14 March, 2024 0 comment

Young Entrepreneurs: a generation that wants to change the world

In the dynamic and challenging world we live in, young people face a scenario that demands, more than ever, creativity, determination and a vision of the future. Entrepreneurship is emerging, today, as an opportunity for personal and professional growth and fulfillment, and above all as a vehicle for changing the world. It’s not just about creating businesses, but acquiring a mindset that drives innovation, resilience and the search for creative and sustainable solutions to the challenges we face. And there are many. 



A New Generation of Entrepreneurs

We are witnessing a paradigm shift in the business world, where traditional concepts of entrepreneurship are being challenged and redefined by a new generation of entrepreneurs. Millennials and Generation Z are taking centre stage in this entrepreneurial revolution. With unique characteristics, an innovative mindset and great digital fluency, these young people are transforming industries and business models around the world.

What sets this new wave of entrepreneurs apart is their holistic approach to business. They are not only interested in profits, but also in creating a positive impact on society. Through startups and innovative ventures, they are tackling social, environmental and economic issues in creative and disruptive ways. Young entrepreneurs are, therefore, challenging conventional notions of how business should be conducted. In the past, entrepreneurship was often associated with experienced professionals and established business leaders. However, this narrative is rapidly changing.

With the rise of the digital economy and the democratization of access to information and resources, Millennials and Generation Z are finding new ways to enter the business world. They no longer need large amounts of capital or years of experience to launch a successful enterprise. Accessible technological tools, crowdfunding platforms and social networks are democratizing entrepreneurship and making it more accessible than ever.

What’s more, young entrepreneurs are redefining what it means to be in business. They are not just looking for financial success, but also personal fulfillment and social impact. According to recent studies, these generations currently represent approximately 38% of the global workforce and this percentage will increase to around 58% by 2030. For example, for a country like Uganda, where 75 per cent of the population is under the age of 30, Generation Z is a remarkable representation of the country’s human capital and its potential for the future. 



image: geeksforgeeks


With almost 10,000 Baby Boomers retiring every day, these young successors are much needed in organizations, but do they intend to stay in the same job forever? According to a Microsoft survey, Generation Z is redefining the concept of work, both inside and outside the office, showing that 48% of Gen-Zers have other secondary activities in addition to their profession, and 62% indicate that they have started, or intend to start, their own business. In addition, they work holidays, keep unconventional hours and believe that they will be able to retire more quickly if they are self-employed. Characteristics such as adaptability, systemic activity, purpose, organization, productivity and risk management are fundamental to success.  


Developing an Entrepreneurial Mindset

One of the most striking characteristics of young entrepreneurs is their innovative mindset and their willingness to challenge the status quo. They are not afraid to take risks, try out new ideas and learn from failures. This entrepreneurial mindset is essential in a world where the only constant is change.

What’s more, young entrepreneurs are embracing technology and digital disruption as tools to drive innovation and scale their businesses quickly. They are taking advantage of the latest technological trends, such as artificial intelligence, blockchain and the internet of things, to create innovative solutions to real-world problems. There’s no doubt that academic training is an essential factor in leveraging entrepreneurship. According to a study by Guidant Financial, 30 per cent have a university degree. 


Overcoming Challenges and Building Support Networks

Despite their entrepreneurial spirit and determination, young entrepreneurs face unique challenges on their journey to success. Lack of experience, limited financial resources and the absence of established networks can represent significant obstacles.

However, these challenges are not insurmountable. These young people are proving to be incredibly resilient and proactive in seeking support and guidance. They are connecting with mentors, participating in start-up accelerator programmes and taking advantage of networking opportunities to build valuable relationships and gain useful insights.

Today’s young people are leading the way in creating a more vibrant and sustainable future through their innovative endeavours and their passion for making a difference. By supporting and encouraging the entrepreneurial spirit of young people, we can build a world where creativity, innovation and social impact are valued and celebrated. Entrepreneurship is more than just creating businesses; it’s a mindset, an attitude, a way of seeing the world and embracing the opportunities it offers.


Article by Sérgio Almeida, with partnership with Vida Económica