There’s Never Been a Better Time to Be Your Own Boss — and Here’s Why

Every generation has characteristics that define them. As the first generation to grow up online, Gen Z approaches work very differently than Millennials, Gen X, and Baby Boomers.

Gen Z entered the workforce during the COVID-19 pandemic, finding themselves in employment environments plagued by uncertainty and gig work rather than salaried jobs with benefits. Fortunately, they are using this time of disruption to their advantage. Rather than settling for unsatisfying and unstable careers, Gen Z is exploring the rewards of entrepreneurship. studyA staggering 93% have at least taken the first step towards starting their own business as a business owner.

For the past few decades, entrepreneurship has been seen as a risky alternative to more traditional career paths that begin after a four-year degree and continue until retirement. But as a comfortable middle-class life becomes increasingly elusive through standard means, entrepreneurship is now seen as a viable alternative to working for someone else.

Of course, entrepreneurship isn’t just for Gen Z. Anyone who wants to can enjoy the many benefits of the startup life.

Related: You’re Not Crazy: Trading a Six-Figure Paying Job for Entrepreneurial Freedom is the Right Choice

Why now is a great time to be an entrepreneur

The word “entrepreneur” dates back to the 18th century, and the concept has been around since caveman sold his hatchet to another caveman, but it’s only in the last 15 years or so that entrepreneurship has evolved into what we know today.

That’s because the Internet has significantly lowered the barriers for anyone wanting to start their own business from essentially anywhere in the world. Historically, the US West Coast, and Silicon Valley in particular, has been a startup hub thanks to a variety of attractions, including the region’s large number of research universities and significant government investment. The San Francisco Bay area has long been steeped in a pioneering spirit, ever since the Gold Rush of the mid-1800s attracted so-called 49ers looking to get rich quick. That spirit has since been replaced by a different type of pioneer, more interested in using technology to develop creative solutions to problems than mining for gold.

But now, you don’t have to move house or move to Mountain View to realize your startup dreams. Bootstrappers, especially those who don’t seek outside investment, don’t need to fawn at Google networking events to raise money. Digital nomads now roam the world freely, working on businesses everywhere from Manhattan to Mexico to Malta. It’s easier than ever to be an entrepreneur; all you need is a strong internet connection.

Related: The Best Time to Start Your Dream Business is Now. Here’s why you don’t need to worry about timing.

The perks (and challenges) of being your own boss

There are many reasons why you might want to become an entrepreneur. Maybe you identify a need for a product that doesn’t exist and want to address a pain point. Maybe you see an opportunity to make the world a better place. Or maybe you’re attracted to the lifestyle of being your own boss, setting your own schedule and not having to answer to anyone.

These are all valid reasons to start a business, and there are many more. But before you get carried away with dreams of typing emails poolside in Bali, remember: building a startup is work. a lot The amount of work is limited; 40-hour work weeks are a rare luxury, especially at the beginning. Not answering to anyone means there’s no one to turn to when things get tough. And when you fail, you have no one to blame but yourself. Reddit post Debating the pros and cons of working for yourself, one user summed it up succinctly: “Pros: Freedom to manage yourself however you want. Cons: Freedom to manage yourself however you want.”

Research has shown that some personality types are better at this than others. study A study by Myers-Briggs of the famous Myers-Briggs Type Indicator (MBTI) found that Intuitive (N) and Perceiving (P) personality types tend to be more entrepreneurial than Sensing and Judging types. The study noted that “entrepreneurs in this group had significantly higher levels of creativity, risk-taking, impulsivity, and especially a preference for autonomy than non-entrepreneurs,” adding that “individuals with preferences for extraversion, intuition, thinking, and perception tended to have higher levels of entrepreneurial orientation.”

This is a specific Personality type Entrepreneurship is well suited to people across the MBTI spectrum, and some people do start their own businesses, but it’s worth taking the time to consider your strengths and weaknesses to determine whether it’s ultimately the right choice for you.

Related: Are You Ready to Start Your Own Business? How to Escape a Rugged Corporate Job and Pursue Your Passion

Make your own luck

I started my company, Jotform, as a side project, working nights and weekends while working a full-time job. As a bootstrapped startup, I knew a big cash infusion wasn’t going to save me, which meant making hard choices and sacrifices, like moving from New York City back to my hometown in Turkey to keep costs down.

It was up to me to succeed or fail, but I’m grateful that my hard work and determination back then allowed me to grow the company to the size it is today. Of course, there were people who mentored and helped me, but knowing that Jotform’s success is the result of my own hard work is very satisfying.

Nearly everyone wants the freedom to carve their own destiny. Until now, most have compromised. But I believe there’s never been a better time to be an entrepreneur. Gen Z may have some arcane slang, but they’re not afraid to break the corporate mold and carve their own fortunes. For them, and others who choose that path, the possibilities are endless.