking control, and seizing opportunities that may lead to life-changing decisions.
With one in four young Australians already engaged in small business ownership, it is evident that this entrepreneurial generation is unafraid to take charge of their own careers. As Gen Z’s financial concerns grow alongside living costs, their increasing inclination towards small businesses presents both opportunities and challenges for the future of Australia’s economy.
In a world where financial security, work/life balance, and personal fulfillment are paramount, Gen Z individuals are carving their paths with determination, resilience, and a passion for their chosen fields.
Note: The information in this article is based on a survey conducted by GoDaddy among members of Generation Z in Australia.
